Track market-moving stories before they get noisy

Shares of TeraWulf Inc. (NASDAQ: WULF - Get Free Report) have been assigned an average recommendation of "Moderate Buy" from the twenty-six brokerages that are presently covering the stock, Marketbeat reports. Two analysts have rated the stock with a sell rating, two have given a hold rating, eighteen have given a buy rating and four have

One CEO's late-night post about power scarcity sent a cluster of AI data center stocks surging well past the broader market, and the comments came with a no-dilution pledge that cuts straight to the biggest fear haunting capital-hungry infrastructure builders.

Power scarcity has become the defining trade in artificial intelligence (AI) infrastructure stocks, and a pointed message from one data-center developer’s chief executive just gave the whole group a fresh push. TeraWulf (NASDAQ:WULF) stock is at $12.95, up 8% in afternoon trading, a move that puts the company’s energized capacity back at the center of the AI build-out story. Rival operators are climbing alongside TeraWulf stock, turning one executive’s comments into a sector-wide rally.

Specifically, Applied Digital (NASDAQ:APLD) shares are at $21.17, up 9%, outpacing the gain in TeraWulf stock on the same power-scarcity theme. Also, IREN Limited (NASDAQ:IREN) stock is trading at $28.11, up 6%, trailing both Applied Digital and TeraWulf shares while still moving clearly with the sector. Those parallel gains point to powered data-center capacity being treated as a scarce commodity across the board.

The CoinShares Bitcoin Mining and Digital Power ETF (NASDAQ:WGMI), which holds TeraWulf, Applied Digital and IREN, is at $32.43, up 3%. In contrast, the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is at $773.92, up 0.6%, leaving the digital power fund well ahead of the broad market. That gap shows Applied Digital and IREN shares trading on the power-scarcity theme right alongside TeraWulf, which has its own chief executive’s comments as an extra catalyst.

Prager’s Power Demand Post Lights a Fire Under TeraWulf In a post on X late Tuesday, TeraWulf CEO Paul B. Prager stated that demand for power in the coming years “remains extremely strong” and that the company’s site is “energized” to meet it. Prager added that customers would likely need outside funding, though TeraWulf wouldn’t take on that financial risk, and he said shareholders wouldn’t be diluted. He also said the next data center building at the Lake Mariner campus in western New York, leased to cloud provider Fluidstack, is on track for delivery this quarter.

The energy theme got a second boost from Elon Musk, who said on his company’s earnings call after Tuesday’s close that the infrastructure needed to supply and cool electrical equipment is “somewhat of a limiting factor” for building out superintelligence. Musk’s remark reinforces the scarcity value of sites that already have electricity in hand, helping explain why TeraWulf stock is rallying alongside the broader sector.

Applied Digital and IREN Ride the Same Power-Scarcity Wave TeraWulf, Applied Digital and IREN all own powered sites and build high-performance computing (HPC) data centers leased to AI customers, and both TeraWulf and IREN also run cryptocurrency mining operations, which gives each a second business tied to digital asset markets. That shared model explains it. A comment about power from one executive can move several stocks at once, and it’s the same reason we’ve focused a free report on the suppliers powering the AI build-out beyond the chipmakers.

Among the three, TeraWulf stock stands apart because its rally comes with company-specific commitments attached. Prager’s no-dilution pledge speaks directly to a common worry around capital-hungry data-center builders, though his admission that customers would likely need financing leaves open how those tenants fund their expansions.

Lake Mariner Delivery Is TeraWulf’s Next Proof Point That delivery promise gives TeraWulf a concrete checkpoint. TeraWulf’s next test is whether the Lake Mariner building leased to Fluidstack is delivered on schedule this quarter. A timely transition could back up Prager’s comments with execution, while a slip could undercut the confidence behind TeraWulf stock’s rally.

For Applied Digital and IREN, the open variable is the durability of the power-scarcity theme, and whether the CoinShares Bitcoin Mining and Digital Power ETF keeps its lead over the SPDR S&P 500 ETF Trust offers one gauge. Investors weighing their share exposure should adjust their holdings carefully, given how quickly a single executive’s comments moved the entire group.

Contact [email protected] for any questions or corrections.

A bruising selloff in AI infrastructure stocks is reversing fast, and the names tied to power-backed data centers are leading the charge. The question is whether the buyers driving these gains know something about TeraWulf's tenant search that the market…

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AI infrastructure stocks are bouncing back as last week’s selloff in the group starts to unwind. TeraWulf (NASDAQ:WULF) stock is at $12.42, up 6% in morning trading, moving in step with the sector’s other power-backed data center builders.

Meanwhile, Applied Digital (NASDAQ:APLD) stock is at $19.54, up 8%, a bigger gain than TeraWulf shares are posting. IREN Limited (NASDAQ:IREN) shares are up 5% to 28.41, nearly keeping pace with TeraWulf stock.

Financing Fears Give Way to a Rebound
Last week brought a steep selloff across AI infrastructure and neocloud stocks as financing concerns swept through the group. Some buffer comes from TeraWulf’s liquidity, with approximately $3 billion in cash and restricted cash as of June 30.

TeraWulf, Applied Digital and IREN build and lease data center capacity for AI customers, and TeraWulf and IREN are shifting their capacity away from crypto mining. It’s a capital-hungry model: TeraWulf has $1.7 billion in remaining WULF Compute project spending and expects that expansion to be capitalized with 68% debt and 32% equity.

Power access is central to the bullish case for TeraWulf. The Department of Energy projects data centers could account for up to 12% of U.S. electrical demand by 2028, according to a Government Accountability Office report. That demand curve is why the power, cooling, and networking names behind the data centers keep showing up in our free report on seven AI infrastructure suppliers that aren’t chipmakers.

Mining Fund Outpaces the S&P 500
Fund-level buying mirrors the stock moves, with the CoinShares Bitcoin Mining and Digital Power ETF (NASDAQ:WGMI) up 6%. WGMI held TeraWulf, Applied Digital and IREN shares in its June 30 holdings report, with IREN among its larger positions.

Gains elsewhere are far smaller, as the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is up 0.46%. That spread points to buying concentrated in power-backed data center stocks.

From Bitcoin Mining to AI Leases
A shift from Bitcoin (CRYPTO:BTC) toward AI leasing shows up clearly in TeraWulf’s revenue mix. High-performance computing (HPC) leases generated over 70% of the company’s total revenue in Q2 2026, up from zero a year earlier.

TeraWulf’s conversion is furthest along at Lake Mariner in New York, with 102 megawatts of revenue-generating critical IT capacity and 336 megawatts under construction. Staged delivery at the CB-4 building is expected during the second half of 2026, followed by CB-5 in early 2027.

Anthropic holds TeraWulf’s largest contract, a 20-year lease for 401 megawatts at the Justified Data Campus in Kentucky worth $19 billion in contracted revenue over the initial term. Initial delivery is expected in the second half of 2027.

Applied Digital runs a similar leasing model. It uses Polaris Forge campuses in North Dakota and Delta Forge campuses in Louisiana and Alabama, serving hyperscale customers under long-term contracts. Development sites in Texas, Oklahoma, British Columbia, Australia and Spain give IREN a pipeline exceeding 5 gigawatts.

TeraWulf Doubles Power for Its Muskie Campus
TeraWulf doubled the power commitment for its Muskie data center campus in Kentucky earlier this month under an expanded agreement with Kentucky Power. Kentucky Power was slated in TeraWulf’s August plan to build a new 345-kilovolt substation there, with initial electric service in Q4 2028.

Paul Prager spoke on the August 5 earnings call. As TeraWulf’s chairman and CEO at the time, he stated, “Muskie provides the next gigawatt-scale platform in our pipeline, and we are actively advancing commercialization discussions for the site.” Nazar Khan, TeraWulf’s chief technology officer at the time, called those talks “pretty robust.”

A rebound after a steep selloff can fade quickly. TeraWulf’s Justified and Muskie campuses aren’t scheduled to begin delivering capacity until the second half of 2027 or later. Traders may prefer to keep their exposure smaller until TeraWulf’s Muskie tenant search concludes.

Contact [email protected] for any questions or corrections.

Morgan Stanley says TeraWulf's data-center contracts and cash position support a valuation well above its battered share price.

Earnings Call Set for Friday, November 6, 2026 at 8:00 a.m. ET  | Source: TeraWulf Inc.

EASTON, Md., Oct. 12, 2026 (GLOBE NEWSWIRE) -- TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), a vertically integrated owner, developer and operator of large-scale digital infrastructure, today announced that it will host its earnings conference call and webcast for the third quarter ended September 30, 2026 on Friday, November 6, 2026 at 8:00 a.m. Eastern Time.

The Company will issue its third quarter financial results press release prior to the call on the same day.

Conference Call Information

To participate in this event, please log on or dial-in approximately five minutes before the scheduled start time.

Date: November 6, 2026
Time: 8:00 a.m. ET
Access ID: 13763370
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Dial in: 1-877-407-0789 or 1-201-689-8562
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Participants can use Guest dial-in #s above and be answered by an operator OR click the Call me™ link for instant telephone access to the event. The Call me™ link will be made active 15 minutes prior to scheduled start time.

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A telephone replay will be available through Friday, November 20, 2026.

Dial-In: (844) 512-2921 or (412) 317-6671

Access ID: 13763370

Participants may join by webcast, dial-in using the numbers above or use the Call me™ link to receive a telephone connection. The Call me™ link will be available 15 minutes prior to the scheduled start time.

