TeraWulf Inc. (NASDAQ: WULF) heads into the first trading day of December as one of the market’s most closely watched high‑beta names – a Bitcoin miner rapidly pivoting into AI and high‑performance computing (HPC) data centers.
After a strong move on Friday, November 28, and a flurry of weekend commentary from analysts, quants and crypto media (November 28–30), investors are preparing for what could be another volatile week in WULF stock.
Note: All figures and news are current as of the evening of November 30, 2025. This article is for information only and is not investment advice.
WULF stock price snapshot heading into December 1, 2025
TeraWulf’s last regular trading session was Friday, November 28, 2025. There has been no cash‑market trading since then due to the weekend, so that close is the reference point for Monday’s open.
- Last close (Nov 28):$15.51, up 4.51% on the day, after trading between a low of $15.12 and a high of $16.13, on roughly 31 million shares. [1]
- Over the last ten sessions, WULF has climbed more than 30%, according to Intellectia AI’s technical summary, with the current upswing starting around November 17. [2]
- CoinCodex notes that WULF has posted 16 green days out of the last 30 (about 53%) and is up around 96–97% over the past year. [3]
- MarketBeat data puts WULF’s 12‑month trading range between $2.06 and $17.05, a market cap of about $6.5 billion, and a beta above 3.5, underlining its high volatility versus the broader market. [4]
Because U.S. equity markets are closed on weekends, there is no official pre‑market print yet for December 1. However, most of the short‑term quantitative services and technical models updated on November 30 expect modest consolidation near current levels rather than an immediate breakout (more on this below). [5]
TeraWulf news recap: November 28–30, 2025
Friday, November 28: Momentum, upgrades and AI data‑center excitement
1. Stock surges on strategic updates and new targets
A widely shared piece from StocksToTrade highlighted that WULF was up roughly 8.25% intraday on Friday as traders reacted to a cluster of bullish analyst moves and ongoing enthusiasm around its AI data‑center strategy. [6]
Key points from that coverage:
- Citizens JMP (often referenced simply as “Citizens”) reaffirmed its bullish stance and lifted its price target to $22, pointing to the long‑term revenue profile of TeraWulf’s joint venture with Fluidstack in Texas, which is backed by Google and expected to generate around $9.5 billion in contracted revenue over 25 years at the Abernathy AI compute campus. [7]
- Roth MKM (Roth Capital) raised its target to $26, citing strong Q3 top‑line growth and an expanding power pipeline to support future HPC capacity. [8]
That article framed WULF as a classic “momentum plus story” stock: financials still messy, but powerful catalysts in the form of AI partnerships, Google exposure, and a multi‑decade revenue backlog.
2. Zacks/Nasdaq comparison: WULF vs. CleanSpark
On the same day, a Zacks‑authored analysis published on Nasdaq compared TeraWulf to fellow miner CleanSpark (CLSK). The piece painted a more cautious picture of WULF: [9]
- Q3 revenue jumped to about $50.6 million, but GAAP net loss ballooned to roughly $455 million, driven largely by a huge non‑cash loss related to warrant and derivative revaluations. [10]
- TeraWulf’s capital structure was described as “stretched”: nearly $1.5 billion in total debt versus roughly $712.8 million in cash as of September 30, implying negative net cash and a debt‑to‑equity ratio above 4.3 in that analysis. [11]
- The author emphasized that while the AI/HPC story is compelling – especially the Google‑linked Fluidstack contracts – the need to raise and service multi‑billion‑dollar financings significantly increases execution and balance‑sheet risk. [12]
Overall, Zacks concluded that CleanSpark looked like the better‑positioned miner on risk‑adjusted fundamentals, but acknowledged that WULF’s AI pivot could still deliver outsized upside if management executes.
3. Macro crypto sentiment: BTIG’s $100k Bitcoin call
A BlockBeats write‑up on November 28 relayed a BTIG analyst view that Bitcoin could eventually rebound to around $100,000, with TeraWulf and Cipher Mining highlighted as likely beneficiaries among publicly traded miners. [13]
For WULF, this acts as a macro tailwind narrative: if BTC enters another major bull cycle and TeraWulf’s AI data‑center strategy matures, the company could benefit from both higher mining economics and AI‑driven hosting revenues.
