NEW YORK, August 8, 2026, 15:14 EDT — U.S. cash markets remain shut for the weekend.
- TeraWulf ended Friday at $17.08, falling 3.3% over the week.
- Revenue was led by HPC leasing at 71%, while warrants accounted for roughly 80% of the loss for the quarter.
- The capacity being built is 3.3 times greater than the existing revenue-generating base.
TeraWulf Inc. NASDAQ:WULF closed Friday at $17.08, declining 3.0% during the session. Shares fell 3.3% over the week. The quarterly release redirected attention from headline losses to project execution.
The main figure is 336 megawatts—representing essential IT capacity being built, compared to 102 MW presently generating revenue. Completing this expansion would raise the active total to more than 400 MW.
HPC lease revenue totaled $31.9 million, accounting for 71% of sales for the quarter. Revenue from digital assets dropped 73% to $12.8 million. Overall revenue declined 6% to $44.8 million.
| Quarterly measure | Q2 2026 | Q2 2025 | Change |
|---|---|---|---|
| HPC lease revenue | $31.9m | — | New |
| Digital-asset revenue | $12.8m | $47.6m | -73.1% |
| Total revenue | $44.8m | $47.6m | -6.0% |
| Adjusted EBITDA | -$18.3m | $14.5m | -$32.9m |
Figures reported by the company; changes reflect company-provided disclosures.
TeraWulf’s loss was mainly driven by accounting factors. The company posted a net loss of $939.9 million, or $1.94 per share. Approximately 80% of the loss, or $755.7 million, resulted from a non-cash warrant revaluation. Adjusted EBITDA was still negative.
Chief Executive Paul Prager stated that the quarter demonstrated TeraWulf had begun “moving from platform formation to scaled execution.” Progress on that front now depends on the speed of commissioning. TeraWulf Inc.
Management indicates a range of $8 million to $10 million per critical IT megawatt. For 336 MW, this results in a preliminary gross total of between $2.69 billion and $3.36 billion. This figure does not represent remaining capex.
| Execution and funding measure | Value | Preliminary comparison |
|---|---|---|
| Revenue-generating AI infrastructure | 102 MW | 1.0 times |
| Capacity being developed | 336 MW | 3.3 times operational capacity |
| Total possible capacity | 438 MW | 4.3 times operational capacity |
| Estimated cost to build | $8m-$10m/MW | — |
| Estimated overall build cost | $2.69bn-$3.36bn | — |
| Available cash funds | $2.62bn | 78%-97% of estimated total cost |
| Total cash including restricted cash | $3.03bn | 90%-113% of estimated total cost |
Cash coverage measures balances at the end of the period against the entire gross cost range. This metric does not project outstanding expenditures or indicate a shortfall in funding.
The half-year cash report highlights financial pressure. Investments consumed $1.61 billion, and operating activities drew a further $154 million. Financing activities provided $1.07 billion. Overall, cash and restricted cash declined by $694 million.
Current equity value reflects significantly higher rent. On Friday, the market capitalization stood at roughly $8.30 billion. Annualized Q2 HPC revenue reached just $127.7 million, resulting in a basic multiple close to 65. This represents a moment-in-time figure, not a projection.
The valuation disparity is tied to contracts that are still in the process of being earned. Anthropic’s 20-year lease involves approximately 401 MW and generates about $19 billion in upfront revenue. If extension options are exercised, the total could rise to around $33 billion.
Relevant peers showed divergent moves. Shares of IREN Limited NASDAQ:IREN rose by 12.0% last week. Cipher Digital Inc. NASDAQ:CIFR declined 23.0%, while Core Scientific Inc. NASDAQ:CORZ increased 1.4%.
| Company | Aug. 7 close | Friday | Week | Market cap |
|---|---|---|---|---|
| TeraWulf | $17.08 | fell 3.0% | down 3.3% | $8.30bn |
| IREN | $41.23 | rose 8.7% | added 12.0% | $13.76bn |
| Cipher Digital | $17.18 | declined 5.6% | dropped 23.0% | $7.03bn |
| Core Scientific | $21.01 | edged down 0.2% | gained 1.4% | $6.84bn |
Weekly changes reflect the difference between closing prices on July 31 and August 7.
FactSet Research Systems Inc. NYSE:FDS recorded 19 Buy ratings and one Overweight, with no Holds or Sells noted. The average price target was $37.63, suggesting a potential gain of around 120% from Friday’s close.
| Analyst measure | Current reading | Comparison |
|---|---|---|
| Consensus recommendation | Buy | 19 Buy, 1 Overweight |
| Hold / Underweight / Sell | 0 / 0 / 0 | — |
| Average price target | $37.63 | 120% above Friday’s close |
| Median price target | $36.00 | Target range: $28-$72 |
| 2026 EPS estimate | -$2.66 | -$1.34 one month ago |
| 2027 EPS estimate | -$0.25 | -$0.09 one month ago |
Analyst estimates, not official company guidance, determine price targets and earnings forecasts.
The trend indicates analysts place greater emphasis on contracted megawatts than immediate earnings. As a result, each commissioning milestone has the potential to shift the company’s valuation. Any delays would challenge that confidence without delay.
Risks: Rent payments could be pushed back by setbacks in construction, power supply, interconnection, or customer deployment. Financing terms are another factor. Debt principal stood at around $5.73 billion. Google, which is part of Alphabet Inc. NASDAQ:GOOGL, owned 73.58 million warrants with an exercise price of one cent.
No corporate events are planned in the coming week. Attention will shift to estimate changes and the commissioning of CB-4. TeraWulf anticipates phased deliveries and rental activities throughout the latter half of 2026.
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