Replay Information

A telephone replay will be available through Friday, November 20, 2026.

Dial-In: (844) 512-2921 or (412) 317-6671
Access ID: 13763370

About TeraWulf

TeraWulf develops, owns and operates large-scale, power-backed digital infrastructure in the United States, purpose-built for high-performance computing and artificial intelligence workloads. The Company combines long-term control of land, power and interconnection infrastructure with deep in-house expertise in energy markets, infrastructure development and data center operations. TeraWulf operates the Lake Mariner Data Campus in New York and is developing and pursuing additional large-scale campuses in Kentucky, New York and Maryland. The Company also operates existing bitcoin-mining infrastructure at Lake Mariner, portions of which are being repurposed to support contracted HPC development.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements concerning anticipated future events and expectations that are not historical facts. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. In addition, forward-looking statements are typically identified by words such as “plan,” “believe,” “goal,” “target,” “aim,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “seek,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “strategy,” “opportunity,” “predict,” “should,” “would” and other similar words and expressions, although the absence of these words or expressions does not mean that a statement is not forward-looking. Forward-looking statements are based on the current expectations and beliefs of TeraWulf’s management and are inherently subject to a number of factors, risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be those that have been anticipated. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including, among others: (1) TeraWulf’s ability to attract additional customers to lease its HPC data centers; (2) TeraWulf’s ability to complete its data center campuses and future strategic growth initiatives in a timely manner or within anticipated cost estimates; (3) operational risks associated with its data centers and TeraWulf’s ability to perform under its existing data center lease agreements; (4) changes in applicable laws, regulations and/or permits affecting TeraWulf’s operations or the industries in which it operates; (5) failure to obtain adequate financing on a timely basis and/or on acceptable terms with regard to expansion or existing operations; (6) adverse geopolitical or economic conditions, including a high inflationary environment, the implementation of new tariffs and more restrictive trade regulations; (7) the potential of cybercrime, money-laundering, malware infections and phishing and/or loss and interference as a result of equipment malfunction or break-down, physical disaster, data security breach, computer malfunction or sabotage (and the costs associated with any of the foregoing); (8) the availability and cost of power as well as electrical infrastructure equipment necessary to maintain and grow the business and operations of TeraWulf; and (9) other risks and uncertainties detailed from time to time in TeraWulf’s filings with the Securities and Exchange Commission (“SEC”). Potential investors, stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. TeraWulf does not assume any obligation to publicly update any forward-looking statement after it was made, whether as a result of new information, future events or otherwise, except as required by law or regulation. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s filings with the SEC, which are available at www.sec.gov.

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The former Bitcoin (CRYPTO:BTC) miners that rebuilt themselves as AI data-center landlords are getting squeezed from two sides Thursday. Bitcoin is sliding again, and long-term borrowing costs keep climbing for a group that funds its buildouts with debt.

Shares of Cipher Digital Inc. (NASDAQ:CIFR), Riot Platforms Inc. (NASDAQ:RIOT), CleanSpark Inc. (NASDAQ:CLSK), IREN Ltd. (NASDAQ:IREN), TeraWulf Inc. (NASDAQ:WULF), Nebius Group N.V. (NASDAQ:NBIS) and Applied Digital Corp. (NASDAQ:APLD) all traded lower in the morning session. Most sit roughly 50% or more below their 52-week highs.

IREN stock is moving. See the real-time price action here.  Bond Market BitesThe 30-year Treasury yield rose more than 4 basis points to 5.705% Thursday morning after trading just below a 24-year high in the prior session, according to Trading Economics. The 10-year yield touched its highest level since 2002 on Wednesday. 

Minutes from the latest Federal Reserve meeting showed officials expect to raise rates again before year-end, and investors are betting on a hike on Dec. 9. 

Read Next

Higher yields hurt the neocloud group twice. Debt gets more expensive, and long-dated lease income is worth less in today’s dollars.

The borrowing is real. Blue Owl Capital led a $2.4 billion financing package for an IREN AI campus in Canada, split between a $1.2 billion senior secured term loan and $1.2 billion of senior secured notes to buy Nvidia equipment. 

Under its $9.7 billion Microsoft contract, IREN needs to spend $5.8 billion on chips and $3 billion on other costs, according to Reuters, and has lined up $3.7 billion in chip financing. 

Bitcoin Still MattersBitcoin traded near $82,496 midmorning, down about 0.9%, after dipping as low as $81,710, per Benzinga Pro. The token is down roughly 35% from its 52-week high of $126,296.

Miners like Riot and CleanSpark still lean heavily on mining revenue. A weaker bitcoin price squeezes margins while the AI hosting business is still ramping up.

Rich Multiples, Little CushionValuations add to the pressure. Reuters described Cipher, TeraWulf and Hut 8 Corp. (NASDAQ:HUT) as “powered-shell” landlords signing leases as long as 15 years. 

Long leases with built-in rent escalators look safe. But those cash flows stretch years into the future, and the further out they run, the harder rising yields hit their present value.

Neocloud Price ActionNeocloud stocks were sinking in Thursday’s late-morning trading, per Benzinga Pro data: 

Cipher Digital shares were down 7.5% at $13.47, 55.3% below its 52-week high. Riot Platforms was down 6.6% at $17.32, 42.9% below its 52-week high.CleanSpark shares were down 6.3% at $10.79, 54.3% below its 52-week high. TeraWulf was down 5.5% at $13.61, 54.4% below its 52-week high. IREN stock was down 5.3% at $36.63, 52.3% below its 52-week high. Applied Digital stock was down 3.5% at $22.98, 54.7% below its 52-week high. Read Next

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A Finland power agreement is giving Applied Digital (NASDAQ:APLD) its first data center development outside the United States, and buyers are rewarding that step. Applied Digital stock is at $25.43, up 3% in morning trading. That timing places a new…

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A Finland power agreement is giving Applied Digital (NASDAQ:APLD) its first data center development outside the United States, and buyers are rewarding that step. Applied Digital stock is at $25.43, up 3% in morning trading. That timing places a new overseas option directly in front of Applied Digital’s quarterly report.

Meanwhile, TeraWulf (NASDAQ:WULF) stock is at $15, up 1%, as the data center cluster follows Applied Digital stock higher. Core Scientific (NASDAQ:CORZ) shares round out a trio of power-rich computing operators that tend to trade together on sector news.

The Global X Data Center & Digital Infrastructure ETF (NASDAQ:DTCR) is up 0.6%, a much smaller move for the broader basket of data center landlords, tower owners and chipmakers. At the same time, the Invesco QQQ Trust (NASDAQ:QQQ) is up 0.4%, which leaves the artificial intelligence (AI) hosting names running well ahead of large-cap tech.

Finland Agreement Opens Access to 1 Gigawatt, according to Applied Digital Applied Digital stated that it has secured an agreement providing access to up to 1 gigawatt of potential power capacity in Finland, the company’s first international data center development. Marketing of the site is underway, and the company is in discussions with global hyperscale customers, the operators of the largest cloud and AI platforms. Hyperscale demand matters here because a signed tenant is what would turn the Finland megawatts into a revenue-producing campus.

Chief executive Wes Cummins described Finland as a deliberate first step that leaves Applied Digital’s strategy intact. He said that the company remains focused on executing its U.S. projects. The agreement is structured to limit Applied Digital’s initial exposure, with further investment depending on customer demand, commercial milestones, and regulatory and development approvals, which lets Applied Digital keep the Finland option open while investing capital only as tenants and permits fall into place.

Campus Builder Versus Converted Miners Applied Digital develops purpose-built data center campuses for tenants on long-term agreements, so the company’s value rests on turning contracted power into leased operating capacity. TeraWulf and Core Scientific each arrived at high-performance computing hosting from cryptocurrency mining, converting power sites they already controlled into server capacity.

The Global X ETF already offers direct exposure to Applied Digital’s campus strategy, with Applied Digital shares making up 4.5% of the fund’s net assets as of May 31. Data center real estate investment trusts, tower owners and chipmakers fill much of the remaining portfolio. This helps explain why the Global X fund is moving far less than Applied Digital stock.

What to Watch Next Results from Applied Digital arrive after Wednesday’s close on October 7, and the quarter may be judged on the company’s domestic execution. Updates on Applied Digital’s Finland talks with hyperscale customers will be a focus of that report. A clean domestic quarter could give the Finland plan more credibility for Applied Digital, while any weakness at home may raise questions about adding a second region.

Applied Digital’s bull case rests on adding a second growth region as hyperscale demand stays strong, and its bear case centers on spending before tenants sign. TeraWulf and Core Scientific stockholders should keep their positions measured, since the lift in TeraWulf stock traces to sector sentiment around Applied Digital’s announcement.

Contact [email protected] for any questions or corrections.

Amended Kentucky Power agreement advances the second 500 MW phase into 2029 amid strong customer interest  | Source: TeraWulf Inc.

EASTON, Md., Oct. 05, 2026 (GLOBE NEWSWIRE) -- TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), a vertically integrated owner, developer and operator of large-scale digital infrastructure, today announced that it has executed an amended and restated electric service agreement with Kentucky Power, an American Electric Power (“AEP”) company, increasing contracted power capacity at its Muskie Data Campus in eastern Kentucky from 500 megawatts (“MW”) to 1 gigawatt (“GW”).

The amendment advances planned delivery of Muskie’s second 500 MW phase from 2030 to 2029, subject to Kentucky Public Service Commission approval and Kentucky Power’s construction schedule. Development will proceed consistent with the requirements of Governor Beshear’s Executive Order on Data Center Development (2026-494). The first 500 MW phase remains targeted to begin ramping in 2028.