Saturday, November 29: Institutional moves and deep‑dive coverage
1. Intech trims its stake; institutions still dominate
A fresh MarketBeat piece reported that Intech Investment Management cut its WULF position by almost half in Q2, selling about 127,000 shares and ending the quarter with roughly 128,000 shares worth around $561,000. [14]
However, that same article highlighted that:
- Around 62.5% of WULF’s float is owned by institutions and hedge funds.
- WULF was trading near $15.49 at the time of that analysis, with a debt‑to‑equity ratio of 2.96, negative net margin (~‑91%), and negative return on equity (~‑55%). [15]
- Based on MarketBeat’s compilation, the stock carried a “Moderate Buy” consensus rating from 15 analysts, with one Sell, two Holds, eleven Buys and one Strong Buy, and an average price target of $18.42. [16]
In other words, while one quant fund is de‑risking, Wall Street coverage remains broadly positive, and institutional ownership is high.
2. InsiderMonkey: Q3 revenue, Bitcoin production and Citizens’ view
A Q3 recap from InsiderMonkey, published in mid‑November and widely cited in weekend coverage, resurfaced on November 29 discussions: [17]
- Q3 revenue reached about $50.6 million, up roughly 87% year‑over‑year, with $43.4 million from digital asset revenue and $7.2 million from new HPC lease revenue. [18]
- Self‑mined Bitcoin production declined year‑on‑year, reflecting network difficulty, halving effects and strategic miner redeployments.
- Citizens (JMP) is described as maintaining a “Market Outperform” rating and a $22 price target, seeing increased visibility as TeraWulf works to fully contract its first two campuses. [19]
3. TS2.Tech wraps the story into a single narrative
On November 29, TS2.Tech pulled together the moving pieces – Q3 results, capital structure changes and AI deals – into a detailed explainer on “TeraWulf (WULF) Stock News Today: Q3 Earnings, AI Pivot and Big Money Moves.” TechStock²
The article emphasized that:
- TeraWulf is evolving from a pure Bitcoin miner into a capital‑intensive AI/HPC data‑center landlord, backed by long‑term contracts with partners such as Fluidstack and Core42, with Google backstopping a portion of Fluidstack’s long‑term lease obligations at the Abernathy campus. [20]
- The company has executed multi‑billion‑dollar financings, notably $3.2 billion of senior secured notes priced around 7.75% and $1.025 billion of 0.00% convertible notes, to build out its infrastructure. [21]
- The mandatory conversion of Series A preferred stock in December is intended to simplify the capital structure, removing a preferred dividend but increasing the common share count. [22]
The tone: high‑growth, high‑leverage, high‑volatility – an AI and Bitcoin infrastructure name rather than a steady compounder.
4. Crypto media: “Green wave” for miners
Crypto‑focused outlet News.Bitcoin.com described a “green wave” across listed miners, noting that TeraWulf gained about 4.51% on Friday, with roughly 37% gains over the week, helped by inflows of AI‑themed capital and strong Bitcoin sentiment. [23]
Sunday, November 30: Quant models and valuation debate
Although markets were closed, several quantitative and valuation services updated WULF forecasts and fair‑value estimates on November 30.
1. Intellectia AI: near‑term bullish, longer‑term caution
Intellectia AI’s WULF stock forecast page, updated over the weekend, shows: [24]
- 1‑day price prediction: about $15.37 (slightly below Friday’s close).
- 1‑week prediction: about $15.13.
- 1‑month prediction: about $15.17.
- 2026 projection: roughly $5.37, implying a steep long‑term drawdown from current levels.
- 2030 projection: around $22.21, suggesting the potential for eventual recovery far out on the time horizon.
Technically:
- WULF ended Friday at $15.51, up 4.51%, with intraday volatility of roughly 6.7% (low $15.12, high $16.13). [25]
- Intellectia flags 4 bullish and 5 bearish technical signals, but notes that key moving averages (5‑day above 20‑day, 20‑day above 60‑day) are aligned in a bullish trend.
