# Terawulf (WULF.US)

Canonical: https://gigainvestors.com/s/WULF

Analysis as of: 2026-10-16T07:33:14.833Z. 

Listing currency: USD. Reporting currency: USD.

## Verdict

Not enough history yet

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $12.62 per share; close as of 2026-10-15.

## Checklist

### understandable: na

### moat: na

### economics: na

### management: na

### accounting: na

## Holders

- [Stephen Mandel](https://gigainvestors.com/LPC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Dan Davidowitz](https://gigainvestors.com/pcm): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 62% since Nov 2021 · "TeraWulf’s Money-Losing Pivot: High Costs, But the Stock Market Buys the AI Vision" (finance.yahoo.com, May 2026)

Story as of 2026-10-16T09:59:53.733Z; price observation 2026-10-15.

- 2025-08-14: TeraWulf signs $3.7 billion AI infrastructure deals with Fluidstack ([investing.com](https://www.investing.com/news/company-news/terawulf-signs-37-billion-ai-infrastructure-deals-with-fluidstack-93CH-4191699))

- 2025-10-30: TeraWulf (WULF) Is Up 14.9% After $9.5B AI Data Center Deal With Google-Backed Fluidstack ([finance.yahoo.com](https://finance.yahoo.com/news/terawulf-wulf-14-9-9-020756169.html))

- 2026-01-29: Why TeraWulf (WULF) Is Up 15.2% After Pivoting To AI‑Focused High‑Performance Computing Financing ([finance.yahoo.com](https://finance.yahoo.com/news/why-terawulf-wulf-15-2-101138358.html))

- 2026-02-03: TeraWulf surges 10% after 1.5 GW Hawesville, Morgantown acquisitions ([finance.yahoo.com](https://finance.yahoo.com/news/terawulf-surges-10-1-5-154923966.html))

- 2026-04-27: TeraWulf's Expanded Power Volumes to Drive Growth Upside, Morgan Stanley Says ([finance.yahoo.com](https://finance.yahoo.com/sectors/technology/articles/terawulf-apos-expanded-power-volumes-154353208.html))

- 2026-05-08: TeraWulf Earnings Disappoint. But the Stock Edges Higher on AI Momentum. ([finance.yahoo.com](https://finance.yahoo.com/m/1f4954be-56f3-380f-b35d-8bf3df13a451/terawulf-earnings-disappoint..html))

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in capital markets; annual sales are USD 168.5 million.

- Source: https://www.sec.gov/Archives/edgar/data/1083301/000108330126000031/wulf-20251231.htm#000108330126000031 (filed 2026-02-27); FY2025: revenue 168455000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); WULF.US: TeraWulf Inc., together with its subsidiaries, owns, develops, operates digital infrastructure in the United States. It also develops and operates bitcoin mining facilities for bitcoin mining and high-performance computing workloads, leveraging clean, cost-effective, and reliable energy. The company was founded in 2021 and is headquartered in Easton, Maryland.

### Where the cash goes

Paid no dividends in 5 years; bought back USD 33.3 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Dividend observations: [[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1083301/000108330126000031/wulf-20251231.htm (filed 2026-02-27); FY2025: cash repurchases 33292000 USD.

### Are managers owners

Insiders own 23% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); WULF.US SharesStats.PercentInsiders = 23.014000000000003 percentage points; cache date 2026-10-16.

### What the price says

The price is 29.8 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Closing price 12.62 USD; reporting-to-trading FX 1; FY2025 annual sales per share 0.4236708227377273; price multiple 29.78727663720281. FY2025 cash earnings/share -3.5558665751966068. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $10.80 per share

