TeraWulf (WULF) Stock Today: Price Action, AI Data Center Deals, and Outlook for November 24, 2025

TeraWulf Inc. (NASDAQ: WULF) — a Bitcoin miner turned high‑performance computing (HPC) and AI data center operator — continues to trade with extreme volatility as investors digest a “transformational” third quarter, massive new contracts, and aggressive financing moves.

As of the latest quote around 17:02 UTC on Monday, November 24, 2025, WULF is trading at $12.48 per share, up roughly 10.5% from the prior close of $11.29. Intraday, the stock has traded between about $11.37 and $12.50 on heavy volume of more than 18 million shares, putting it well above its 52‑week low of $2.06 but still below the recent high near $17.05. ^[1]

Key takeaways for WULF stock today

WULF trades around $12.48, up about 10% on the day, with elevated volume and a 52‑week range of $2.06–$17.05. ^[2]
Q3 2025 revenue surged 87% year over year to $50.6 million, driven by Bitcoin mining and the first wave of HPC lease revenue — but GAAP net loss ballooned to $455 million due largely to non‑cash warrant and derivative revaluations. ^[3]
The company has now signed more than $17 billion in long‑term, credit‑enhanced HPC contracts with customers such as Google‑backed Fluidstack and Core42, and is expanding across New York and Texas. ^[4]
TeraWulf recently completed over $5 billion in long‑term financings and nearly $1 billion of 0.00% convertible notes due 2032 to fund its Abernathy data center campus in Texas and broader HPC build‑out. ^[5]
Wall Street sentiment is broadly positive: multiple brokers have raised price targets into the $18–$26 range, and consensus 12‑month targets cluster between the mid‑teens and low‑20s per share, though opinions differ on valuation and risk. ^[6]

WULF stock price today (November 24, 2025)

Based on real‑time market data, WULF is currently: ^[7]

Last price: ~$12.48
Previous close: $11.29
Approx. daily change: +$1.19 (~+10.5%)
Intraday range: ~$11.37 – $12.50
Intraday volume: ~18.3 million shares
Market capitalization: ~$5.2 billion
52‑week range:$2.06 – $17.05
Trailing 12‑month revenue: ~$167.6 million
Trailing 12‑month net income: roughly ‑$564 million, reflecting heavy non‑cash charges and investment in growth

Multiple data providers also flag WULF as a high‑beta, high‑volatility stock, with beta estimates well above 2, underscoring how sharply it tends to move relative to the broader market. ^[8]

For context, coverage from 24/7 Wall St. notes that WULF shares were already up triple digits year‑to‑date as of November 10, reflecting how strongly investors have chased the AI‑infrastructure story this year — and how quickly the stock can whip higher or lower around news. ^[9]

Earnings recap: Q3 2025 flipped the script for TeraWulf

TeraWulf’s Q3 2025 results, released on November 10, are still the main fundamental driver behind recent price action. ^[10]

Headline Q3 numbers

For the quarter ended September 30, 2025, TeraWulf reported:

Total revenue:$50.6 million, up 87% year over year
- Digital asset (Bitcoin) revenue: $43.4 million
- HPC lease revenue: $7.2 million (a new revenue stream)
Adjusted gross margin: about 66%, up roughly 10 percentage points year over year
GAAP operating loss: about $24.7 million
GAAP net loss: roughly $455.1 million, or ‑$1.13 per share, driven largely by a $424.6 million non‑cash loss tied to warrant and derivative liabilities
Free cash flow: around ‑$35 million for the quarter
Cash, cash equivalents and restricted cash:$712.8 million
Total outstanding debt: about $1.5 billion as of quarter‑end ^[11]

The massive net loss headline spooked some investors, but much of it reflects accounting for warrants and derivatives rather than underlying operations. On a fundamental level, the story is that revenue is inflecting higher while the company spends aggressively to build out AI‑ready data centers.

The AI & HPC pivot: From Bitcoin miner to AI data center landlord

What makes WULF stand out in the crowded Bitcoin‑miner space is its pivot into high‑density, low‑carbon HPC hosting for AI and cloud clients.

According to TeraWulf’s Q3 release and earnings coverage, the company has: ^[12]

Built out its Lake Mariner Campus in Barker, New York to 245 MW of Bitcoin‑mining capacity and 22.5 MW of HPC capacity as of September 30.
Signed more than $17 billion in long‑term, credit‑enhanced customer contracts for HPC leases across subsidiaries La Lupa Data LLC and Akela Data LLC.
Executed over 520 MW of long‑term HPC leases with multiple enterprise and hyperscale clients, including:
- Core42 leases: 72.5 MW of GPU‑optimized capacity with roughly $1.1 billion in contracted revenue over 10 years.
- Fluidstack leases at Lake Mariner: three 10‑year HPC leases totaling 450 MW and about $6.7 billion in contracted revenue, backed by Google credit enhancements.

