NEW YORK, Dec. 27, 2025, 8:22 p.m. ET — Market closed (U.S. stocks closed for the weekend).
TeraWulf Inc. (Nasdaq: WULF) stock heads into the final full trading week of 2025 with investors balancing three forces that can move the shares quickly: Bitcoin’s weekend pricing, a steady drumbeat of AI/data-center expansion headlines, and the company’s financing and capital-structure activity coming into year-end.
As of the last completed regular session on Friday, WULF finished at $11.75, down 4.55% on the day. That decline came amid continued volatility across crypto-linked equities—stocks that often trade like “levered” expressions of Bitcoin sentiment, even when the catalysts are company-specific.
Below is what matters right now for TeraWulf stock, the most important news published in the last 24–48 hours, and what investors should keep on the radar before Monday’s opening bell.
Where TeraWulf stock stands heading into Monday
Friday’s trading showed how quickly sentiment can swing. WULF traded between $11.65 and $12.34 and closed at $11.75 on volume of roughly 13.15 million shares, according to historical pricing data. [1]
Because it’s the weekend, there is no U.S. premarket or after-hours session in progress. The next actionable “price discovery” window for most investors will be Monday morning’s premarket (followed by the regular session).
One immediate macro lever: Bitcoin. On Saturday evening, Bitcoin was around $87,768. Bitcoin’s Sunday-night and Monday-morning tone often influences miners and crypto infrastructure names early in the week—sometimes even before company-specific news hits.
Headlines in the last 24–48 hours: what’s new around TeraWulf
1) New York data center project clears a key zoning hurdle in Lansing
One of the most material fresh headlines for TeraWulf’s broader “AI data center” narrative is local—but potentially meaningful.
A Lansing, New York zoning appeal tied to a proposed TeraWulf AI data center at the former Cayuga Power Plant site cleared an important procedural barrier. According to Tompkins Weekly, the town’s Zoning Board of Appeals voted on Dec. 22 to side with TeraWulf on one of its appeals—allowing the project to be treated as a permitted “general processing” use in the relevant zoning district, after earlier interpretations had blocked the company’s ability to submit a site plan application. [2]
The story also highlights the social and political friction that can accompany large data-center builds: Tompkins Weekly reports significant public opposition during hearings and extensive written testimony. [3] For investors, the takeaway isn’t just the “yes/no” outcome—it’s that local permitting and community response can affect timelines, conditions, and headline risk, all of which can matter for a company marketing itself as a scaled AI/HPC infrastructure play.
Why it matters for WULF stock: the market has increasingly rewarded miners that can credibly diversify toward higher-multiple AI/HPC hosting. A smoother permitting path can support that narrative, while heightened community pushback can introduce delays and uncertainty.
2) MarketBeat flags WULF among “Bitcoin stocks to keep an eye on”
In a weekend screen of Bitcoin-linked equities, MarketBeat listed TeraWulf (WULF) among a group of high-volume “Bitcoin stocks” to watch, emphasizing that these equities can provide indirect BTC exposure but carry company-specific operational and regulatory risks. [4]
This type of roundup doesn’t change fundamentals, but it reflects how WULF is being bucketed by many retail and trading desks: as both a Bitcoin proxy and an “AI pivot” story.
3) Institutional ownership update: Voya Investment Management increased its stake
A MarketBeat report published Friday said Voya Investment Management LLC increased its stake in TeraWulf during Q3, citing its 13F filing. The report states Voya bought 303,583 shares, bringing its holdings to 375,754 shares, valued at about $4.29 million at the end of the reporting period. [5]
The same report also notes broader institutional ownership trends and references other holders (including large positions held by major financial institutions, per the article). [6]
Why it matters: 13F-based stories are backward-looking, but they can still shape sentiment—especially when the stock is volatile and investors are trying to gauge whether “smart money” is leaning in or out.
4) Seeking Alpha analysis spotlights WULF vs. CIFR and the AI pivot narrative
A Seeking Alpha analysis published late Friday night compared TeraWulf and Cipher Mining through the lens of an “AI acceleration” thesis, arguing that crypto miners pivoting to AI/HPC workloads could see revenue inflect in 2026 if execution goes well. [7]
The piece—authored by Uttam Dey—also flags risks, including leverage and the need to deliver on large infrastructure commitments. [8]
Why it matters: while Seeking Alpha is not a company filing or a sell-side note, it can influence investor attention, especially when it frames WULF in the same conversation as other “AI infrastructure” miners and highlights perceived upside scenarios.
The bigger setup: TeraWulf’s AI/HPC buildout and financing stack
Even though the most recent company press releases are older than 48 hours, they are central to what investors will be trading around into Monday.
Project-level financing for the Abernathy HPC joint venture (Texas)
TeraWulf announced on Dec. 18 that it successfully priced project-level financing for a previously disclosed 168 MW high-performance computing (HPC) joint venture at the Abernathy, Texas campus. The company said the planned facility is designed as a liquid-cooled AI data center delivering up to 240 MW gross power capacity (with 168 MW of critical IT load) under a long-term hosting structure supported by investment-grade credit support, with commissioning targeted for the second half of 2026. [9]
This is a key pillar of the “AI pivot” narrative: investors are increasingly valuing miners not just on hash rate and Bitcoin price, but on their ability to secure power, land, financing, and creditworthy counterparties for AI/HPC leasing.