“Customer interest in Muskie has been tremendous, and power availability is central to those conversations,” said Paul Prager, Chairman and Chief Executive Officer of TeraWulf. “Securing the next 500 MW and moving its planned delivery into 2029 gives us greater flexibility to meet prospective customers’ deployment needs. It also builds on the progress our teams have made with Kentucky Power since we acquired the site.” Additionally, the Company continues to evaluate the campus’s potential to support up to 2 GW over time, subject to additional utility planning, infrastructure and agreements.

TeraWulf acquired Muskie in May 2026 for phased development as an AI and high-performance computing campus. Kentucky Power is developing a 765-kV / 345-kV substation connected to the regional transmission network to serve the site.

The Muskie amendment follows TeraWulf’s approach to large-scale development in Kentucky: coordinate with the utility on the infrastructure needed to serve the campus, provide financial protections for utility investment and structure the agreement to benefit existing customers. In August, the Kentucky Public Service Commission approved the separate electric service agreement for TeraWulf’s Justified Data Campus in Hawesville, finding that its terms adequately protected existing customers and appropriately allocated the costs and risks of serving that project.

About TeraWulf

TeraWulf develops, owns and operates large-scale, power-backed digital infrastructure in the United States, purpose-built for high-performance computing and artificial intelligence workloads. The Company combines long-term control of land, power and interconnection infrastructure with deep in-house expertise in energy markets, infrastructure development and data center operations. TeraWulf operates the Lake Mariner Data Campus in New York and is developing and pursuing additional large-scale campuses in Kentucky, New York and Maryland. The Company also operates existing bitcoin-mining infrastructure at Lake Mariner, portions of which are being repurposed to support contracted HPC development.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements concerning anticipated future events and expectations that are not historical facts. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. In addition, forward-looking statements are typically identified by words such as “plan,” “believe,” “goal,” “target,” “aim,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “seek,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “strategy,” “opportunity,” “predict,” “should,” “would” and other similar words and expressions, although the absence of these words or expressions does not mean that a statement is not forward-looking. Forward-looking statements are based on the current expectations and beliefs of TeraWulf’s management and are inherently subject to a number of factors, risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be those that have been anticipated. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including, among others: (1) TeraWulf’s ability to attract additional customers to lease its HPC data centers; (2) TeraWulf’s ability to complete its data center campuses and future strategic growth initiatives in a timely manner or within anticipated cost estimates; (3) operational risks associated with its data centers and TeraWulf’s ability to perform under its existing data center lease agreements; (4) changes in applicable laws, regulations and/or permits affecting TeraWulf’s operations or the industries in which it operates; (5) failure to obtain adequate financing on a timely basis and/or on acceptable terms with regard to expansion or existing operations; (6) adverse geopolitical or economic conditions, including a high inflationary environment, the implementation of new tariffs and more restrictive trade regulations; (7) the potential of cybercrime, money-laundering, malware infections and phishing and/or loss and interference as a result of equipment malfunction or break-down, physical disaster, data security breach, computer malfunction or sabotage (and the costs associated with any of the foregoing); (8) the availability and cost of power as well as electrical infrastructure equipment necessary to maintain and grow the business and operations of TeraWulf; and (9) other risks and uncertainties detailed from time to time in TeraWulf’s filings with the Securities and Exchange Commission (“SEC”). Potential investors, stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. TeraWulf does not assume any obligation to publicly update any forward-looking statement after it was made, whether as a result of new information, future events or otherwise, except as required by law or regulation. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s filings with the SEC, which are available at www.sec.gov.

Investors:
[email protected]
Media:
[email protected]

, /PRNewswire/ -- American News Group News Commentary - The global AI data center market is projected to grow from USD 471.59 billion in 2026 to USD 2,023.52 billion by 2032, a compound annual growth rate of 27.5%, according to MarketsandMarkets. Much of that spending is now being locked in through long-term leases, as companies with power already connected sign 15- to 20-year take-or-pay contracts with investment-grade tenants and then finance the buildout against that rent. Active Companies from around the markets with current developments this week include: Host Digital Inc. (NYSE American: HOST), CleanSpark, Inc. (NASDAQ: CLSK), Hut 8 Corp. (NASDAQ: HUT), TeraWulf Inc. (NASDAQ: WULF), and Core Scientific, Inc. (NASDAQ: CORZ).

Fortune Business Insights sizes a narrower slice of the same market, the AI data center facilities themselves, at USD 21.27 billion in 2026 rising to USD 133.51 billion by 2034, a 25.8% CAGR. The two firms define the market differently, but both point the same way: sustained, double-digit growth in the physical capacity that artificial intelligence workloads run on.

What has changed in 2026 is the shape of the contracts. Over the past several months, operators across the sector have announced leases measured in decades rather than years, often with tenants described as high-investment-grade, and structured as triple-net or take-or-pay so that rent is owed whether or not the space is fully used. That structure lets developers raise project-level debt secured by a single site and its lease, rather than betting the whole company on each build.

The scarce input is power. Grid interconnections and utility service agreements can take years to secure, which is why so many of this year's largest leases have been signed at sites that already had electrical capacity in place, including former industrial plants and former bitcoin mining campuses. The companies below are examples of that model at very different scales.

Host Digital Publishes First Letter to Shareholders After NYSE American Debut, Setting Out Five Questions It Will Answer for Every Site and Lease

Site I in northeast Oklahoma carries a 15-year take-or-pay lease signed in August for 55 MW gross (43 MW critical IT) capacity.The lease carries $1.25 billion in contracted base-term rent with 3% annual increases and approximately $67 million in first-year rent.Delivery of Site I is targeted for the first quarter of 2027, with approximately $40 million in cash invested in the project to date.The Company has exercised its right to acquire a second Oklahoma site from its Sponsor, which has four additional sites representing more than 450 MW of potential gross power capacity in its pipeline.Host Digital Inc. (NYSE American: HOST) develops, acquires, owns and operates data centers for AI and high-performance computing workloads. Its shares began trading on the NYSE American under the symbol HOST on September 18, 2026, following the completion of the merger of Host Digital Infrastructure LLC into the former Healthy Choice Wellness Corp. on September 17.

On September 29, Chief Executive Officer Harmol Samra published the Company's first letter to shareholders. The letter describes Host Digital's focus on what it calls "RightScaled" facilities of 20 MW to 100 MW, sited where power already exists or is available in the near term, and leased to customers under long-term contracts.

"The opportunity I see for Host Digital starts with a building, power that's already there, and a customer who needs a place to put it to work," said Samra in the letter. "Putting that existing foundation to work is at the heart of our Speed to Power approach."

Site I is the first test of that approach. It sits in northeast Oklahoma, at a location with an existing industrial building and a utility-owned electrical substation, and the Company says it has acquired the electrical service agreements for the site. The 15-year take-or-pay lease signed in August covers 55 MW of gross capacity and 43 MW of critical IT capacity, with $1.25 billion in contracted base-term rent, 3% annual escalators and approximately $67 million in first-year rent. Delivery is targeted for the first quarter of 2027.

The letter is built around five questions that Samra committed to answering for each project: what Host owns or expects to acquire, what it must pay to get it, what it must spend to deliver it, when rent starts, and what cash is expected to reach Host after project costs.

"My responsibility as Host's CEO is to build lasting value for you, our shareholders," Samra wrote. "Each time we announce a site or a lease, I'm committed to explaining what it means for you as a Host shareholder."

Growth beyond Site I is intended to come through the Company's Sponsor, the privately held Host Infrastructure Holdings, under a 24-month preferential rights agreement covering qualifying projects. On September 22, Host Digital said it had exercised its right to acquire a second site from the Sponsor: approximately 20 MW gross and 16 MW critical IT in northeast Oklahoma, where the Sponsor holds a 12-year take-or-pay lease with a publicly traded AI cloud provider carrying approximately $391 million in base-term rent. That acquisition remains subject to negotiation and definitive agreements. The Sponsor's wider pipeline covers four additional sites with more than 450 MW of potential gross power capacity, which the letter describes as deliverable by the end of 2027.

"Infrastructure is ultimately constrained by how quickly operators can secure power and bring capacity online," Samra said at the time of the listing.

On funding, the letter says approximately $40 million in cash has been invested in Site I to date and that a recent offering raised an additional $17.5 million before fees and expenses. Host Digital intends to finance projects at the project level, secured by individual sites and leases and repaid from rental income, a structure the Company says is designed to protect the broader business from the risks of any single project. Host Digital also continues to operate 19 natural and organic grocery stores across six states through its Healthy Choice Wellness division.

There are several risks associated with the Company's plans. Site I is not yet delivered, and rent under the lease depends on completing construction and delivery on the stated timeline. Project financing has not been completed, and additional capital may be required on terms that are not yet known. The second site acquisition is subject to negotiation and definitive agreements, and the Sponsor pipeline sites are not owned by Host Digital. The Sponsor is a related party and receives the majority of its compensation in Host Digital shares, which may result in dilution. The Company must continue to satisfy NYSE American listing requirements. Readers should review the Company's filings with the SEC at www.sec.gov.

CONTINUED... Read this and more news from the sector at: https://AmericanNewsGroup.com

The sector has been showing many promising openings over the past month, a few companies stand out from the crowd:

CleanSpark, Inc. (Nasdaq: CLSK), a bitcoin miner building out AI data center capacity, closed a $2.276 billion offering of 7.875% senior secured notes due 2031 on September 25, 2026, through its wholly owned subsidiary CSDC Finance I, LLC. The notes are secured by the Sandersville, Georgia facility and its project entity, and the Company said the proceeds will finance the remaining cost of the build-out, reimburse prior equity contributions to the site and fund debt service reserves.

