NEW YORK, March 17, 2026, 15:37 (EDT)
TeraWulf Inc. slipped 6.5 cents to $16.35 by Tuesday afternoon, pulling back after Monday’s 11.86% surge to a $16.41 close. Traders weighed if the previous session’s leap hinted at bigger changes or simply echoed new project headlines.
This isn’t just about bitcoin mining anymore for TeraWulf. The company last week announced a 364-day bridge credit facility totaling $500 million for its Hawesville, Kentucky campus—a short-term loan expected to be swapped out for longer-term financing down the road. On Monday, Fluor confirmed it had received a limited notice to proceed, kicking off early-stage work at the same 480-megawatt site.
The limited notice to proceed acts as a go-ahead for Fluor, clearing the way for engineering, planning, and early-stage construction tasks before final EPC agreements are nailed down. For investors, it ties TeraWulf’s Kentucky site pickup in February straight to the buildout phase.
TeraWulf’s pitch to investors has shifted: less of a bitcoin mining story, more about high-performance computing—think data centers for AI and big workloads. In its fourth-quarter report, the company pointed to 522 megawatts of contracted data-center capacity linked to more than $12.8 billion in revenue. Chief Executive Paul Prager, looking toward 2026, emphasized “disciplined execution” and “transparent capital allocation.” TeraWulf Inc.
Back in February, Chief Technology Officer Nazar Khan said TeraWulf was “advancing build schedules” while tweaking cooling and electrical setups to handle next-gen AI loads. Execution remains the focus for the market. TeraWulf Inc.
The group’s other names held up: Bitcoin edged up roughly 0.6% to around $74,620. Shares of Marathon Digital, Riot Platforms, and CleanSpark all traded higher. So, after Monday’s sharp jump, Tuesday’s drop looks more like a stock-specific pause than a sector-wide pullback from crypto-linked stocks.
The Kentucky project is part of a bigger buildout. Back in February, TeraWulf announced its Kentucky and Maryland acquisitions brought in around 1.5 gigawatts of additional capacity, pushing the company’s overall platform to roughly 2.8 GW at five locations. Hawesville itself, according to the company, offers about 480 MW of existing power.
Still, risks remain. The bridge facility is short—just 364 days—and comes with floating-rate interest linked to SOFR, the standard short-term U.S. rate. It also mandates a $100 million minimum liquidity. On a different front, the independent market monitor for PJM this month urged federal regulators to halt TeraWulf’s proposed Morgantown plant acquisition in Maryland, raising concerns over whether the power generated would continue flowing to the grid or be diverted to data centers.
But this week, at least, investors got a clear signal. Fluor Senior Vice President John Palmer called TeraWulf’s search for a “long-term partner” out loud, adding that Fluor’s crew was set for “disciplined, end-to-end project delivery.” That phrasing drove home the point: the investment pitch is shifting toward scaling up construction—not just bitcoin mining. Fluor Newsroom
Fourth-quarter numbers painted a mixed picture. Digital-asset revenue posted a drop, sliding to $26.1 million from $43.4 million the previous quarter, but HPC lease revenue climbed—$9.7 million, up from $7.2 million. TeraWulf’s shares are still caught between the swings of bitcoin and ongoing data-center construction, at least until more capacity is switched on.
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