NEW YORK, Dec. 28, 2025, 6:37 a.m. ET — Market closed (weekend)
TeraWulf Inc. (NASDAQ: WULF) heads into the final week of the year with investors balancing three forces that tend to move the stock fast: Bitcoin’s weekend action, the company’s accelerating pivot toward high‑performance computing (HPC) and AI infrastructure, and a headline-heavy regulatory backdrop tied to proposed New York data center development.
Because U.S. equity markets are closed on Sunday, WULF price discovery is effectively “paused” until Monday’s session—meaning any big move in Bitcoin or weekend risk sentiment can show up as a gap at the open.
WULF stock: where it left off on the last session
WULF last traded around $11.75, down about 4.55% on Friday’s regular session, with the day ranging roughly from $11.65 to $12.42 and volume near 13.4 million shares. [1]
For context on the stock’s risk profile, Finviz lists a 52‑week range of about $2.06 to $17.05, underlining how quickly sentiment can swing in crypto-linked names. [2]
Bitcoin itself traded around $87,809 early Sunday morning (crypto markets remain open), a reminder that miners and “miner-adjacent” infrastructure plays can react sharply to BTC’s direction when stocks reopen.
The freshest headlines (last 24–48 hours): New York zoning appeal clears a hurdle
One of the most concrete, company-adjacent developments in the last two days is local reporting that TeraWulf’s proposed AI/data center project tied to the former Cayuga Power Plant site in Lansing, New York cleared a key zoning hurdle.
A local summary published early Saturday said the town’s zoning board narrowly ruled the facility can qualify as a permitted “general processing” use in the industrial district—overturning an earlier interpretation that blocked the project—while two other zoning arguments did not prevail. The decision now allows TeraWulf to submit a site plan application to the town’s planning board, though the local coverage also notes significant public opposition at prior hearings. [3]
Why this matters for WULF stock: data center buildouts can hinge on permitting and zoning timelines. A “yes, you may proceed to the next step” can reduce uncertainty, but it does not eliminate it—planning review, conditions, and potential legal challenges can still reshape schedules and economics.
Institutional positioning: a notable 13F-driven update
On the ownership front, a MarketBeat report dated Dec. 26 highlights that Voya Investment Management LLC increased its stake in TeraWulf during Q3, citing the firm’s 13F filing. The piece also points to broader institutional activity and frames sentiment as generally constructive among analysts who cover the name. [4]
Investors typically treat these updates as “temperature checks,” not instant catalysts—but in volatile small/mid-cap momentum stocks, the perception of growing institutional sponsorship can matter.
The bigger thesis: TeraWulf’s AI/HPC pivot and the financing engine behind it
Even though TeraWulf’s most recent company press release is older than 48 hours, it remains central to the forward story investors will be trading into Monday.
On Dec. 18, TeraWulf and Fluidstack announced successful pricing of project-level financing for a previously disclosed 168 MW HPC compute joint venture at the Abernathy, Texas campus. The release describes a next‑generation, liquid‑cooled AI data center delivering up to 240 MW of gross power capacity (168 MW of critical IT load) under a long‑term hosting structure with investment‑grade credit support, and it states the facility remains on track for commissioning in the second half of 2026. [5]
TeraWulf CEO Paul Prager framed the financing as a scaling milestone, saying: “This financing represents another important step in scaling a platform that was designed from the outset to grow.” [6]
Fluidstack CEO and co‑founder Gary Wu also signaled the financing as a continuation of the partnership, pointing to ambitions to deliver additional next‑generation capacity via future joint developments. [7]
A key near-term date: Dec. 29 closing targeted for a major notes offering
Another item investors may keep on their Monday radar is a TeraWulf Form 8‑K filed for events dated Dec. 18. The filing states that Flash Compute LLC (described in the filing as tied to the JV structure) upsized and priced an offering of $1.3 billion aggregate principal amount of senior secured notes due 2030 at 7.250%, upsized from a previously announced $1.275 billion. Importantly for next week’s tape, the filing adds the offering is expected to close on Dec. 29, 2025, subject to market and other conditions. [8]
The same 8‑K also lays out the ownership structure: Flash Compute is a wholly-owned subsidiary of an entity whose equity interests are owned 50.1% by a TeraWulf subsidiary and 49.9% by a Fluidstack subsidiary. [9]
In plain English: if markets decide that the financing path looks smooth, that can support the AI/HPC narrative; if investors worry about leverage, covenants, or capital costs, it can pressure the multiple.