The financing sits behind a lease CleanSpark announced in July: a 20-year lease with a high-investment-grade global technology company for 175 MW of critical IT load at Sandersville, carrying $6.6 billion in base-term revenue and up to $11.6 billion with two five-year extensions, with rent expected to begin in the fourth quarter of 2027. The structure mirrors the sector pattern: a single site, a single long-term tenant, and debt raised against that site rather than the parent.

Hut 8 Corp. (Nasdaq: HUT) closed a $1.07 billion senior secured revolving credit facility on September 28, 2026, led by J.P. Morgan with Citi, Goldman Sachs and Morgan Stanley among a 12-bank syndicate, priced initially at SOFR plus 175 basis points. The Company said the facility strengthens parent-level liquidity and funds collateral requirements for site development.

"We are building a capital structure designed to scale with the business while giving us control over when, where, and how we deploy capital," said Sean Glennan, Chief Financial Officer of Hut 8.

The facility supports a leasing run at the Beacon Point AI data center campus in Nueces County, Texas. Hut 8 signed a 15-year, 352 MW lease there in May with a high-investment-grade counterparty, carrying $9.8 billion in base-term value, and in July announced that the same tenant had doubled its footprint with a second 352 MW phase, bringing contracted base-term value at the campus to $19.6 billion on a triple-net basis.

TeraWulf Inc. (Nasdaq: WULF) received approval from the Kentucky Public Service Commission in August for a 482 MW power agreement with Big Rivers Electric Corporation and Kenergy Corp. at its Justified Data Campus in Hawesville, Kentucky, a site the Company estimates will require $4.0 billion to $4.5 billion of investment for site development and initial data halls.

"Power is the gating factor for AI infrastructure, but how you bring that power to market matters," said Paul Prager, Chief Executive Officer of TeraWulf.

The approval follows a lease TeraWulf disclosed in July with Anthropic PBC for approximately 401 MW of critical IT load at the Justified campus, with a 20-year term and options to extend for up to 10 additional years. According to the filing, Anthropic's payment obligations are expected to be supported by an investment-grade credit, with delivery phased from late 2027 into early 2028.

Core Scientific, Inc. (Nasdaq: CORZ), which already runs a data center campus in Muskogee, Oklahoma, completed the acquisition of Polaris DS in August for approximately $444 million in cash, adding approximately 440 MW of gross, grid-connected power capacity under electric service agreements with Oklahoma Gas & Electric. The Company is advancing a plan to take the Muskogee campus to approximately 1.5 GW of gross power, or about 1.0 GW leasable, with its next delivery of approximately 82 MW expected in the second half of 2027.

"The Polaris acquisition is another example of how we are strategically expanding our power portfolio to support our long-term growth," said Adam Sullivan, Chief Executive Officer of Core Scientific.

Core Scientific has also secured $600 million of senior secured credit facilities, a $100 million revolver and a $500 million letter of credit facility, arranged by Morgan Stanley with JPMorgan, Goldman Sachs and TD Securities, for working capital and credit support under its utility agreements. The Company said the facilities are expected to release approximately $300 million of restricted cash.

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DISCLAIMER: Nothing in this publication should be considered personalized financial advice. We are not licensed under securities laws to address your particular financial situation, and no communication from us should be deemed personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor a recommendation to buy or sell any security. We hold no investment licenses and are neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. This article is being distributed for Market Equities Limited, a company incorporated under the laws of Ireland ("MEL"), which wholly owns and operates American News Group. MEL has been paid a fee for Host Digital Inc. advertising and digital media from Creative Direct Marketing Group ("CDMG"). MEL has not been paid a fee directly by Host Digital Inc., and MEL is not affiliated with, and is a separate and independent entity from, CDMG and Host Digital Inc.. MEL also expects to receive further compensation as part of an ongoing digital media effort to increase visibility for the company. No further notice will be given, but let this disclaimer serve as notice that all material, including this article, has been reviewed and approved by Host Digital Inc. and CDMG. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged not to use this publication as the basis for any investment decision. MEL and its owners, operators, directors, and affiliates do not own any shares of Host Digital Inc., but reserve the right to buy and sell shares of Host Digital Inc. at any time without any further notice commencing immediately and ongoing, in the open market, through private placements, and/or through other investment vehicles. There may also be third parties who hold shares of Host Digital Inc. and may liquidate their shares, which could have a negative effect on the price of the stock. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in this publication is not trustworthy unless verified by their own independent research. Because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may lose some or all of your investment. Cautionary Note Regarding the Business Combination and Development Projects: Host Digital Inc. became a publicly listed company through the merger of Host Digital Infrastructure LLC with and into a subsidiary of Healthy Choice Wellness Corp., completed September 17, 2026. As a newly combined company it has a limited operating history in its current form and must continue to satisfy the listing requirements of the NYSE American. Site I has not been delivered, and rent under its lease depends on completion of construction and delivery on the expected timeline. Project financing for Site I has not been completed. The acquisition of the second site is subject to negotiation and the execution of definitive agreements, and there is no assurance it will be completed. Sites in the Sponsor's pipeline are not owned by Host Digital Inc., and there is no assurance any will be offered to or acquired by the Company. The Sponsor is a related party of the Company. Contracted rent figures are base-term amounts stated by the Company and are not guaranteed revenue or cash flow. References to CleanSpark, Inc., Hut 8 Corp., TeraWulf Inc. and Core Scientific, Inc. are provided solely as market and sector context. Those companies are not peers, competitors, or financial comparables of Host Digital Inc., their results are not indicative of Host Digital Inc.'s prospects, none of them is involved in or has reviewed this article, and no partnership, affiliation, or endorsement is implied. Market-size figures cited in this article are third-party projections that may not be realized and do not represent revenue or addressable market expectations for Host Digital Inc.. Eagle Eye Disclosure: Eagle Eye is an investor signal-intelligence platform affiliated with the publisher of this article, and this reference constitutes promotion of an affiliated product. Eagle Eye is not a broker-dealer, and nothing in the platform or in this article is financial, investment, tax, or legal advice. Data provided in the platform is for informational purposes only and may be delayed. Always do your own research before making any investment decision. Forward-Looking Statements: This publication contains forward-looking information which is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ from those projected in the forward-looking statements. Forward-looking statements in this publication include, without limitation, statements regarding the delivery of Site I and the commencement of rent; the completion of project financing; the acquisition of a second site from the Sponsor; the Sponsor's pipeline and the timing of any future projects; and the Company's strategy and growth. These statements are based on the Company's public disclosures and the publisher's interpretation of them, and are subject to risks including the availability of financing, construction and delivery delays, tenant performance, power and equipment availability, the ability to execute definitive agreements, related-party conflicts, dilution, share price volatility, the ability to maintain the Company's stock exchange listing, and the risk factors described in Host Digital Inc.'s filings with the SEC. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this publication. Forward-looking statements in this publication are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated. The publisher undertakes no obligation to update any forward-looking statement, except as required by law.

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Jones Trading started coverage of Applied Digital (NASDAQ:APLD) with a Buy rating, yet the data center operator is slipping in early trading. Applied Digital stock is down 6% to $24.70. That reaction shows peer selling setting the price for Applied…

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Jones Trading started coverage of Applied Digital (NASDAQ:APLD) with a Buy rating, yet the data center operator is slipping in early trading. Applied Digital stock is down 6% to $24.70. That reaction shows peer selling setting the price for Applied Digital shares while a bullish research call takes a back seat.

Selling reaches beyond Applied Digital, pulling down two direct peers in data center infrastructure. TeraWulf (NASDAQ:WULF) shares are falling 4% to $15.11, a drop that mirrors the pressure on Applied Digital. Likewise, Core Scientific (NASDAQ:CORZ) stock is sliding 4% to $16.66, matching the TeraWulf decline.

For sector context, the Global X Data Center & Digital Infrastructure ETF (NASDAQ:DTCR) is down 2%. Meanwhile, the Invesco QQQ Trust (NASDAQ:QQQ) is down 1%. Put together, the data center fund is down less than Applied Digital, TeraWulf, or Core Scientific but more than the broad technology market, leaving the heaviest selling with the operators themselves.

Jones Trading Opens Coverage at Buy Jones Trading’s initiation on Applied Digital carries a Buy rating and a $70 price target. In the same set of research calls, the firm reinstated coverage of TeraWulf with a Buy rating. Such a combination signals a constructive sell-side view of data center capacity, strong enough for one firm to back two operators in a single batch of notes.

Applied Digital stock is falling in spite of the initiation, a disconnect that says a lot about current sentiment toward the group, and while a Buy call often gives a stock a lift when coverage begins, Applied Digital shares are tracking their peers lower instead. That split suggests forces bigger than any single rating are driving Applied Digital stock.

Why Rates Weigh on Data Center Builders Data center operators such as Applied Digital build capacity with long-payback financed capital, and this structure makes the whole group unusually sensitive to rate expectations, since the return from a new facility arrives over many years. Rate expectations are moving against long-duration assets as higher oil prices revive inflation concerns, and Applied Digital sits directly in that pressure.

The bear case for Applied Digital centers on that financing exposure. Building capacity ties up capital for long stretches. That leaves the company heavily exposed to the rate expectations now working against it, and financing is the question the market keeps returning to on this name. Higher borrowing costs could shrink the present value of the cash Applied Digital expects its facilities to earn years from now.

