NEW YORK, March 13, 2026, 3:24 PM EDT
TeraWulf shares spiked at the open on Friday, then quickly gave back much of the move. Bitcoin’s rally helped spark the early surge, while investors tried to size up new concerns over the cost of the company’s AI data-center project. WULF last traded up 0.6% to $14.76 after hitting $15.99 earlier.
This shift is notable: TeraWulf has moved away from behaving like a pure crypto miner. Management points to high-performance computing — think AI and other intensive data-center work — as the company’s new primary growth driver. Mining stays in the mix, but it’s not the focus.
The stock sits at a crossroads. Bitcoin gained 1.4% to $71,112, after spiking as high as $73,897 earlier in the session. Elsewhere, action was mixed: Marathon Digital jumped 7.5%, Riot Platforms dropped 2.1%, and Core Scientific edged up 0.4%.
Some of Wall Street’s enthusiasm faded this week. On March 11, Keefe, Bruyette & Woods reduced its price target for TeraWulf, trimming it to $23 from $24, but left its Outperform call intact. The broker pointed to updated HPC lease delivery shoring up revenue assumptions, though flagged that rising operating costs and the use of equity-method accounting for the Abernathy joint venture could drag on EBITDA.
Keefe called the 22.5% slide from WULF’s February 25 high of $18.51 an “appealing buying opportunity.” Still, the note flagged that investors could be undervaluing current lease value or being overly cautious about 2026 lease signings. TipRanks
TeraWulf disclosed in late February that it had locked in 522 megawatts of contracted critical IT load—essentially, power allocated for customer computing gear—tied to more than $12.8 billion in revenue commitments. The breakdown: 380 MW committed to Fluidstack, which has Google backing, and another 60 MW set aside for Core42 at the Lake Mariner site in New York, according to the company.
The update underscored just how much there is left to deliver. For 2025, TeraWulf posted $168.5 million in revenue, but adjusted EBITDA came in at a negative $23.1 million. The company has CB2B on deck for March, CB3 planned for mid-May, CB4 aiming for the third quarter, and CB5 set for the fourth. CEO Paul Prager kept the message tight: the company is sticking to “disciplined execution.” TeraWulf Inc.
The risks haven’t gone anywhere. TeraWulf has to finish new buildings as scheduled, secure leases, and handle an expensive pivot from mining. Just last week, PJM’s independent market monitor urged federal regulators to halt the sale of the Morgantown power plant in Maryland to TeraWulf, pushing for more information about how the company plans to use the electricity—and whether it will remain available to the grid.
Friday’s action had both elements in play. Bitcoin still sends WULF sharply higher. The real tug-of-war, though, centers on whether TeraWulf can convert those energy-hungry plants into reliable AI infrastructure before higher expenses, setbacks, or regulators catch up.
