NEW YORK, July 31, 2026, 18:13 EDT
- TeraWulf shares last traded at $17.66, slipping 1.0% following the end of regular market hours.
- Four listed peers dropped by a median of 5.0%, while Bitcoin was down 3.0%.
- FERC approved the transfer of a 216-MW plant, not the building of a data center.
TeraWulf Inc. NASDAQ:WULF held a slide to 1.0% on Friday, outpacing wider losses in publicly traded mining and compute peers. The stock most recently changed hands at $17.66 after the close of the regular Nasdaq session. After-hours trading continued.
The median decline among the four peers stood at 5.0%, with Bitcoin slipping 3.0%. TeraWulf surpassed the median by 4.1 percentage points. The difference indicates investors favored the federal order even with softer crypto prices.
Friday market snapshot (most recent quotes)
| Security | Last | Move | Market value |
|---|---|---|---|
| TeraWulf Inc. NASDAQ:WULF | $17.66 | -1.0% | $7.47 billion |
| MARA Holdings Inc. NASDAQ:MARA | $11.32 | -4.5% | $4.30 billion |
| Riot Platforms Inc. NASDAQ:RIOT | $20.17 | -8.8% | $7.01 billion |
| IREN Ltd. NASDAQ:IREN | $36.80 | -3.8% | $12.28 billion |
| CleanSpark Inc. NASDAQ:CLSK | $13.76 | -5.6% | $3.14 billion |
| Bitcoin | $62,921 | -3.0% | — |
The shares closed the week with a loss, finishing 4.3% beneath their July 24 level. After dropping 11.7% on Wednesday, the stock recovered 18.1% on Thursday.
TeraWulf’s performance over the past week
| Date | Closing price | Daily move |
|---|---|---|
| July 24 | $18.46 | -7.9% |
| July 27 | $17.98 | -2.6% |
| July 28 | $17.09 | -5.0% |
| July 29 | $15.09 | -11.7% |
| July 30 | $17.82 | +18.1% |
| July 31 | $17.66 | -0.9% |
The Federal Energy Regulatory Commission has approved Chesapeake Data LLC’s purchase of Morgantown Power. Chesapeake is fully owned by TeraWulf. Morgantown operates four oil-fueled units totaling roughly 216 megawatts in capacity.
The order is limited in scope, addressing only ownership and not the development of data centers or the addition of new generating capacity. Repowering is not included. TeraWulf is required to inform FERC within 10 days following closure.
Local clearance is still pending. On July 21, Charles County commissioners opted not to move the zoning amendment forward. Staff have been directed to develop a framework involving a task-force and consultants. According to county documents, the potential for data centers as a permitted use is still being evaluated.
Regulation overview
| Item | Current status | What follows |
|---|---|---|
| Plant ownership transfer | Approved July 29 | Federal review complete |
| Existing generation | Approximately 216 MW | Asset transferred with Morgantown Power |
| Data-center development | Outside FERC jurisdiction | Additional reviews ongoing |
| Repowering or new generation | Outside FERC jurisdiction | Other authorizations required |
| Charles County zoning | Amendment not submitted | Awaiting updated proposal |
| Closing notice | Must be filed within 10 days post closing | FERC submission after deal completion |
TeraWulf’s proposed campus is significantly bigger. The initial stage aims for 500 MW of generation capacity, 250 MW of storage, and 500 MW of demand. Ultimately, the complete development envisions one gigawatt each for generation and data center usage.
The plant that was transferred represents 43% of Phase I’s generation goal and 22% of the overall target. These percentages indicate the scale of the asset alone, and do not reflect permit status or construction advancement.
Chesapeake scope: company aims, buildout not yet authorized
| Component | FERC-covered asset or scope | Phase I target | Full plan |
|---|---|---|---|
| Generation | 216 MW in operation | 500 MW | 1,000 MW |
| Battery storage | Excluded | 250 MW | 500 MW |
| Data-center load | Excluded | 500 MW | 1,000 MW |
The business composition is shifting. High-performance computing leases contributed $21 million to first-quarter revenue, making up 62% of the $34 million total. TeraWulf posted 60 MW of operational critical-IT capacity.
TeraWulf’s Chief Executive Paul Prager described the firm as creating a “power-advantaged platform.” In July, the company signed a lease with Anthropic that includes around 401 MW of critical-IT load. TeraWulf projects approximately $19 billion in contracted revenue across 20 years. Service is expected to launch in the second half of 2027. TeraWulf Inc.
Analysts remained upbeat amid the turbulence. Bernstein’s Gautam Chhugani maintained a $36 price target, while Cantor Fitzgerald’s Brett Knoblauch assigned a $37 target. KBW’s Stephen Glagola lowered his target to $30, mentioning concerns over funding and AI-tenant risks.
Latest projections from analysts, not official company outlook
| Analyst | Firm | Date | Rating | Target | Upside from $17.66 |
|---|---|---|---|---|---|
| Gautam Chhugani | Bernstein | July 30 | Buy | $36 | 104% |
| Brett Knoblauch | Cantor Fitzgerald | July 29 | Buy | $37 | 110% |
| Stephen Glagola | KBW | July 28 | Outperform | $30 | 70% |
The upcoming test comes ahead of Wednesday’s market open, as TeraWulf is set to publish its second-quarter earnings prior to its 8 a.m. ET conference call on Aug. 5. Market watchers will focus on HPC revenue figures, updates on delivery timelines, and developments in the Morgantown closing.
Risks: FERC approval does not address local zoning and permitting issues. TeraWulf highlights risks associated with funding, building, customer demand and electricity costs. The bitcoin-mining segment brings additional commodity price exposure.
This week’s market activity gives an initial indication. On Friday, managing power was more significant than Bitcoin sensitivity. Results and domestic clearances must now corroborate this.
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