Looking at the upside, Applied Digital has the sell-side view working in its favor. Jones Trading’s constructive read on data center capacity arrives while Applied Digital shares are under pressure, which gives the call a contrarian edge (we highlighted seven of the picks-and-shovels names driving the AI data center expansion, from power to cooling, in a free report you can grab here). Such backing gives Applied Digital a vote of confidence that could carry more weight if rate pressure eases.

What the Peer and Fund Figures Show TeraWulf and Core Scientific shares are falling by matching amounts, which points to a group-wide move among data center operators. A shared decline for TeraWulf and Core Scientific fits the rate pressure weighing on long-duration assets across the space. Applied Digital stock is falling harder than either peer, so the company is carrying extra pressure on top of that sector trend.

Down less than all three operators, the Global X DTCR fund shows the selling thinning out across the wider digital infrastructure theme. The QQQ tech ETF is down even less, so the broad technology market is absorbing only a modest share of the pressure. Concentrated selling like this keeps Applied Digital and its closest peers at the center of the story, and it can reverse quickly or deepen fast depending on the rate outlook.

Managing Risk Around a Financing Question Applied Digital presents a clear split between a bullish research call and a rate-sensitive business model. Investors considering Applied Digital would be wise to hold a moderate stake, since financing costs remain the variable most likely to swing Applied Digital stock. Building their positions in stages could help them manage the volatility that comes with a name moving this sharply.

For current Applied Digital shareholders, sizing their allocations around the rate backdrop matters as much as the analyst view. Traders may want to watch for any shift in inflation expectations tied to oil, since that change could shape the next leg for data center operators like Applied Digital.

Further analyst notes and any shift in the rate outlook may set the direction for Applied Digital shares from here. A steadier rate outlook could bring the Buy thesis on Applied Digital back into focus, while another jump in inflation worries could keep the pressure on the group.

Contact [email protected] for any questions or corrections.

UBS has initiated coverage on five AI data center colocation stocks with Buy ratings, citing constrained compute supply and favorable power access positioning the group for rapid growth as AI adoption accelerates. 

The bank started coverage of Hut 8 Mining Corp (TSX:HUT, Unlisted (US):HUTMF), TeraWulf (NASDAQ:WULF), Applied Digital (NASDAQ:APLD), Core Scientific (NASDAQ:CORZ) and Cipher Digital (NASDAQ:CIFR), pointing to their cryptomining legacies and grid access as key advantages.  

UBS estimates the group has already secured roughly 5GW of leased capacity, worth about $125 billion in contracted revenue, with an additional 12GW of expansion potential in the pipeline. 

Time to power remains the primary constraint on scaling compute, UBS said, with global AI infrastructure requirements expected to triple to roughly 260GW of new data center capacity by 2030.  

The bank forecasts average annual EBITDA growth of about 80% across its coverage universe from 2027 to 2029, roughly 10% above Street estimates for 2029. Shares currently trade at 12 to 18 times 2028 EBITDA estimates, which UBS said largely reflects already contracted assets rather than pipeline upside. Price targets imply average upside of 36%. 

UBS noted the stocks have fallen roughly 45% from recent highs, though they remain up about 45% over the last 12 months, weighed down by concerns over frontier model pacing, NIMBY opposition, power uncertainty in Texas and rising yields.  

The bank sees a multi-year catalyst path built around delivery execution, pipeline clarity, new lease agreements, declining risk premiums, potential REIT conversion and strategic value tied to the gap between infrastructure and compute. 

Hut 8 is UBS's top pick in the group, with a $143 price target implying 45% upside, based on its pipeline size, leasing track record and tenant quality. TeraWulf carries a $24 target (41% upside), supported by its brownfield conversion strategy near population centers. Applied Digital has a $38 target (35% upside), with UBS flagging it as a strong REIT conversion candidate. Core Scientific's $24 target implies 33% upside, aided by its geographic diversification and AMD tenant relationship. Cipher Mining, with a $23 target and 25% upside, carries the widest risk-reward skew in the group at roughly +145%/-60%, given its concentration in Texas. 

UBS cautioned that the sector remains early-stage, with only about 15% of contracted capacity delivered so far, and that delivery delays or further rate increases could pressure valuations given the group's leverage. 

Applied Digital and TeraWulf are bouncing hard on zero company news, and that round trip reveals a structural tension in how the market prices contracted AI capacity against pure sentiment flows.

Shares of Applied Digital (NASDAQ:APLD) and TeraWulf (NASDAQ:WULF) are rebounding Thursday morning as the oversold AI capacity trade catches a bid, with the sector fund and the broad tape also higher. Applied Digital stock is up 5% to $25.61, while TeraWulf shares are up 5% to $16.14.

The Global X Data Center & Digital Infrastructure ETF (NASDAQ:DTCR) is up 2% to $27.71. At the same time, the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is up 0.9% to $760.93. The sector fund running ahead of the broad market says the bid is broader than any single-name catalyst.

No Applied Digital announcement, filing, analyst action or contract news landed this morning. The move is a reversal of a month-long slide across AI capacity names, and the plain read is that Applied Digital is being repriced on sentiment toward the buildout rather than on anything the company has disclosed.

An Oversold Bounce for APLD Stock Applied Digital stock fell on Tuesday and turned negative for the year in that session, again on no company news. The stock is positive again today, up 4% year to date. Nothing about the business changed between those two sessions in either direction, which is exactly what makes the round trip worth flagging.

TeraWulf stock is rebounding alongside Applied Digital in what looks like a group trade rather than a company-specific reset. The TeraWulf move retraces part of a recent slide that had coincided with weakness across AI data center operators. Cipher Mining (NASDAQ:CIFR) stock is up 1% to $16.95, a more measured bounce than the two larger peers.

The Contracted-Lease Distinction for APLD Applied Digital management has cited $36 billion of total contracted long-term lease value, and that backlog is the bull case the market is buying back today. However, the same contract structure that protects the company’s revenue also caps the upside from rising market rates. The sector bid this week has followed operators raising hourly rental rates on compute, and a rising spot rate does not reprice a lease already signed.

That makes the read-through to APLD weaker than a common move in the group might suggest. The company is also the operator in this cohort whose financing cost moves with its own share price, so a round trip like this one is not cosmetic for a business still building out capacity. The bear case is that the stock rides sentiment down as easily as it rides it up, since the lease book is fixed while the equity is not.

On the other hand, the bull case is that the backlog is real revenue with real duration, and that Tuesday’s decline overstated the risk to a business whose customers are investment-grade hyperscalers. The plain read is sentiment either way. APLD stock is trading on how the market feels about the buildout rather than on what the company has disclosed.

Sector Bid vs. Broad Tape The DTCR ETF’s 2% advance running ahead of the SPY ETF’s 0.9% gain marks a rotation back into digital infrastructure. That is rotation, not a sector-wide verdict. Also, the DTCR breadth confirms the trade is not isolated to Applied Digital, TeraWulf or Cipher Mining.

TeraWulf and Cipher Mining are riding that read even without their own news today. The DTCR move confirms breadth across data center and digital infrastructure names, and the SPY lift says the risk-on backdrop isn’t fighting the trade (we profiled seven suppliers behind this buildout, from power to cooling, in a free AI infrastructure report).

What to Watch Investors can watch for whether Applied Digital holds above its Tuesday low into the close, since that level marked the point where the stock briefly turned negative for the year. Traders may want to keep an eye on whether the DTCR bid persists beyond a single session, which would separate a real rotation from a one-day cover.

Given that neither Applied Digital, TeraWulf nor Cipher Mining reported news today, position sizing should reflect that this is a sentiment-driven bounce rather than a fundamentals reset. Shareholders of Applied Digital, TeraWulf and Cipher Mining should calibrate their exposure to the reality that these names swing sharply on group flows, and should keep their risk budgets consistent with that volatility.

Contact [email protected] for any questions or corrections.

On September 15, 2026, TeraWulf Inc WULF shares fell 6.3% to a current price of $14.49. The stock has experienced a volatile year, trading within a 52-week range of $10.04 to $29.84.

GF Value™ verdict: Current price of $14.49 vs GF Value of $5.75, indicating it is 152.0% overvalued.GF Score™: 38/100, suggesting a below-average assessment of the company’s performance.Most notable signal: Insider activity shows significant net selling, with $36.3M sold over the past 12 months.Is WULF Overvalued or Undervalued?The current share price of TeraWulf Inc significantly exceeds its GF Value™, which is estimated at $5.75. This indicates that the stock is substantially overvalued by 152.0%, highlighting a considerable margin of safety for potential investors. The GF Value™ is derived from a combination of historical trading multiples, past business growth, and future performance projections, serving as a directional warning rather than a precise fair-value target, particularly for a company that is currently unprofitable and cash-flow negative.

Considering the GF Valuation label of "Significantly Overvalued," this reading raises concerns regarding the risk associated with holding WULF shares at their current valuation. With no earnings to support a traditional price-to-earnings (P/E) analysis, it becomes imperative to look at alternative valuation metrics, such as Price-to-Sales (P/S), to assess the company's worth more accurately.

How Does WULF's Valuation Compare to Its History?MetricCurrentHistoricalForward P/E217.1x~13.1xWULF's forward P/E of 217.1x is notably above its historical median of approximately 13.1x, indicating that the stock is trading significantly above its historical valuation levels. This P/E analysis aligns with the GF Value™ verdict that suggests the stock is overvalued, reinforcing the cautionary stance for potential investors.