- The short‑sale ratio as of November 25 was about 18.2%, a sign of meaningful short interest that can fuel volatility and squeeze chatter. [26]
2. CoinCodex: bullish technicals, gently lower week‑ahead path
CoinCodex’s WULF price prediction model, last updated on November 30 at 22:58, shows: [27]
- Short‑term forecast (Dec 1–5, 2025):
- Dec 1: $15.44 (flat versus current model price).
- Dec 2: $15.37 (‑0.43%).
- Dec 3: $15.33 (‑0.69%).
- Dec 4: $15.31 (‑0.83%).
- Dec 5: $15.24 (‑1.27%).
- Technical sentiment is “bullish”, with 24 bullish vs 2 bearish indicators, and all major daily and weekly simple moving averages flashing “BUY”.
- Over the past year, CoinCodex calculates that WULF’s value grew ~96.7%, with 16 positive closes in the last 30 sessions.
Interestingly, the same model is more skeptical longer term, with a one‑year forecast around $13.99 (‑9.4% vs current) and a far more pessimistic 2030 level in one of its scenarios – a reflection of how sensitive quant models are to extreme volatility and recent over‑performance. [28]
3. ValueInvesting.io: classic value metrics say “overvalued”
Fundamental‑oriented site ValueInvesting.io calculates a “Peter Lynch fair value” for WULF that is deeply negative (in the range of about ‑$5 to ‑$7 per share as of November 29–30), implying more than 100% downside from current prices using that particular metric. [29]
That doesn’t literally mean the stock should trade below zero; rather, it shows that traditional earnings‑based fair‑value formulas struggle with companies that have large reported losses, high leverage and rapidly changing business models.
Analyst ratings and price targets: how Wall Street views TeraWulf now
Despite volatile earnings and a complex balance sheet, sell‑side coverage of WULF is broadly bullish.
Consensus snapshots
- StockAnalysis.com compiles ratings from 12 Wall Street analysts and finds:
- Average 12‑month price target:$16.71, about 7–8% above recent prices.
- Target range: roughly $4 to $24.
- Consensus rating:“Strong Buy.” [30]
- MarketBeat’s broader dataset, which captures more firms, shows:
- Average target:$18.42.
- Rating breakdown:1 Sell, 2 Hold, 11 Buy, 1 Strong Buy → “Moderate Buy” overall. [31]
- TS2.Tech, aggregating Fintel/Nasdaq data, cites an alternative compilation with an average target around $20.4, with estimates stretching from roughly $9.60 to $27.30. TechStock²
Recent individual target moves
Recent commentary from November highlights a wave of upward revisions tied to the AI/HPC pipeline:
- Roth MKM: target raised from $24 to $26, with a Buy rating, pointing to powerful HPC growth prospects and TeraWulf as a “must‑own” non‑tech AI beneficiary. [32]
- B. Riley Securities: target lifted from $22 to $23, maintaining a Buy / Strong Buy stance and citing strong Q3 revenue and the rapidly expanding HPC backlog. [33]
- Rosenblatt: reiterated a $24 price target with Strong Buy. TechStock²
- Needham & Co.: reaffirmed $21 target and Buy rating. TechStock²+1
- Citizens (JMP): repeated its $22 target and bullish thesis, focusing on contract visibility at TeraWulf’s first two campuses. [34]
- ATB Capital Markets: previously doubled its target on WULF in October, underscoring how quickly sentiment has shifted alongside the AI data‑center narrative. [35]
At the same time, there are dissenting voices: MarketBeat notes at least one Sell rating and a “Hold” or “Sell” stance from some independent research providers like Wall Street Zen and Weiss Ratings, who point to leverage, negative free cash flow and execution risk. [36]
Fundamentals in focus: Q3 2025 earnings, AI pivot and leverage
Q3 2025 by the numbers
TeraWulf’s Q3 2025 earnings release is the foundation of most current analysis: [37]
- Total revenue: about $50.6 million, up from $27.1 million a year earlier (roughly +87% YoY).
