WULF Stock Today: TeraWulf Rallies on Mandatory Preferred Conversion and AI Data Center Push (Nov. 25, 2025)

TeraWulf Inc. (NASDAQ: WULF) is back in the spotlight on Tuesday after announcing a key capital-structure move that sent WULF stock higher in today’s session. The high-performance computing (HPC) and bitcoin-mining hybrid play is converting its Series A preferred shares into common stock — a change investors are reading as a vote of confidence in the company’s recent share-price strength and long-term AI infrastructure strategy. ^[1]

Key Facts About WULF Stock Today (Nov. 25, 2025)

Latest price: about $13.57 per share, up roughly 7% on the day based on recent intraday trading.
Previous close: near $12.63, so Tuesday’s move extends the stock’s recent rebound. ^[2]
Intraday range: approximately $11.89–$13.90 so far, underscoring continued volatility.
Volume: around 22 million shares, roughly half of TeraWulf’s recent average daily volume of ~42.7 million shares. ^[3]
Market cap: with roughly 419 million shares currently outstanding, today’s price implies a market capitalization near $5.7 billion. ^[4]
Year-to-date performance: WULF is up around 130% in 2025, far outpacing the broader market. ^[5]

TeraWulf’s Big Move: Mandatory Conversion of Series A Preferred Stock

The main catalyst for WULF stock today is a fresh press release issued Tuesday morning. TeraWulf announced that it will forcibly convert all outstanding shares of its Series A Convertible Preferred Stock into common stock. ^[6]

Key details of the conversion

According to TeraWulf and a related SEC filing, here’s what’s happening: ^[7]

Trigger condition met: The company had the right to initiate a mandatory conversion once its common stock price exceeded 130% of the $10 conversion price (i.e., above $13.00) on at least five trading days during a 15‑day window. That condition was satisfied between November 4 and November 24, 2025, as WULF traded above $13 repeatedly during its recent rally.
Conversion ratio: Each share of Series A Convertible Preferred Stock will convert into 141.9483 shares of common stock.
Effective date: The mandatory conversion will occur on December 9, 2025, with settlement expected on December 11, 2025.
Dividends stop: After the conversion date, no further dividends will accrue on the preferred shares, which will be fully retired.

An 8‑K filing indicates that the conversion will add roughly 1.215 million new common shares, bringing the share count from approximately 419 million to about 420 million, assuming no other issuances before settlement. In other words, the conversion translates into well under 1% dilution for existing shareholders. ^[8]

TeraWulf’s CFO Patrick Fleury framed the move as a simplification of the capital structure, helping the company “support future growth” and provide greater transparency to investors. ^[9]

Why the Market Likes This: Small Dilution, Cleaner Capital Stack

From a high level, Tuesday’s announcement is less about dilution and more about cleanup:

Minimal share dilution
- Going from ~419 million to ~420 million shares is a rounding‑error increase in the share count — roughly 0.3% dilution. ^[10]
- For context, TeraWulf has already grown its share base significantly in recent years through equity raises, but this particular step is tiny by comparison. ^[11]
Eliminating a “preferred layer” over common shareholders
- Preferred stock sits ahead of common equity in the capital structure and typically carries dividend obligations. By converting these shares into common stock, TeraWulf removes that senior layer and its associated dividend cost. ^[12]
- For some investors, removing a class of preferreds reduces perceived complexity and may make the equity story easier to analyze.
Signal of confidence in share price strength
- TeraWulf could only trigger this move because WULF stock traded above $13.00 for multiple days, confirming a sustained rally from earlier in the year. ^[13]
- Management choosing to act now can be read as a sign they expect the current trading range to be sustainable, though that’s by no means guaranteed.

Net-net, investors appear to be focusing more on the simplification of the equity structure and the modest improvement in cash flow (no more preferred dividends) than on the small increase in share count — helping explain why WULF stock is trading higher today.

2025: From Bitcoin Miner to AI Infrastructure Powerhouse

To understand why WULF has been one of the market’s hotter tickers this year, you have to zoom out beyond today’s filing.

The Fluidstack & Google-backed AI data center deal

In late October, TeraWulf announced a major expansion of its partnership with Fluidstack, launching a 168 megawatt (MW) AI compute joint venture at its Abernathy, Texas campus. ^[14]

Key highlights:

25-year lease that TeraWulf says represents about $9.5 billion in contracted revenue over the term. ^[15]
The JV will serve workloads for a global hyperscale AI platform working on large foundation models. ^[16]
Google is backstopping roughly $1.3 billion of Fluidstack’s long-term lease obligations, improving the credit profile of the project. ^[17]
TeraWulf expects to hold up to a 51% stake in the JV and has exclusive rights to partner with Fluidstack on a similar, next‑phase 168 MW project. ^[18]

Taken together, TeraWulf now has more than 510 MW of contracted HPC platform capacity when combining existing and planned projects — a scale that positions the company as a serious AI data center landlord, not just a bitcoin miner. ^[19]

Financing the build-out: massive notes offerings

To support this AI pivot, TeraWulf has lined up significant long-term funding:

In October 2025, the company closed a $1.025 billion 0.00% Convertible Senior Notes due 2032 offering, with net proceeds of about $999.7 million earmarked largely for the Abernathy campus and general corporate purposes. ^[20]
Separate from that, the company also announced a $3.2 billion private offering of 7.75% Senior Secured Notes due 2030 to support its Lake Mariner HPC build-out in New York. ^[21]

These financings give TeraWulf access to multi-billion-dollar capital to scale its data center platform — but they also contribute to a hefty debt load that investors are watching closely.