What Does WULF's GF Score™ Tell Us?The GF Score™ serves as a comprehensive indicator of a company's overall performance across multiple dimensions, including financial strength, profitability, growth, valuation, and momentum. With a score of 38/100, TeraWulf Inc is positioned below average in terms of its operational effectiveness and financial health.

MetricRatingGF Score™38Financial Strength3/10Profitability1/10Growth0/10Valuation1/10Momentum8/10WULF's score reveals that the company is particularly weak in profitability and growth, with rankings of 1/10 and 0/10 respectively. However, its momentum rank of 8/10 suggests some recent positive price action, likely driven by speculative trading rather than fundamental strength. The weak financial strength score of 3/10 further emphasizes the challenges faced by the company.

What Are Gurus and Insiders Doing with WULF?Currently, four gurus hold shares in TeraWulf Inc, with two adding to their positions and three trimming their holdings in recent quarters. This mixed activity indicates a cautious sentiment among seasoned investors. The insider activity is particularly telling, as insiders have sold $36.7M worth of stock over the past year, while only purchasing $0.4M. This net selling of $36.3M suggests a lack of confidence from those closest to the company, adding another layer of risk for prospective investors.

What This Means for InvestorsBased on the significant overvaluation indicated by the GF Value™ and the concerning trends in insider activity, TeraWulf Inc appears to be overvalued at its current price of $14.49. Investors should approach this stock with caution, considering the substantial risks associated with its high valuation metrics and the lack of profitability. For further insights and a comprehensive analysis, you can explore the TeraWulf Inc WULF stock page and the GF Value™ page.

Frequently Asked QuestionsWhat is WULF's GF Score™?

The GF Score™ for TeraWulf Inc is 38/100, indicating a below-average performance across various financial metrics.

Is WULF overvalued or undervalued?

WULF is currently overvalued, with a GF Value™ of $5.75 compared to its current price of $14.49.

What is WULF's P/E ratio?

WULF has a forward P/E ratio of 217.1x, which is significantly above its historical median of approximately 13.1x, indicating a substantial overvaluation.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Disclosures I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.

Bitcoin miners are snapping back hard after Thursday's selloff, but one name in the group is sitting the rally out, and that split tells you something important about what is actually driving the bid.

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Shares of TeraWulf (NASDAQ:WULF) are up 7% to $17.33 in Friday midday trading, leading a broad rebound across the Bitcoin (CRYPTO:BTC) miner complex after a soft prior session. Also higher, Applied Digital (NASDAQ:APLD) stock is climbing 4% to $26.74. Meanwhile, IREN (NASDAQ:IREN) stock is up only 0.89% to $44.03, a relative laggard as its peers snap back.

The CoinShares Valkyrie Bitcoin Miners ETF (NASDAQ:WGMI) is up 5% in this session, serving as the cleanest sector proxy for the group. Meanwhile, the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is up 1% for context, so the miner complex is outpacing the broad market by a wide margin. That relative-strength gap matters, because it separates sector flow from a generic risk-on day.

All three miner-to-AI operators declined in Thursday’s session, a move attributed at the time to profit taking after a strong run rather than to company-specific news. Friday’s session reverses that decline for TeraWulf and Applied Digital, though IREN isn’t fully joining the recovery. That split is where the story lives.

Miner Selloff Reverses Without a Fresh Catalyst No company announcement, contract award, regulatory decision or analyst action was published by TeraWulf on Friday that accounts for this session’s move in TeraWulf stock. A decline attributed to profit taking is the kind that can reverse without news, since nothing was broken on the way down and nothing had to be fixed for the bounce. The sector fund’s leadership over the broad benchmark supports that reading cleanly.

What’s playing out in TeraWulf is a group bid finding its way back to the miner complex after a brief shakeout, distinct from any single-operator re-rating. The WGMI move, running well ahead of SPY, points to sector-specific flow rather than beta to the wider market. As the highest-beta name in the trio, TeraWulf is naturally leading the reversal on the upside just as it led on the way down.

IREN Sits Out the Rally IREN’s near-flat session is the tell here. Its gain sits well below both the WGMI ETF’s move and the rallies in TeraWulf and Applied Digital, and that suggests today’s rebound is flows-driven rather than a repricing of the AI hosting thesis the three names share. IREN stock has already run hard on its own storyline, so it looks disconnected from the oversold-bounce trade lifting its peers.

For anyone tracking the group, IREN’s relative flatness is a useful data point in its own right. It implies today’s miner bid is mechanical rather than thematic, and that IREN’s next move likely traces its own catalysts rather than the sector’s. That’s a nuance worth carrying into next week when comparing the three names side by side.

What to Watch TeraWulf’s day is shaping up as a two-session round trip on no news, which leaves the TeraWulf position where it started this week, with the 51% year-to-date (YTD) gain still doing the work. That YTD frame matters more than any single Friday tick for anyone sizing exposure to the miner-to-AI infrastructure pivot theme.

The forward-looking question is whether Friday’s bid in TeraWulf holds into the close, and whether IREN begins to close its gap with the other two operators in the next session. Investors can watch for signs that WGMI extends its lead over SPY, which would confirm the miner-flow rotation has more room to run (the power and infrastructure side of the AI buildout is the subject of a free report we put together on seven suppliers behind the data-center boom, here). For now, TeraWulf’s bounce reads as a technical repair, and investors should size their exposure to the group’s volatility accordingly.

Contact [email protected] for any questions or corrections.

Beacon Pointe Advisors LLC purchased a new stake in TeraWulf Inc. (NASDAQ:WULF – Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 76,323 shares of the company’s stock, valued at approximately $1,885,000.

A number of other institutional investors and hedge funds also recently modified their holdings of WULF. Advisory Services Network LLC acquired a new position in shares of TeraWulf in the 3rd quarter valued at about $29,000. Vermillion Wealth Management Inc. grew its holdings in shares of TeraWulf by 1,191.0% during the 4th quarter. Vermillion Wealth Management Inc. now owns 2,595 shares of the company’s stock worth $30,000 after purchasing an additional 2,394 shares during the period. Solstein Capital LLC acquired a new stake in TeraWulf during the 4th quarter worth approximately $34,000. Comerica Bank increased its position in TeraWulf by 3,748.5% during the 1st quarter. Comerica Bank now owns 12,700 shares of the company’s stock worth $35,000 after purchasing an additional 12,370 shares in the last quarter. Finally, CoreCap Advisors LLC raised its holdings in TeraWulf by 106.7% in the second quarter. CoreCap Advisors LLC now owns 1,447 shares of the company’s stock valued at $36,000 after buying an additional 747 shares during the period. Institutional investors and hedge funds own 62.49% of the company’s stock.

Insider Activity In other TeraWulf news, CEO Paul B. Prager sold 137,500 shares of the business’s stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $17.06, for a total transaction of $2,345,750.00. Following the completion of the transaction, the chief executive officer directly owned 3,807,552 shares of the company’s stock, valued at $64,956,837.12. The trade was a 3.49% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Michael C. Bucella bought 2,860 shares of the firm’s stock in a transaction on Monday, August 17th. The stock was purchased at an average price of $17.47 per share, with a total value of $49,964.20. Following the transaction, the director owned 344,704 shares in the company, valued at $6,021,978.88. The trade was a 0.84% increase in their position. The SEC filing for this purchase provides additional information. Company insiders own 15.90% of the company’s stock.

Wall Street Analyst Weigh In A number of brokerages have weighed in on WULF. Chardan Capital reaffirmed a “buy” rating and set a $32.00 price target on shares of TeraWulf in a research report on Wednesday, August 5th. Cantor Fitzgerald reissued an “overweight” rating and issued a $37.00 price objective on shares of TeraWulf in a research report on Wednesday, July 15th. HC Wainwright reissued a “buy” rating on shares of TeraWulf in a research note on Friday, August 21st. Weiss Ratings restated a “sell (d-)” rating on shares of TeraWulf in a report on Wednesday, June 24th. Finally, Bank of America began coverage on shares of TeraWulf in a research report on Monday, June 15th. They set a “buy” rating and a $34.00 price target for the company. Two research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $34.21. Read Our Latest Stock Analysis on WULF

TeraWulf Stock Performance Shares of NASDAQ WULF opened at $15.35 on Monday. TeraWulf Inc. has a 12-month low of $8.60 and a 12-month high of $29.84. The company has a market cap of $7.66 billion, a price-to-earnings ratio of -3.51 and a beta of 3.76. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 27.25. The stock’s 50 day simple moving average is $19.51 and its 200 day simple moving average is $19.72.

TeraWulf (NASDAQ:WULF – Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($1.94) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($1.70). The company had revenue of $44.77 million for the quarter, compared to the consensus estimate of $46.00 million. TeraWulf had a negative return on equity of 458.62% and a negative net margin of 1,179.94%.TeraWulf’s quarterly revenue was down 6.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.05) earnings per share. Equities research analysts expect that TeraWulf Inc. will post -0.94 EPS for the current year.

About TeraWulf (Free Report)

TeraWulf, Inc (NASDAQ: WULF) is a digital asset infrastructure company focused on the development and operation of zero-carbon bitcoin mining facilities. The company integrates sustainable power generation with high-density data center technologies to deliver environmentally responsible digital asset mining services. Its core business revolves around designing, building and operating large-scale mining projects powered exclusively by renewable or emissions-free energy sources.