Analyst forecasts and street-level expectations
Wall Street’s published targets for WULF remain wide—typical for a name sitting at the intersection of Bitcoin volatility and infrastructure buildout risk.
- MarketBeat shows a “Moderate Buy” consensus rating based on 15 analyst ratings, with a consensus price target of $18.75 (with targets ranging from $4 to $24, per the page). [10]
- TipRanks reports an average price target of $21.73 based on 10 analysts in the last three months (with a stated range of $17 to $26). [11]
These are not promises—just the market’s current “map of opinions.” The spread itself is a signal: execution risk and macro sensitivity are still doing a lot of work in the valuation.
A fresh piece of market commentary: WULF vs. CIFR into 2026
A Seeking Alpha analysis published late Dec. 26 compares TeraWulf and Cipher Mining as miners pivoting toward AI/HPC workloads. The author argues that hyperscaler-linked contracts could drive sharp revenue growth into 2026, while also flagging risks—especially the need to deliver large-scale infrastructure on schedule and concerns around leverage. [12]
Treat this kind of commentary as a viewpoint—useful for framing scenarios, not a substitute for filings or project milestones.
If you hold (or are watching) WULF, here’s what matters before the next session opens
With the market closed right now, Monday’s open is where price discovery resumes. The practical checklist:
- Bitcoin’s weekend move (and volatility): BTC is trading while stocks are shut. If Bitcoin breaks out (or drops hard) Sunday night into Monday morning, miners and miner-adjacent names often gap accordingly.
- Financing optics into Monday: The 8‑K’s stated expectation that the notes offering closes Dec. 29 puts a near-term spotlight on capital markets execution. [13]
- Permitting/zoning narrative in New York: The Lansing zoning appeal win reduces one layer of uncertainty, but it also moves the story into the next stage (site plan review), where timelines and conditions can still shift. [14]
- Volatility mechanics: With WULF’s large swings over the past year and high short interest metrics shown on market dashboards, moves can accelerate quickly when momentum traders pile in (in either direction). [15]
- Key technical levels from Friday’s range: Traders will naturally watch Friday’s low near $11.65 as immediate support and the $12.40–$12.50 area as nearby resistance, based on the last session’s range. [16]
Bottom line
TeraWulf stock enters Monday with a classic “two-engine” setup: crypto sensitivity in the near term and a data center/HPC buildout narrative for the longer arc. The weekend’s most actionable update is the New York zoning step forward, while the next clearly dated market item is the expected Dec. 29 close for the notes offering described in the company’s 8‑K.
When the bell rings Monday, investors should be ready for WULF to trade less like a sleepy data-center operator and more like what it is right now: a high-beta, news-reactive infrastructure story with Bitcoin’s shadow hanging over the tape. [17]
References
1. finviz.com, 2. finviz.com, 3. www.fingerlakes1.com, 4. www.marketbeat.com, 5. investors.terawulf.com, 6. investors.terawulf.com, 7. investors.terawulf.com, 8. investors.terawulf.com, 9. investors.terawulf.com, 10. www.marketbeat.com, 11. www.tipranks.com, 12. seekingalpha.com, 13. investors.terawulf.com, 14. www.fingerlakes1.com, 15. finviz.com, 16. finviz.com, 17. investors.terawulf.com