- 2016-11: $10.82 per share

- 2016-12: $11.25 per share

- 2017-01: $10.77 per share

- 2017-02: $10.10 per share

- 2017-03: $10.04 per share

- 2017-04: $8.78 per share

- 2017-05: $7.78 per share

- 2017-06: $8.98 per share

- 2017-07: $9.01 per share

- 2017-08: $8.65 per share

- 2017-09: $8.24 per share

- 2017-10: $8.20 per share

- 2017-11: $7.72 per share

- 2017-12: $7.52 per share

- 2018-01: $8.01 per share

- 2018-02: $10.00 per share

- 2018-03: $8.80 per share

- 2018-04: $8.30 per share

- 2018-05: $9.46 per share

- 2018-06: $10.70 per share

- 2018-07: $10.25 per share

- 2018-08: $10.93 per share

- 2018-09: $12.50 per share

- 2018-10: $9.60 per share

- 2018-11: $10.09 per share

- 2018-12: $8.43 per share

- 2019-01: $8.30 per share

- 2019-02: $8.09 per share

- 2019-03: $8.22 per share

- 2019-04: $7.50 per share

- 2019-05: $7.71 per share

- 2019-06: $7.31 per share

- 2019-07: $7.15 per share

- 2019-08: $6.16 per share

- 2019-09: $6.34 per share

- 2019-10: $6.12 per share

- 2019-11: $5.46 per share

- 2019-12: $5.35 per share

- 2020-01: $5.36 per share

- 2020-02: $5.17 per share

- 2020-03: $3.28 per share

- 2020-04: $3.60 per share

- 2020-05: $3.38 per share

- 2020-06: $3.45 per share

- 2020-07: $3.55 per share

- 2020-08: $3.34 per share

- 2020-09: $3.57 per share

- 2020-10: $4.57 per share

- 2020-11: $5.10 per share

- 2020-12: $9.97 per share

- 2021-01: $9.80 per share

- 2021-02: $9.67 per share

- 2021-03: $9.80 per share

- 2021-04: $9.83 per share

- 2021-05: $9.39 per share

- 2021-06: $19.31 per share

- 2021-07: $21.77 per share

- 2021-08: $27.40 per share

- 2021-09: $28.40 per share

- 2021-10: $26.61 per share

- 2021-11: $33.46 per share

- 2021-12: $15.05 per share

- 2022-01: $11.68 per share

- 2022-02: $11.68 per share

- 2022-03: $8.40 per share

- 2022-04: $3.79 per share

- 2022-05: $3.19 per share

- 2022-06: $1.20 per share

- 2022-07: $1.44 per share

- 2022-08: $1.49 per share

- 2022-09: $1.26 per share

- 2022-10: $1.14 per share

- 2022-11: $0.83 per share

- 2022-12: $0.67 per share

- 2023-01: $0.98 per share

- 2023-02: $0.64 per share

- 2023-03: $0.94 per share

- 2023-04: $1.78 per share

- 2023-05: $1.50 per share

- 2023-06: $1.75 per share

- 2023-07: $2.92 per share

- 2023-08: $2.09 per share

- 2023-09: $1.26 per share

- 2023-10: $1.11 per share

- 2023-11: $1.16 per share

- 2023-12: $2.40 per share

- 2024-01: $1.67 per share

- 2024-02: $1.88 per share

- 2024-03: $2.63 per share

- 2024-04: $2.17 per share

- 2024-05: $2.18 per share

- 2024-06: $4.45 per share

- 2024-07: $4.16 per share

- 2024-08: $4.36 per share

- 2024-09: $4.68 per share

- 2024-10: $6.52 per share

- 2024-11: $7.89 per share

- 2024-12: $5.66 per share

- 2025-01: $4.77 per share

- 2025-02: $4.19 per share

- 2025-03: $2.73 per share

- 2025-04: $2.78 per share

- 2025-05: $3.53 per share

- 2025-06: $4.38 per share

- 2025-07: $5.16 per share

- 2025-08: $9.45 per share

- 2025-09: $11.42 per share

- 2025-10: $15.50 per share

- 2025-11: $15.51 per share

- 2025-12: $11.49 per share

- 2026-01: $13.37 per share

- 2026-02: $16.22 per share

- 2026-03: $14.43 per share

- 2026-04: $21.73 per share

- 2026-05: $25.56 per share

- 2026-06: $24.70 per share

- 2026-07: $17.66 per share

- 2026-08: $15.13 per share

- 2026-09: $14.80 per share

- 2026-10: $12.62 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1083301/000108330126000031/wulf-20251231.htm); period 2025-12-31, filed 2026-02-27.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.