One of TeraWulf’s flagship projects is “Project Nautilus,” located in Tompkins County, New York, which harnesses hydroelectric power sourced from the New York State Electric & Gas (NYSEG) grid.

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Bitcoin briefly cracked $80,000 for the first time in months, sending crypto mining stocks surging well past the broader digital infrastructure pack, but not every miner is rallying for the same reason.

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Crypto mining stocks are climbing Tuesday after Bitcoin (CRYPTO:BTC) topped $80,000, reaching a more than three-month high, but then dipped back below that key level. The rally is broad, but individual movers tell a nuanced story.

MARA Holdings (NASDAQ:MARA | MARA Price Prediction) stock is up 7% to $11.93, TeraWulf (NASDAQ:WULF) stock is up 5% to $16.21, and IREN Limited (NASDAQ:IREN) stock is up 5% to $41.67. For context, the Global X Data Center & Digital Infrastructure ETF (NASDAQ:DTCR) is up 2% to $28.48, well short of the individual miners’ moves.

Coming into the session, MARA was up 25% year to date through Monday’s close, TeraWulf was up 35%, and IREN was up 5%. Bitcoin has been the swing factor all year, and today’s push above $80,000 has restored the higher-beta trade after weeks of choppy action. The gap between TeraWulf’s and IREN’s year-to-date returns, despite identical 5% intraday prints, highlights the dispersion this rally creates.

Bitcoin Breakout Above $80,000 Is the Trigger Bitcoin’s move above $80,000, covered by Bloomberg and The Wall Street Journal attributed to a weak dollar, the debasement trade and ETF inflows, lifts every mining name because each holds BTC on the balance sheet or earns revenue tied to the coin’s price. Miner economics tighten fast on dips and expand quickly on rallies, generating outsized equity reactions.

On Monday, Morgan Stanley analyst Stephen Byrd said in a note that he expects powered-shell operators to sign a wave of data center contracts by October, as AI customers race to secure projects that can energize before the end of 2027. Also Monday, the Kentucky Public Service Commission approved a 482 MW power agreement for TeraWulf’s Justified data campus, with a 15-year initial term and a minimum 482 MW take-or-pay obligation during its first six years. Last Friday, Microsoft approved Horizon 1, the first of four data centers IREN Limited is developing under a five-year, $9.7 billion agreement running NVIDIA GB300 systems.

Contract Books Diverge From Today’s Leaderboard MARA Holdings stock leads today despite carrying Morgan Stanley’s Underweight rating and the thinnest AI data center contract book among the three. That’s a Bitcoin-beta bounce, not a contract-driven re-rating. Even with a digital-infrastructure pivot underway, MARA’s equity prices primarily off mining exposure and Bitcoin’s daily direction.

TeraWulf and IREN both carry signed capacity and named tenants that give their moves different meaning. TeraWulf has leased about 401 MW of critical IT capacity at Justified to Anthropic, and IREN holds a $3.65 billion loan package tied to the Microsoft contract plus a separate five-year $3.4 billion cloud agreement with NVIDIA. Long-duration lease revenue from credit-backed tenants is exactly the exposure Morgan Stanley’s powered-shell thesis targets.

The peer group extends beyond the three leaders. Cipher Mining, Riot Platforms, and Applied Digital sit in the same rotation basket, and Morgan Stanley kept Overweight ratings on Cipher Mining, TeraWulf and Riot Platforms, rates Applied Digital Equal-weight and MARA Holdings Underweight. The bank’s $62.50 TeraWulf target implied 300% upside based on August 21 closing prices explains why WULF stock trades with such sensitivity to sector news, and it’s the same buildout we mapped in a free report on seven AI infrastructure suppliers powering the data-center wave.

The Global X data center ETF’s 2% gain against the 5% to 7% jumps in individual miners marks today as a high-beta bounce rather than a broad repricing of digital infrastructure. The fund’s diversified exposure to data-center REITs and semiconductor names lacks the coin-price sensitivity pure-play miners carry.

What to Watch Now Investors can watch for whether Bitcoin holds above $80,000 through the afternoon, since miners’ moves are keyed directly to that level. Texas regulators plan to notify projects of provisional ERCOT Batch Zero classifications by August 31, with final determinations expected at a Public Utility Commission of Texas meeting on December 17, and Morgan Stanley flagged Cipher Mining and MARA Holdings as potential beneficiaries while Riot Platforms sites sit outside the batch process.

Position sizing on this cohort should stay modest. These names carry heavy Bitcoin sensitivity plus construction execution risk, and MARA Holdings’ recent quarterly losses remind that mining economics swing hard when the coin does. TeraWulf and IREN carry construction and interconnection risk tied to multi-year data center buildouts.

Traders wanting the AI infrastructure angle with less coin-price volatility can consider the Global X data center ETF, though today shows the upside with higher-beta miners on a Bitcoin rally. The next catalysts likely to move this group are additional lease signings, Batch Zero disclosures on August 31, and Bitcoin’s ability to regain and hold $80,000.

Contact [email protected] for any questions or corrections.

Key Takeaways Historical technical data shows that QQQ is ready to rally.Bearish sentiment is at extreme levels. NVIDIA, an AI bellwether, smashed Wall Street expectations. Choppy summer trading is nothing new on Wall Street, so it’s no surprise to seasoned investors that it once again occurred in 2026. However, three strong signals are emerging that the bull market is set to begin its second half advance, including:

QQQ Bullish Open/Close Historical DataX user OddStats (@OddStats) just revealed an “odd stat” about the Nasdaq 100 Index ETF ((QQQ - Free Report) ). QQQ just registered its 8th consecutive session closing below where it opened. While this may sound like a market ready to continue a bearish downtrend, the historical data suggests otherwise. In fact, in such instances in the past, the one-month, six-month, and one-year forward returns were positive 100% of the time. Additionally, forward returns were much higher than the average returns. For instance, the median one-year forward return was a juicy 30.59%.

Image Source: @OddStats

AAII Sentiment Survey: A Contrarian IndicatorThe American Association of Individual Investors has conducted the AAII Sentiment Survey since 1987. The survey asks individual investors where they think the market is heading over the next six months and has done so since 1987. Bearish sentiment has now outweighed bullish sentiment for six consecutive weeks. The last time bearish sentiment outweighed bullish sentiment was in April, just before equities enjoyed a multi-week run.

Image Source: AAII

NVIDIA Crushes Wall Street ExpectationsNVIDIA ((NVDA - Free Report) ) is not only the largest company on the planet; it is also a bellwether for the most important and fastest-growing industry – artificial intelligence. Last night, NVIDIA smashed Wall Street estimates despite lofty expectations. Revenue of $96.2B beat Wall Street estimates of $91.9B while EPS of $2.22 beat estimates of $2.09. Meanwhile, NVIDIA announced that Neocloud partners are expected to scale from ~3GW to 8GW of installed capacity this year. CoreWeave ((CRWV - Free Report) ), Nebius Group ((NBIS - Free Report) ), TeraWulf ((WULF - Free Report) ), Cipher Digital (CIFR), and IREN ((IREN - Free Report) ) jumped on the news.

Bottom Line

Despite the seasonal summer volatility, underlying technical trends, sentiment metrics, and tech fundamentals continue to build a strong foundation for equities.

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TeraWulf (WULF) has strategically pivoted from Bitcoin mining to high-margin high-performance computing (HPC) leases, securing major contracts with Google and FluidStack. WULF's aggressive data center buildout, including Chesapeake and Muskie campuses, underpins a projected ramp to 2,900 MW cloud capacity by decade's end. I see significant upside for WULF, supported by a potential 10-12x forward price-to-revenue multiple and robust AI-driven demand trends.

PSC order validates a responsible large-load development model that protects existing customers, assigns project-specific costs and risks to TeraWulf, and creates incremental value for utilities and communities  | Source: TeraWulf Inc.

EASTON, Md., Aug. 24, 2026 (GLOBE NEWSWIRE) -- TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), a vertically integrated owner, developer and operator of large-scale digital infrastructure, today announced that the Kentucky Public Service Commission (“PSC”) has approved the Retail Electric Service Agreement (“RESA”) supporting up to 482 megawatts (“MW”) of electric service for TeraWulf’s Justified Data Campus in Hancock County, Kentucky.

The approval represents an important milestone for Justified and, in TeraWulf’s view, validates a strong model for responsible large-scale data center development: securing substantial power capacity while ensuring that project-specific costs and risks are borne by the large-load customer, protecting existing ratepayers and creating incremental value for utilities and local communities.

In its August 21, 2026 order, the Commission concluded:

“After consideration of the entire record, the Commission finds that the proposed RESA contains adequate protections for existing customers, appropriately allocates financial and operational risks, establishes rates that are fair, just and reasonable, and provides for adequate and reliable service.”

Under the approved structure, TeraWulf is responsible for the market, transmission, delivery and other costs attributable to serving its load, together with customer-specific infrastructure costs and substantial credit-support obligations. The agreement also includes negotiated demand adders and customer charges that provide incremental contributions to Big Rivers Electric Corporation (“Big Rivers”) and Kenergy Corp. (“Kenergy”).

The Commission specifically found that the direct pass-through of market and delivery costs ensures that TeraWulf bears the costs attributable to its service and that the customer-specific terms do not provide TeraWulf an unreasonable preference or advantage or subject other customers to an unreasonable prejudice or disadvantage.