TeraWulf is also expanding beyond New York:

Abernathy Joint Venture (Texas): Through its Big Country Wulf subsidiary, TeraWulf formed a JV with Fluidstack and Google to develop the Abernathy Campus, initially designed for 240 MW with the potential to scale to 600 MW. The JV includes a 25‑year lease with Fluidstack backed by roughly $1.3 billion in Google credit support, and TeraWulf can own up to 51% of the venture. ^[13]
Cayuga site (Upstate New York): The company signed an 80‑year lease at its Cayuga site, laying the groundwork for large‑scale HPC deployments beginning around 2027. ^[14]

Traders focused on short‑term catalysts have zeroed in on the Google‑backed Fluidstack deals. A StocksToTrade breakdown highlights a 168 MW Texas campus lease with Fluidstack, projecting about $9.5 billion in revenue over 25 years, and notes a wave of analyst price‑target hikes following that announcement. ^[15]

Management’s strategic message is clear: TeraWulf wants to be seen less as a pure Bitcoin miner and more as a low‑carbon, AI‑ready data center landlord with long‑dated, contracted cash flows.

Funding the build‑out: Convertibles, leverage and cash runway

Scaling hundreds of megawatts of HPC capacity is capital‑intensive, and TeraWulf has leaned heavily on the credit markets to fund its ambitions.

From Q3 through early Q4, the company: ^[16]

Completed over $5 billion of long‑term financings, including senior secured notes and multiple convertible note tranches (notably 1.00% notes due 2031 and 7.75% senior secured notes due 2030).
Announced an upsized 0.00% Convertible Senior Notes due 2032 offering:
- $900 million initial size, with an underwriters’ option that can bring gross proceeds close to $1 billion.
- A 37.5% conversion premium, implying a conversion rate of 50.1567 shares per $1,000 note.
- Net proceeds of roughly $878–$1,000 million, earmarked primarily for the Abernathy campus build‑out plus general corporate purposes. ^[17]

As of September 30, before the latest financings fully settle, TeraWulf’s balance sheet already showed: ^[18]

Cash and equivalents: about $713 million
Total debt: roughly $1.5 billion
Accumulated deficit: about $867 million

Third‑party coverage estimates TeraWulf’s debt‑to‑equity and debt‑to‑asset ratios at elevated levels, and some analyses highlight negative free cash flow and a high degree of financial leverage, even after adjusting for non‑cash items. ^[19]

In short, TeraWulf has the capital it needs to build, but investors are paying close attention to execution, cost discipline, and eventual cash returns from those large HPC contracts.

How Wall Street views WULF right now

Despite the heavy losses and leverage, analyst sentiment skews bullish, driven by the sheer scale of contracted HPC revenue and the perceived strategic value of Google‑backed partnerships.

Consensus ratings and price targets

StockAnalysis.com reports that 12 analysts covering WULF rate it a “Strong Buy”, with an average 12‑month price target around $16.71, implying mid‑double‑digit upside from recent trading levels. Target estimates range from $4 at the low end to $24 at the high end. ^[20]
TipRanks shows a broader coverage universe, with 24 Buy and 6 Hold ratings this month and an average price target near $22.13, again suggesting substantial upside versus where the stock trades today. ^[21]

Recent upgrades and post‑earnings reaction

A series of recent notes have pushed targets higher as the AI story solidified:

A StocksToTrade and MarketBeat review points to Citizens JMP lifting its target to $22, Rosenblatt reiterating a $24 target, Roth lifting from $24 to $26, Northland moving to about $23.25, Clear Street to $20, and Needham raising its target from $11 to $21, all citing the Fluidstack/Google JV, Abernathy build‑out, and strong Q3 momentum. ^[22]

MarketBeat notes that after the Q3 report, WULF gapped up from $12.23 to $13.44 and traded as high as $14.45 on heavy volume (~14.2 million shares), even though GAAP EPS of ‑$1.13 badly missed consensus of about ‑$0.04, and leverage remains high (debt/equity near 3x). ^[23]

The tension in the story is clear: fundamentals are improving, but still fragile, and analysts are essentially betting that contracted AI‑driven HPC revenue will eventually overwhelm today’s losses and debt load.