- Digital asset (Bitcoin) revenue: about $43.4 million.
- HPC lease revenue: about $7.2 million, reflecting early AI data‑center contracts starting to hit the income statement. [38]
- Cost of revenue (excluding depreciation): about $17.1 million, up modestly from $14.7 million. [39]
- GAAP net loss: roughly $455 million for the quarter, versus about $22.7 million in Q3 2024, driven largely by a $424.6 million non‑cash charge related to changes in the fair value of warrant and derivative liabilities. [40]
- Loss per share: about ‑$1.13, far below the consensus expectation of around ‑$0.04. [41]
The company also reported negative operating cash flow (~$35 million) year‑to‑date, alongside heavy capital expenditures (~$445 million) to expand its data‑center footprint. [42]
Balance sheet and financing
TeraWulf’s rapid scale‑up is being funded with a mix of debt and equity‑linked securities:
- As of September 30, 2025, the company reported:
- Cash, cash equivalents and restricted cash: about $713 million.
- Total assets: roughly $2.45 billion, including $862 million of property, plant and equipment and $573 million of deferred charges.
- Total liabilities: about $2.21 billion, including $1.06 billion of convertible notes and more than $800 million in warrant and derivative liabilities. [43]
- In October 2025, TeraWulf priced $3.2 billion of senior secured notes, reportedly at around a 7.75% yield, to fund the build‑out of AI data‑center capacity. [44]
- It also closed a $1.025 billion 0.00% convertible notes offering, after upsizing a previously announced $900 million transaction. [45]
This financing stack is central to the bull and bear cases:
- Bulls argue the multi‑billion‑dollar contracts and Google‑linked partnerships justify aggressive financing, positioning TeraWulf as a key “picks and shovels” play on AI compute demand. [46]
- Bears warn that high leverage, complex derivatives and negative free cash flow leave little room for execution missteps or adverse market turns (e.g., a Bitcoin slump or AI data‑center overbuild). [47]
Mandatory conversion of Series A preferred stock
On November 25, TeraWulf announced it had triggered a mandatory conversion of all outstanding Series A Convertible Preferred Stock, after its common stock traded more than 130% above the $10 conversion price on at least five days between November 4 and November 24. [48]
- Conversion date:December 9, 2025.
- Each preferred share converts into 141.9483 common shares.
- Preferred dividends stop accruing after the conversion date, and settlement is expected on December 11. [49]
This move:
- Simplifies the capital structure and removes a layer of preferred dividend obligations.
- Dilutes existing common shareholders by increasing the share count, which could weigh on EPS and per‑share valuation metrics.
Analysts view this as balance‑sheet housekeeping that also underscores how far the stock has run in 2025 to cross the conversion trigger.
Technical picture and short‑term WULF stock forecast for early December
Trend and volatility
Technical services broadly agree that WULF enters December in a strong uptrend, but with elevated risk:
- Intellectia AI notes that since mid‑November, WULF is in a rising trend with a total gain of ~40% over that period. The stock has fallen on 3 of the last 10 trading days but remains well above its short‑ and medium‑term moving averages. [50]
- CoinCodex shows virtually all commonly watched daily and weekly simple moving averages (SMA 10, 21, 50, 100, 200) flashing BUY, consistent with a strong medium‑term uptrend. [51]
- At the same time, oscillators like the Stochastic (%K above 80) and a high Commodity Channel Index (CCI) suggest overbought conditions, a classic setup for short‑term pullbacks or sideways consolidation. [52]
Quant forecasts around December 1
Putting the main quantitative models side by side:
- Intellectia AI projects:
- 1‑day price ~$15.37
- 1‑week price ~$15.13
- 1‑month price ~$15.17 [53]
- CoinCodex projects: [54]
- Dec 1, 2025:$15.44
- Dec 2:$15.37
- Dec 3:$15.33
- Dec 4:$15.31
- Dec 5:$15.24
Both point to a tight band between roughly $15.1 and $15.5, with a slight downward tilt over the coming week rather than an explosive break higher or lower – assuming no major new catalyst hits the tape.
