TeraWulf (WULF) Jumps on Nvidia AI Rally as HPC Strategy Gains Traction

TeraWulf Inc. (NASDAQ: WULF), the bitcoin miner rapidly reinventing itself as an AI and high‑performance computing (HPC) infrastructure play, is back in the spotlight on 20 November 2025 as its share price surges again on the back of Nvidia’s blockbuster earnings and growing investor appetite for AI‑linked data center stories.

According to MarketBeat, WULF shares gapped up this morning, opening at about $13.44 after a prior close near $12.23, with recent trades reported around $14.45 and volume above 14 million shares. ^[1] Public.com’s after‑hours data shows the stock later closing the regular session near $13.36, with after‑hours quotes around $13.30, leaving WULF roughly 9% higher than Wednesday’s close, even after some profit‑taking. ^[2]

At the same time, new institutional holdings data, fresh analyst target hikes, and ongoing coverage of TeraWulf’s massive AI‑focused build‑out are feeding the bullish narrative around the stock.

Key takeaways for 20 November 2025

Stock pops on Nvidia AI momentum: WULF jumps high single to low double digits after Nvidia’s Q3 earnings spark a rally in bitcoin miners and AI‑exposed infrastructure names. ^[3]
Intraday gap and heavy volume: Shares gap higher from the low‑$12s, trade in the mid‑$14s intraday, and finish the day still up sharply with elevated volume above 14 million shares. ^[4]
Institutional reshuffle: Banco Bilbao Vizcaya Argentaria (BBVA) trims its stake, even as broader institutional ownership and fund interest remain robust. ^[5]
Big AI / HPC pivot continues: Recent filings and Q3 results highlight multibillion‑dollar financings, a Google‑backed Fluidstack joint venture, and a target of 250–500 MW of new HPC lease signings annually. ^[6]
Valuation still aggressive, risks elevated: TeraWulf remains loss‑making with substantial leverage and a volatile share price, even as Wall Street price targets continue to climb. ^[7]

Today’s move: Nvidia, GPUs and the “AI miner” trade

The immediate catalyst behind today’s spike in WULF is the “GPU gold rush” narrative following Nvidia’s latest earnings report.

A note from FXLeaders this morning highlighted how Nvidia’s Q3 results and upbeat guidance triggered a strong reaction across bitcoin miners and AI‑adjacent infrastructure stocks. Bitfarms, TeraWulf, CleanSpark and IREN all logged gains of around 10%, while Cipher Mining rallied more than 13%. ^[8]

Even though Nvidia’s revenue of about $57 billion for Q3 came in below consensus, the company’s higher‑than‑expected guidance for Q4 reassured markets about sustained demand for GPUs. That, in turn, boosted bitcoin, which briefly pushed back above $92,000, and reignited speculative interest in miners that are repositioning themselves as AI compute providers, not just pure crypto plays. ^[9]

TeraWulf fits that story almost perfectly:

It already operates large‑scale low‑carbon mining and data center sites in New York and Pennsylvania. ^[10]
It is aggressively converting parts of that footprint to HPC and GPU‑optimized capacity for hyperscale and enterprise tenants. ^[11]

So when Nvidia reaffirms the strength of GPU demand and the sector rallies, WULF is one of the first tickers traders reach for.

How WULF traded on 20 November 2025

MarketBeat reports that TeraWulf’s stock “gapped up” before the market opened, moving from a previous close near $12.23 to an opening print of roughly $13.44, and later changing hands around $14.45 on heavy volume of more than 14.1 million shares. ^[12]

Public.com’s after‑hours tape adds more detail:

Previous close (Wed, 19 Nov): $12.23
Thursday, 20 Nov regular close: $13.36
After‑hours price (8:00 pm ET): $13.30, with after‑hours trades ranging between $12.20 and $13.40. ^[13]

That leaves WULF up just over 9% day‑on‑day based on Public’s closing data, even after backing off its intraday highs – a sizable move for a stock that has already seen massive appreciation in 2025.

