New York, June 26, 2026, 5:01 PM EDT
- TeraWulf ended the day 0.9% lower at $25.83. Volume was more than double the norm.
- The stock is still up 124.8% for the year, though it’s trading roughly 13% under its 52-week high.
- The equity trades at close to 94x annualized Q1 revenue, showing the stock price still depends on expected AI leases and not present sales.
TeraWulf Inc. NASDAQ:WULF shares dropped Friday. Volume ran at more than twice the 65-day average. Investors sold down one of the year’s top AI-power plays, though the stock kept a sizeable premium.
Shares ended the session at $25.83, slipping 0.88%. The stock moved in a range from $24.44 to $26.85. Trading volume hit 66.26 million, well above the 65-day average of 29.61 million shares. After the close, shares were last quoted at $25.82 as of 5:01 p.m. EDT, MarketWatch reported.
The drop barely dented the rally. TeraWulf is up 124.8% so far in 2026, and shares have surged 512.1% in the past 12 months, according to MarketWatch data. The stock is trading about 13% under its 52-week top at $29.84.
Valuation is the question here. Based on the close and MarketWatch’s figure of 495.53 million shares, the stock got a market cap of about $12.8 billion. TeraWulf posted $34.0 million in first-quarter revenue, with $21.0 million of that from HPC lease revenue. Take that one quarter and annualize, the multiple lands close to 94 times.
TeraWulf stock isn’t trading just on bitcoin output now. The shares move on whether TeraWulf can turn its power rights, campuses, and leases into high-margin AI infrastructure revenue quickly enough to hold up the price.
The revenue mix is shifting. High-performance computing lease revenue accounted for about 62% of first-quarter revenue. Digital asset revenue came in at $13.0 million. CFO Patrick Fleury said in May the company is moving toward “recurring, contracted revenue” with less bitcoin-mining volatility. TeraWulf Inc.
Corvex Inc. NASDAQ:MOVE put out the only notable corporate news in the last day, but it wasn’t a new TeraWulf deal. The company said Patrick Fleury will be up for election to its board at the next annual meeting. Corvex said Fleury has led more than $8 billion in financings at TeraWulf since 2022. Fleury said the next chapter for AI infrastructure will focus on “performance and trust at scale.” PR Newswire
TeraWulf’s investor website listed seven new Form 4 filings from June 25. The most recent current report is from June 10. The last press release is still the May 26 news about buying the Muskie Data Campus in eastern Kentucky.
The project is key to the premium. TeraWulf said its Muskie site should eventually back more than 1 gigawatt of data-center capacity. The first 500 megawatts is set to ramp up in the second half of 2028, and another 500 megawatts is planned for the second half of 2030. CEO Paul Prager said TeraWulf is “a power infrastructure company that builds digital infrastructure.” TeraWulf Inc.
AI-linked stocks dropped again Friday. The Nasdaq Composite lost 0.24%. The PHLX semiconductor index dropped 5.3%. “Questions around profitability and the capex story” remain, David Stubbs, chief investment strategist at AlphaCore Wealth Advisory, told Reuters. reuters.com
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