Of course, these are statistical models built on past price action. They do not take into account unknown future news flow, sudden moves in Bitcoin, macro shocks or company‑specific surprises.
Key risks and catalysts to watch on December 1 and beyond
As WULF approaches Monday’s open, several factors are likely to drive trading:
1. Bitcoin price and crypto market sentiment
Even after the AI/HPC pivot, Bitcoin mining still generates the majority of current revenue, which means: [55]
- Higher BTC prices tend to support revenue and sentiment.
- Rising network difficulty and future halvings can compress margins.
- Any sharp crypto sell‑off could pressure WULF regardless of its AI narrative.
BTIG’s long‑term Bitcoin $100k call underscores the upside scenario, but volatility cuts both ways. [56]
2. AI data‑center economics: boom or bubble?
TeraWulf’s big bet is that AI data centers will generate decades of stable, contracted cash flows. Some market commentators, however, warn of potential over‑investment and thin returns:
- A recent analysis from InvestorsObserver on AI data‑center buildouts flagged concerns that multi‑billion‑dollar campuses may struggle to earn adequate returns in the near term given huge upfront capex and depreciation. [57]
If AI demand stays “insatiable,” the Fluidstack/Google‑backed Abernathy campus and similar projects could be transformational for WULF. If not, leverage could become a burden.
3. Leverage, interest costs and refinancing risk
With multi‑billion‑dollar senior notes and convertibles outstanding, TeraWulf is highly sensitive to credit conditions: [58]
- Rising rates or a deterioration in credit spreads could make future financing more expensive.
- Any delay or underperformance in ramping AI/HPC contracts would make servicing the debt load more challenging.
This is one of the main reasons some value‑oriented and rating‑based services label WULF as overvalued or high risk, despite the strong revenue growth.
4. Dilution and capital‑structure changes
The mandatory conversion of preferred stock and the existence of large convertible note issues and warrants mean that future share‑count increases are likely, which can: [59]
- Reduce EPS and per‑share cash‑flow metrics.
- Increase float and potentially influence short‑squeeze dynamics.
Traders focused on short‑term moves may see conversions as fuel for volatility; long‑term investors will watch how dilution interacts with underlying cash‑flow growth.
5. Short interest and “squeeze” dynamics
With the short‑sale ratio above 18% of daily volume in late November and a beta well over 3, WULF has all the ingredients for sharp upside spikes if positive news coincides with short covering – and equally sharp downside air pockets if sentiment turns. [60]
Bottom line: What the setup looks like for WULF before the December 1 open
Heading into the first session of December 2025, TeraWulf (WULF) sits at an interesting crossroads:
- Price action: The stock closed Friday at $15.51, near the upper end of its recent range and well above most key moving averages, after a week of strong gains. [61]
- News flow (Nov 28–30):
- Analyst stance: Wall Street remains constructive overall, with average 12‑month targets clustered between $16–20+ and most firms rating WULF Buy or Strong Buy, even as a minority urge caution. [64]
- Quant and technical models: Short‑term forecasts from Intellectia AI and CoinCodex suggest sideways‑to‑slightly‑lower trading around $15.2–15.5 over the coming week, while still labeling the broader trend bullish. [65]
For investors and traders watching the tape at Monday’s open, the message from the last three days of data and commentary is fairly clear:
TeraWulf is a high‑growth, high‑leverage AI and Bitcoin infrastructure play with significant upside optionality – and equally significant downside risk if the AI build‑out, Bitcoin cycle, or financing environment turns against it.
Anyone considering WULF should weigh:
- How comfortable they are with sharp price swings and short‑squeeze dynamics.
- Their own view on Bitcoin and AI data‑center demand over the next 3–5 years.
- Whether the current mix of analyst optimism, quant bullishness and stretched valuation metrics fits their risk tolerance and time horizon.
Again, this overview is not a recommendation to buy or sell WULF, but a synthesis of the latest price action, news, and forecasts available between November 28 and November 30, 2025.
References
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