Flash Compute note offering: closing date is a near-term catalyst
In a Dec. 18 Form 8‑K, TeraWulf disclosed that its affiliate Flash Compute LLC upsized and priced a private offering of $1.3 billion senior secured notes due 2030 at 7.250%, and stated the offering was expected to close on Dec. 29, 2025, subject to conditions. [10]
Why that matters before Monday’s session: if the offering closes as expected—or if terms change, allocations shift, or follow-on disclosures emerge—WULF could see fresh headlines and re-pricing. Debt-funded buildouts can be equity-positive when they de-risk project execution, but they can also raise investor sensitivity to leverage and refinancing risk.
Capital structure: preferred stock conversion and year-end repurchase authorization
TeraWulf has also been simplifying its capital structure. In a press release, the company said it exercised its right to mandate conversion of its Series A convertible preferred stock into common shares on Dec. 9, 2025, and CFO Patrick Fleury framed it as a step toward simplifying the structure and supporting growth. [11]
Separately, TeraWulf’s board previously authorized a $200 million share repurchase program through Dec. 31, 2025. In that announcement, CEO Paul Prager said the company believed it was positioned to optimize capital allocation with a stronger financial foundation. [12]
Why it matters now: the repurchase authorization has a stated end date that is days away. Whether or not the company uses the authorization aggressively, investors will be alert for any extension, update, or disclosure about repurchase activity as 2025 closes.
Analyst targets and forecasts: where Wall Street expectations sit
Analyst outlook is broadly constructive, but the dispersion in targets underscores the uncertainty around execution timelines, leverage, and how much “AI multiple” the market ultimately assigns.
- TradingView’s analyst aggregation lists a $20.83 price target (with a stated max of $26 and min of $9.50) and shows an overall rating calculation based on recent analyst inputs. [13]
- Roth/MKM raised its target to $26 from $24 on Nov. 11 while maintaining a Buy rating, citing what it described as a larger-than-expected power pipeline and additional potential sites and contracting opportunities. [14]
- A MarketBeat item referencing a Cantor Fitzgerald note said the firm reiterated an Overweight rating with an $18 price objective. [15]
How to interpret this heading into Monday:
- Bulls are effectively underwriting two things: (1) Bitcoin-linked cash generation and (2) successful conversion of power and sites into long-term AI/HPC hosting revenue streams. [16]
- Bears and skeptics tend to focus on leverage, execution risk, and the reality that large-scale data center projects can face permitting and local political hurdles—as highlighted this week in the Lansing zoning dispute coverage. [17]
Risk check: short interest and volatility can amplify moves
TeraWulf has become a high-volatility equity where positioning can matter as much as fundamentals over short windows.
Nasdaq’s published short interest data shows tens of millions of shares short (reported in the most recent settlement data on the Nasdaq page). [18] A heavily traded, high-beta stock with meaningful short interest can move sharply on news catalysts—up or down—especially when Bitcoin is also moving.
What investors should know before the next session opens
With the market closed now, the practical question is: what could change between Saturday night and Monday morning?
1) Bitcoin’s weekend tape and Sunday-night liquidity
If Bitcoin breaks sharply higher or lower into Sunday night, miners often gap at the open. WULF is commonly treated as part of that trade. [19]
2) Watch for confirmation or updates on the Dec. 29 financing close
TeraWulf has stated the Flash Compute notes offering is expected to close Dec. 29. [20] Any confirmation, change, or follow-on disclosure can affect how investors model leverage, liquidity, and buildout pace.
3) Local permitting headlines can continue to emerge
The Lansing zoning appeal win clears a path to submit a site plan application, but it also signals the project is entering another phase—one that can generate additional local headlines. [21]
4) Year-end capital allocation questions
The share repurchase authorization runs through Dec. 31, 2025. [22] As year-end approaches, investors may look for indications of whether buybacks are extended, paused, or replaced by other capital allocation decisions tied to the AI/HPC buildout.
5) Expect headline-driven trading, not just “earnings-style” trading
Between AI/data center headlines, financing steps, and crypto sensitivity, WULF can react to developments that are not strictly quarterly-results related—especially when news hits outside market hours and then gets repriced at the next open.
TeraWulf stock enters Monday’s session with the market’s attention split between the near-term (Bitcoin direction, financing close timelines, and weekend headlines) and the long-term (whether the company can convert its power and site portfolio into scaled AI/HPC revenue while managing leverage and permitting risk). [23]
This article is for informational purposes only and is not investment advice.
References
1. stockanalysis.com, 2. tompkinsweekly.com, 3. tompkinsweekly.com, 4. www.marketbeat.com, 5. www.marketbeat.com, 6. www.marketbeat.com, 7. seekingalpha.com, 8. seekingalpha.com, 9. investors.terawulf.com, 10. investors.terawulf.com, 11. investors.terawulf.com, 12. investors.terawulf.com, 13. www.tradingview.com, 14. www.investing.com, 15. www.marketbeat.com, 16. investors.terawulf.com, 17. tompkinsweekly.com, 18. www.nasdaq.com, 19. www.marketbeat.com, 20. investors.terawulf.com, 21. tompkinsweekly.com, 22. investors.terawulf.com, 23. investors.terawulf.com