Inside Q3 2025: Rapid Growth… and a Big GAAP Loss

WULF’s most recent quarterly report, released on November 10, 2025, paints a picture of surging revenue but heavy losses, much of it tied to non-cash items and financing costs. ^[22]

Revenue and operations

For the quarter ended September 30, 2025, TeraWulf reported: ^[23]

Total revenue:$50.6 million, up from about $27.1 million a year earlier — an ~87% year-over-year increase.
Digital asset (bitcoin mining) revenue:$43.4 million.
HPC lease revenue:$7.2 million, marking one of the first full quarters where AI/HPC hosting meaningfully contributed to the top line.

Profitability and cash

On the bottom line, results were less rosy:

GAAP net loss: about $455 million for the quarter, compared with $22.7 million in Q3 2024. ^[24]
GAAP EPS:−$1.13 per share, missing analyst expectations of −$0.04, according to MarketBeat. ^[25]
A large portion of the loss stems from a $424.6 million non-cash charge related to changes in the fair value of warrant and derivative liabilities, plus ongoing interest costs as the company layers in new debt. ^[26]
Adjusted EBITDA, TeraWulf’s preferred non-GAAP metric, came in at $18.1 million for Q3. ^[27]

On the balance sheet:

TeraWulf ended the quarter with approximately $712.8 million in cash, cash equivalents, and restricted cash. ^[28]
At the same time, it carried about $1.5 billion in total debt, primarily convertible notes due in 2030 and 2031 — before taking into account the new 2032 convertibles and 2030 senior notes completed after quarter-end. ^[29]

The combination of strong revenue growth, heavy investment, and substantial non‑cash charges helps explain why headline losses look severe even as underlying Adjusted EBITDA turns positive.

Analyst Views and Market Sentiment on WULF

Wall Street and market observers remain divided on WULF, reflecting both its upside potential and elevated risk profile.

Oppenheimer initiated coverage on TeraWulf in late October with an “Outperform” rating and a $20 price target, citing its AI-focused infrastructure strategy and access to low-cost, largely carbon-free power. ^[30]
TipRanks’ latest summary notes that the current analyst stance on WULF is “Hold” with a $12 target price, and its AI “Spark” model characterizes the stock as Neutral, highlighting strong revenue growth but “significant profitability challenges and high leverage.” ^[31]

Sentiment in the broader market is just as intense:

A Barron’s report recently pointed out that about 44% of TeraWulf’s shares have been sold short, one of the highest short-interest levels among its peers — a sign that many investors are betting against the stock even as it rallies. ^[32]
At the same time, WULF has delivered triple-digit percentage gains year to date, making it a high-beta battleground name for both bulls and bears. ^[33]

The takeaway: expect volatility. WULF is increasingly trading like an AI/high-growth infrastructure name, not a sleepy utility.

What Today’s News Means for WULF Shareholders

Here’s how Tuesday’s preferred-stock conversion fits into the bigger picture for WULF stock:

Potential positives

Simpler equity structure: With Series A preferred stock retired, investors can focus on one main equity class — common stock — instead of modeling a layered capital stack with different claims and dividend obligations. ^[34]
Cash-flow help at the margin: Eliminating preferred dividends slightly improves future cash outflows, which matters given the company’s hefty interest obligations and enormous capex plans. ^[35]
Confidence signal: The fact that TeraWulf could trigger the mandatory conversion at all underscores how far the share price has climbed in 2025, driven largely by enthusiasm around its AI/HPC ambitions and the Fluidstack/Google partnerships. ^[36]

Key risks and considerations

Leverage remains high: Even with the preferreds gone, TeraWulf still carries billions in debt — and will need its AI and bitcoin-related cash flows to ramp meaningfully over the next several years to comfortably service that load. ^[37]
Execution risk on mega-projects: The Abernathy, Texas AI campus and expanded Lake Mariner build-out are multi-year projects. Delays, cost overruns, or weaker-than-expected AI demand could pressure returns. ^[38]
Ongoing volatility: High short interest plus large derivative and warrant positions in the capital structure mean WULF can swing sharply on news, macro shifts, or bitcoin price moves. ^[39]

Bottom Line

For November 25, 2025, the story around WULF stock is clear:

The mandatory conversion of Series A preferred shares is a technical but meaningful cleanup of TeraWulf’s balance sheet, with very limited dilution and a slightly better cash-flow profile. ^[40]
The move slots into a broader 2025 narrative in which TeraWulf is rapidly transforming from a pure-play bitcoin miner into a capital-intensive AI and HPC data center platform, backed by high-profile partners and multi-billion-dollar financing. ^[41]
At the same time, enormous GAAP losses, heavy leverage, and high short interest mean the stock remains a high-risk, high-volatility vehicle where future returns will depend heavily on execution and the durability of AI compute demand. ^[42]

For now, investors appear to be cheering a cleaner capital structure, pushing WULF stock higher today — but the longer-term debate over TeraWulf’s risk-reward profile is far from settled.

Important Disclaimer

This article is for informational and news purposes only and does not constitute investment, tax, or legal advice. WULF is a volatile security, and any decision to buy, sell, or hold the stock should be made in light of your individual financial situation, objectives, and risk tolerance. Consider consulting a qualified financial advisor before making any investment decisions.