For context, some international brokers now show WULF trading nearly 500% above its 52‑week low (about $2.06 in April) and still around 30% below its 52‑week high near $17.05, which was set in late October. ^[14]

Fresh headlines today: gap‑up and institutional flows

1. “Shares Gap Up – Here’s What Happened”

In a same‑day piece, MarketBeat’s “Shares Gap Up – Here’s What Happened” rundown emphasizes three points: ^[15]

The gap‑up open and strong volume highlight renewed speculative interest after recent volatility.
The stock continues to carry a “Moderate Buy” consensus on Wall Street, with an average price target around $18–19 per share.
Analysts at firms including Citizens JMP, Citigroup, Rosenblatt and UBS have all raised or reiterated positive ratings in recent weeks, with several targets now in the low‑to‑mid‑$20s. ^[16]

2. BBVA trims its stake – but the bigger picture is bullish

Also published today, MarketBeat highlighted a fresh institutional filing from Banco Bilbao Vizcaya Argentaria S.A. (BBVA): ^[17]

BBVA reduced its TeraWulf holding by about 26.9%, selling 25,465 shares during the second quarter.
It now holds 69,173 shares of WULF, valued around $299,000 at the time of the filing.

Crucially, the same article notes that other institutional investors are still adding:

Vanguard, Hodges, Millennium Management, Vident Advisory, Mirae Asset and others have all increased or adjusted positions, contributing to institutional ownership of roughly 62% of the float. ^[18]

This mix – one bank trimming exposure while deeper‑pocketed funds scale in – fits the pattern of a high‑beta growth name where portfolio managers are constantly rebalancing around sharp price moves.

The bigger story: TeraWulf’s massive AI & HPC build‑out

Today’s price action doesn’t exist in a vacuum. It sits on top of a multi‑quarter transformation story that has turned TeraWulf from a relatively small, leveraged miner into a highly visible AI‑infrastructure pure play.

Q3 2025 was a “transformational quarter”

In its Q3 2025 earnings release on 10 November, TeraWulf described the period as “transformational,” and the numbers back that up: ^[19]

Revenue: $50.6 million, up about 87% year‑on‑year, driven by both bitcoin mining and the start of HPC lease revenue.
HPC lease revenue: $7.2 million in its first quarter of contribution.
Cash & equivalents: $712.8 million as of 30 September 2025.
Debt: roughly $1.5 billion in mostly long‑dated notes.

Operationally, the company has built serious scale at its core New York campus:

At the Lake Mariner Campus (Barker, NY), TeraWulf has energized about 245 MW of bitcoin‑mining capacity and 22.5 MW of HPC capacity as of quarter‑end. ^[20]

Through subsidiaries La Lupa Data LLC and Akela Data LLC, it has signed more than 520 MW of long‑term HPC leases spanning enterprise and hyperscale customers. ^[21]

One of the standout deals:

Three 10‑year Fluidstack leases backed by Google, totaling 450 MW of capacity and roughly $6.7 billion in contracted revenue over ten years, with financing supported by a Google credit enhancement. ^[22]

Abernathy campus and the Texas expansion

TeraWulf is also pushing into Texas via the Abernathy Joint Venture with Fluidstack and Google:

The Abernathy campus is initially designed for 240 MW of HPC capacity, with potential expansion to 600 MW.
The JV structure gives TeraWulf up to a 51% controlling interest and includes a 25‑year lease backed by about $1.3 billion of Google credit support. ^[23]

To fund all of this, the company has embarked on an aggressive financing streak:

A $3.2 billion private offering of 7.75% senior secured notes due 2030 to finance Lake Mariner HPC build‑out. ^[24]
A $1.0+ billion convertible notes offering due 2031 and a $1.025 billion 0% convertible due 2032 to support Abernathy and bolster liquidity. ^[25]
A separate $500 million private offering of additional convertible notes to fund a large data center campus in Abernathy, Texas, with an upsizing option of $75 million. ^[26]

In a recent crypto‑industry piece, The Block framed this as part of a broader sector shift, noting that TeraWulf’s $9.5 billion Google‑backed Fluidstack JV and multi‑billion‑dollar debt financings mark a pivot away from pure bitcoin mining toward AI‑driven HPC infrastructure. ^[27]

Long‑term guidance: 250–500 MW of new HPC signings per year

Both the Q3 release and external coverage emphasize that TeraWulf is reaffirming its target of 250–500 MW of new HPC lease signings annually, underpinned by a visible pipeline of hyperscale demand and new sites like Cayuga (Upstate New York) slated for deployment beginning in 2027. ^[28]

That scale – if executed on time and on budget – would position WULF as one of the key North American providers of low‑carbon, AI‑ready compute capacity.

