₿$73,459.79▼ 0.12%
TeraWulf Inc.
WULF🇺🇸Reserve
TeraWulf is a digital infrastructure company that builds and operates sustainable data centers in the United States for bitcoin mining and AI/high-performance computing. The company mines BTC using nuclear, hydro, and solar energy, retaining mined bitcoin on its balance sheet as part of routine treasury management.
BTC Holdings
18 BTC
180d
Stock PriceUpdated 11h ago
$25.56▼ 3.16%
180d
Total financing
7.03B USD
180d
mNAV
14902.07x▼ 3.04%
180d
BTC Risk
100.00%0.0x
Sats/Share
2
180d
Mkt capFD
19.70B USD
SharesFD
770.92M
Fiat reserve
3.10B USD
Total reserve
3.10B USD
Leverage
296836.6%
Dilution
55.6%
Coverage
0.0 yr
BTC mix
0%
Analytics
BTC Coverage
FinancialsUnverified
US-GAAPQuarterlyAs of 2026-03-31
Balance Sheet
Total Assets$7B▲185.6%
Total Liabilities$7.1B▲221.1%
Stockholders' Equity$-78.8M▼131.8%
Cash & Equivalents$2.6B▲269.7%
Total Debt$3.1B
Digital Assets$1.2M▲151.4%
Income Statement
Revenue$34M▼32.8%
Operating Income$-162.1M▼557.2%
Net Income$-427.6M▲6.0%
Interest Expense$67.1M▲842.1%
Cash Flow
Operating Cash Flow$-17.6M▲49.8%
Instruments
WULF-Feb30
Oct '24 – Feb '30
Coupon
2.75%
Principal
500.00M USD
Outstanding
500.00M USD
Conv. price
8.48 USD
BTC Rating
0.0x
WULF-Sep31
Aug '25 – Sep '31
Coupon
1%
Principal
1.00B USD
Outstanding
1.00B USD
Conv. price
12.43 USD
BTC Rating
0.0x
WULF-May32
Oct '25 – May '32
Coupon
0%
Principal
1.02B USD
Outstanding
1.02B USD
Conv. price
19.94 USD
BTC Rating
0.0x
Total
2.52B USD
| Instrument | Term | Coupon | Principal | Outstanding | Conv. price | BTC Rating |
|---|---|---|---|---|---|---|
| WULF-Feb30 | Oct '24 – Feb '30 | 2.75% | 500.00M USD | 500.00M USD | 8.48 USD | 0.0x |
| WULF-Sep31 | Aug '25 – Sep '31 | 1% | 1.00B USD | 1.00B USD | 12.43 USD | 0.0x |
| WULF-May32 | Oct '25 – May '32 | 0% | 1.02B USD | 1.02B USD | 19.94 USD | 0.0x |
| Total | 2.52B USD | |||||
Recent Changes
Thu, May 7, 2026
Debt OutstandingDrawWULF-RC30
0
Facility established, undrawn at closing
Form 10-Q (Q1 2026)Tue, May 5, 2026
Shares Outstanding
474.6M→495.5M+21.0M(+4.4%)
Form 10-Q (Q1 2026)
Thu, Apr 16, 2026
Shares Outstanding
420.1M→474.6M+54.5M(+13.0%)
54,510,000 shares issued at $19.00 (incl. 7,110,000 overallotment); net proceeds ~$1,004.3M
Form 8-K (closing of $1.04B common stock offering incl. overallotment)Debt OutstandingRepaymentWULF-RB27
100.0M→0-100.0M(-100.0%)
Bridge facility repaid and terminated
Form 10-Q (Q1 2026)Tue, Mar 31, 2026
BTC Holdings
3→18+15 BTC(+500.0%)
Form 10-Q (Q1 2026)
Debt OutstandingDrawWULF-RB27
0→100.0M+100.0M
$100M drawn on delayed-draw bridge loan at Kentucky subsidiaries
Form 8-K (Q1 2026 preliminary results, $800M stock offering, $250M revolver)Fiat Reserve
3.27B→3.10B-166.4M(-5.1%)USD
Cash, cash equivalents and restricted cash
Form 8-K (Q1 2026 preliminary results, $800M stock offering, $250M revolver)Fri, Mar 13, 2026
Debt OutstandingIssuanceWULF-RB27
500.0M
Form 8-K (Raylan bridge credit facility)
Debt OutstandingDrawWULF-RB27
500.0M→0-500.0M(-100.0%)
Corrective: delayed-draw facility established with $0 drawn; $500M is the facility ceiling (principal_amount), not outstanding
Form 8-K (Raylan bridge credit facility)Wed, Dec 31, 2025
BTC Holdings
15→3-12 BTC(-80.0%)
Derived from 270K digital currency at fair value
Form 10-K (2025)Shares Outstanding
439.2M→420.1M-19.1M(-4.4%)
Form 10-K (2025)
Debt Outstandingexerciseterawulf-warrant-oct-2022
6.6M→6.3M-289.7K(-4.4%)
Form 10-K (2025)
Debt Outstandingexerciseterawulf-warrant-mar-2023a
141.7K→0-141.7K(-100.0%)
Fully exercised by exercise-period end (December 31, 2025).
Form 10-K (2025)Debt Outstandingexerciseterawulf-warrant-mar-2023b
7.0M→4.7M-2.3M(-33.1%)
Derived: 13,879,630 issued − 3,917,322 exercised in 2024 − 5,303,590 exercised in 2025 = 4,658,718 outstanding.
Form 10-K (2025)Fiat Reserve
711.3M→3.27B+2.56B(+359.2%)USD
Form 10-K (2025)