Valuation and fundamentals: Growth vs. risk

Some independent research platforms flag WULF as both fast‑growing and financially stretched:

Simply Wall St calls out forecast annual revenue growth of about 49%, well above the broader U.S. market, and notes that TeraWulf is expected to become profitable within roughly three years based on consensus forecasts. ^[24]
At the same time, that analysis emphasizes:
- Q3 net loss of ~$455 million,
- “limited cash runway” if capital markets were to tighten, and
- substantial insider selling in recent months, despite insider ownership around 14–15%. ^[25]

Several trading‑oriented sites also highlight:

Very high volatility (big percentage swings day to day),
Elevated debt‑to‑equity ratios,
Negative return on equity and assets, and
A valuation that, at times, implies a lofty price‑to‑sales ratio, depending on which set of forward revenues and contract assumptions one uses. ^[26]

In other words, WULF today trades less like a traditional “value” stock and more like a high‑beta growth story tethered to AI data center demand and Bitcoin cycles.

Key risks for TeraWulf shareholders

Anyone following or trading WULF should be aware of several major risk factors highlighted in company filings and independent coverage: ^[27]

Execution risk on mega‑projects
- Delivering hundreds of megawatts of HPC capacity on time and on budget — while meeting strict uptime, efficiency, and sustainability metrics — is complex. Delays or cost overruns at Lake Mariner, Abernathy, or future sites could pressure margins and investor confidence.
Leverage and refinancing risk
- With billions in long‑term notes and convertibles, WULF is highly dependent on capital markets staying open and supportive. While the 0% notes due 2032 provide breathing room, high leverage can amplify downside if growth stalls or credit spreads widen.
Contract and counterparty risk
- The HPC narrative hinges on long‑term contracts with counterparties such as Fluidstack, Google‑linked entities, and Core42. Any renegotiation, cancellation, or performance dispute could materially impact the projected $9–17+ billion in contracted revenue.
Bitcoin price and power cost exposure
- Even as HPC grows, TeraWulf still derives a large portion of revenue from Bitcoin mining, which is exposed to Bitcoin prices, network difficulty, and electricity costs — all variables outside management’s control.
Share dilution and complex capital structure
- Convertibles, warrants, and stock‑based compensation all introduce potential dilution. The fair‑value accounting for these instruments also creates extreme swings in GAAP earnings, which can confuse or worry some investors.
Insider selling and valuation concerns
- Some analysts have flagged recent insider share sales and the possibility that the stock may be overvalued relative to current cash flows, even if long‑term AI‑driven growth plays out. ^[28]

What to watch next for WULF stock

Heading into late 2025 and 2026, traders and longer‑term investors will likely focus on a few key catalysts:

HPC ramp milestones
- Updates on Lake Mariner’s HPC build‑out, including utilization rates and cash contribution from the Core42 and Fluidstack contracts. ^[29]
- Ground‑breaking, construction progress, and first‑power dates at the Abernathy campus in Texas, plus any expansion beyond the initial phase. ^[30]
New contract wins
- Management has reaffirmed a target of signing 250–500 MW of new HPC lease capacity annually, and any additional hyperscaler or AI client wins could further de‑risk the growth story. ^[31]
Balance sheet updates
- How quickly the company deploys the recent convertible note proceeds, and whether it can improve free cash flow as the HPC business scales.
- Any moves to refinance, retire, or restructure existing debt.
Next earnings reports and guidance
- Investors will be watching for signs that adjusted EBITDA and operating cash flow are inflecting higher as HPC revenue grows, even if GAAP earnings remain noisy.
Macro drivers: AI demand and Bitcoin
- Demand for AI compute capacity and the trajectory of Bitcoin prices will continue to shape sentiment around WULF and its peer group.

Bottom line

On November 24, 2025, WULF stock is trading higher again as the market weighs explosive revenue growth, landmark AI and HPC deals, and a very aggressive financing strategy against steep GAAP losses, substantial leverage, and high volatility.

For now, Wall Street’s consensus leans optimistic, with many analysts projecting meaningful upside over the next 12 months. But the stock’s path is likely to remain bumpy, and the long‑term outcome will hinge on whether TeraWulf can convert its multi‑billion‑dollar contracted backlog into sustainable cash flow without overextending its balance sheet.

Important: This article is for information and news purposes only and does not constitute financial advice, a recommendation to buy or sell any security, or a guarantee of future performance. Always do your own research and consider consulting a licensed financial adviser before making investment decisions.