Wall Street’s view: targets keep rising, but so do expectations

Today’s price jump comes on the heels of a wave of upward revisions to WULF’s price targets:

A Nasdaq‑hosted Fintel note from 16 November shows the average one‑year target lifted to about $20.42, up 27.6% from a prior $16 estimate, with individual analyst targets ranging between roughly $9.60 and $27.30. ^[29]
B. Riley, Needham and other brokers have recently reiterated or raised “Buy” or “Outperform” ratings with targets around $20–23 per share. ^[30]
MarketBeat’s consensus screen today still shows WULF as a “Moderate Buy”, with one “Strong Buy,” a cluster of “Buy” ratings, a couple of “Hold” calls and a single “Sell” opinion. ^[31]

On the quantitative side, Fintel’s data also points to:

Over 500 funds reporting positions in WULF, with institutional ownership rising around 20% over the last three months, and a bullish put‑call ratio near 0.55, signaling options traders skew more toward calls than puts. ^[32]

Short‑term algorithmic forecasts are more cautious: one widely cited model from CoinCodex projects that WULF could drift back toward the low‑$12 range over the next few days, implying downside vs today’s levels despite the broader uptrend. ^[33]

Risks and red flags: leverage, losses and sector froth

Beneath the excitement, there are still material risks that today’s bounce doesn’t erase:

Negative earnings and margins: TeraWulf remains unprofitable, with recent filings showing negative net margins and a deeply negative return on equity as it pours capital into new sites. ^[34]
High leverage: The stack of senior secured notes and convertible debt leaves the company with billions in obligations, making it sensitive to credit conditions and execution risk on its build‑outs. ^[35]
Execution risk on mega‑projects: Massive multi‑year projects like Lake Mariner expansion, Abernathy, and future Fluidstack‑led sites depend on timely construction, power availability, and tenant ramp‑up. Delays, cost overruns or tenant issues could hit returns. ^[36]
Sector volatility: GuruFocus’ recent SWOT analysis flags TeraWulf’s significant operating losses, capital intensity and exposure to bitcoin price cycles, even as it touts sustainable energy and AI‑driven growth as key strengths. ^[37]

For investors, that combination means WULF can move violently in both directions – something today’s gap‑up only reinforces.

What today’s rally could mean for WULF investors

For traders and longer‑term shareholders alike, 20 November 2025 adds another chapter to TeraWulf’s wild year:

On the bullish side, today’s gap confirms that the market is still willing to reward AI‑centric infrastructure names, especially those with high‑profile partners like Google and Fluidstack and multi‑billion‑dollar contracted revenue streams. ^[38]
The steady drumbeat of analyst upgrades and rising price targets suggests that institutions are increasingly treating WULF as a serious player in the emerging AI compute market, not just a speculative miner. ^[39]
At the same time, today’s BBVA sale and ongoing volatility are reminders that more sophisticated investors are actively trading around the name, not just buying and forgetting it. ^[40]

For anyone following WULF, the key questions after today are:

Can TeraWulf keep securing large, credit‑enhanced HPC contracts at attractive economics as competition for AI data center capacity intensifies?
Will management execute these projects on time and on budget, or will delays and overruns eat into the promised infrastructure‑style cash flows?
How long will the market reward “AI miner” stories, especially if bitcoin or broader risk assets wobble?

As always, this coverage is informational only and not investment advice. Anyone considering WULF should carefully review the company’s latest SEC filings, earnings materials and risk disclosures, and consider their own risk tolerance before making decisions.

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