“Power is the gating factor for AI infrastructure, but how you bring that power to market matters,” said Paul Prager, Chief Executive Officer of TeraWulf. “At Justified, we’re taking a former industrial site with existing transmission infrastructure and putting it back to productive use at scale. We’re paying the costs associated with our load, protecting existing ratepayers, and making a significant long-term investment in Kentucky. We believe that’s the right model for responsible data center development, and the Commission’s decision is an important validation of that approach.”

The Justified Data Campus is being developed at the former Century Aluminum Hawesville facility, where approximately 482 MW of existing transmission capability remains available following the closure of the aluminum smelter. Reusing existing industrial infrastructure allows TeraWulf to pair large-scale power availability with redevelopment of a previously industrialized site.

The PSC also recognized the economic benefits associated with the project, including anticipated capital investment, employment and expansion of the local tax base. Based on current expected development costs of approximately $10 million to $12 million per MW of critical IT load, TeraWulf currently estimates approximately $4.0 billion to $4.5 billion of investment in site development and the initial data halls, exclusive of additional investment by customers in computing equipment and related infrastructure.

The Commission stated that “the proposed reuse of an existing industrial site, anticipated capital investment, employment, and additional tax base provide further support for the public-interest benefits asserted in the record.”

The Commission further found that the RESA’s rate structure, credit protections, cost allocation and operational provisions provide adequate safeguards for system reliability and existing utility customers.

The PSC’s approval authorizes Big Rivers and Kenergy to implement the RESA in accordance with its terms.

A Scalable Framework for Responsible Digital Infrastructure

TeraWulf believes the Justified structure demonstrates several principles that can support responsible development of large-scale digital infrastructure:

Leverage existing infrastructure: Justified repurposes an established industrial site with substantial existing transmission capacity. Protect existing customers: Project-specific market, delivery and infrastructure costs are borne by TeraWulf rather than shifted to other utility customers. Align risk with the large-load customer: TeraWulf assumes market-price, load and customer-specific infrastructure risks and maintains significant credit support. Create incremental utility value: Negotiated demand charges and customer fees provide contributions to Big Rivers and Kenergy beyond reimbursement of the direct costs of serving TeraWulf. Drive durable local investment: The project is expected to bring billions of dollars of investment, new jobs and an expanded tax base to Hancock County and the Commonwealth of Kentucky.
TeraWulf believes this combination of power availability, contractual risk allocation, existing infrastructure reuse and local economic benefits can serve as a replicable framework for meeting rapidly growing demand for AI and high-performance computing infrastructure.

About TeraWulf

TeraWulf develops, owns and operates large-scale, power-backed digital infrastructure in the United States, purpose-built for high-performance computing and artificial intelligence workloads. The Company combines long-term control of land, power and interconnection infrastructure with deep in-house expertise in energy markets, infrastructure development and data center operations. TeraWulf operates the Lake Mariner Data Campus in New York and is developing and pursuing additional large-scale campuses in Kentucky, New York and Maryland. The Company also operates existing bitcoin-mining infrastructure at Lake Mariner, portions of which are being repurposed to support contracted HPC development.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements concerning anticipated future events and expectations that are not historical facts. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. In addition, forward-looking statements are typically identified by words such as “plan,” “believe,” “goal,” “target,” “aim,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “seek,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “strategy,” “opportunity,” “predict,” “should,” “would” and other similar words and expressions, although the absence of these words or expressions does not mean that a statement is not forward-looking. Forward-looking statements are based on the current expectations and beliefs of TeraWulf’s management and are inherently subject to a number of factors, risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be those that have been anticipated. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including, among others: (1) TeraWulf’s ability to attract additional customers to lease its HPC data centers; (2) TeraWulf’s ability to complete its data center campuses and future strategic growth initiatives in a timely manner or within anticipated cost estimates; (3) operational risks associated with its data centers and TeraWulf’s ability to perform under its existing data center lease agreements; (4) changes in applicable laws, regulations and/or permits affecting TeraWulf’s operations or the industries in which it operates; (5) failure to obtain adequate financing on a timely basis and/or on acceptable terms with regard to expansion or existing operations; (6) adverse geopolitical or economic conditions, including a high inflationary environment, the implementation of new tariffs and more restrictive trade regulations; (7) the potential of cybercrime, money-laundering, malware infections and phishing and/or loss and interference as a result of equipment malfunction or break-down, physical disaster, data security breach, computer malfunction or sabotage (and the costs associated with any of the foregoing); (8) the availability and cost of power as well as electrical infrastructure equipment necessary to maintain and grow the business and operations of TeraWulf; and (9) other risks and uncertainties detailed from time to time in TeraWulf’s filings with the Securities and Exchange Commission (“SEC”). Potential investors, stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. TeraWulf does not assume any obligation to publicly update any forward-looking statement after it was made, whether as a result of new information, future events or otherwise, except as required by law or regulation. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s filings with the SEC, which are available at www.sec.gov.

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Applied Digital (APLD -5.03%) and TeraWulf (WULF -4.92%) are two of the top AI stocks riding the data center wave. Both neocloud companies develop and operate facilities that serve hyperscalers, but their stock returns have been a little different this year.

TeraWulf is up by 36%, while Applied Digital has gained just 11%. Is that gap just a fluke, or is it a sign of things to come? Here's what investors should consider.

Image source: Getty Images

Applied Digital has the advantage with gigawatts Gigawatts are the name of the game when it comes to analyzing neocloud and colocation providers that offer IT capacity to hyperscalers. The more gigawatts a company has, the more revenue it can make.

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Applied Digital has secured 1.4 gigawatts of contracted critical IT load, which comes to roughly $36 billion in total contracted lease revenue. Most of these contracts have 15-year terms, including two deals for 300 megawatts at the company's Delta Forge 1 and Polaris Forge 3 sites.

TeraWulf only has 839 megawatts of leased capacity. Most of that came from a 20-year deal with Anthropic for $19 billion that covers 401 megawatts.

Neither of these companies is able to deliver all of this capacity yet. TeraWulf told investors that revenue from the Anthropic deal will start to materialize in the second half of 2027, while revenue generation across all 401 megawatts is expected by early 2028.

Applied Digital also has the bigger pipeline Not only does Applied Digital have more contracted power, but it also has the bigger pipeline. Secured deals make it easier for neocloud and colocation providers to secure financing to build out their infrastructure, while pipelines increase the number of gigawatts, which can result in more lucrative contracts in the future. Further price improvements seem likely as demand for compute capacity continues to expand rapidly.

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Applied Digital has an active pipeline of roughly 3 gigawatts, while TeraWulf's is about 2.1 gigawatts. These figures do not include power or land for which they are still in the early stages of discussion and due diligence, so the size of the gap between them could change quickly. Earlier in the year, TeraWulf announced the acquisition of a Kentucky site that exceeded 1 gigawatt. Another deal like that for Terawulf that could completely close the gap, while a similar deal for Applied Digital would meaningfully expand it.

All of those secured gigawatts can only be transformed into revenue-producing assets if the neoclouds can secure lease deals for their services. That part isn't a problem since demand for compute is so high, but both companies have to ensure they are getting good terms for their capacity.

TeraWulf is aiming to boost its contracted capacity by 250 megawatts to 500 megawatts each year. That would give it between 1 gigawatt and 2 gigawatts of additional contracted power by 2030, which would put its total between 2 gigawatts and 3 gigawatts. Applied Digital has outlined a path to 3 gigawatts of contracted power by 2031, assuming it can lease at least 500 megawatts per year.

The companies have similar market caps Applied Digital has a larger gigawatt pipeline and more capacity under contract, so one might be surprised that their market caps are very similar. Applied Digital's is $7.8 billion, compared to Terawulf's $7.7 billion.

Applied Digital's valuation lead should be larger, especially since its revenue and net income are also higher than Terawulf's. It also has a higher revenue growth rate than Terawulf as more contract revenue gets recognized.

Both companies are at the center of the AI boom and have long-term deals fueling their growth and access to competitive financing. However, Applied Digital has more going for it right now. More contracted power, a deeper gigawatt pipeline, higher revenue, and lower losses highlight the bullish thesis when comparing these two growth stocks.

TeraWulf could have been the better pick if their valuations were miles apart, but the fact that Applied Digital's market cap is barely more than TeraWulf's makes Applied Digital the better pick.

TeraWulf is upgraded from Hold to Buy as the stock drops to $15, making valuation more attractive despite ongoing risks. WULF has rapidly shifted from bitcoin mining to HPC leasing, now generating over 70% of revenue from AI infrastructure contracts. Contracted revenue has doubled to $27 billion, with 839 MW leased and a 2.1 GW pipeline, but significant capex and dilution risks remain.

TeraWulf Inc. (NASDAQ:WULF) shares are trading lower Tuesday as AI cloud services stocks broadly decline, with rising inflation fears and surging bond yields souring investor appetite for high-growth companies that depend heavily on borrowed money to fund customer-driven capital spending.

TeraWulf shares are sliding. Why is WULF stock dropping? Rising Oil Prices and Bond Yields Squeeze Growth StocksOil prices spiked overnight after the Trump administration let a temporary ceasefire with Iran expire instead of extending it, prompting Tehran to threaten a more aggressive military response. Traders took that as a sign that shipping through the Strait of Hormuz, a critical passage for global oil, could face fresh disruption, feeding worries that energy-driven inflation could reaccelerate.

That matters for stocks like TeraWulf because of how the pieces connect. When energy prices rise, inflation tends to run hotter, which makes it harder for the Federal Reserve to justify cutting interest rates. Bond markets picked up on that risk almost immediately Tuesday, pushing the 10-year Treasury yield up to 4.74% and the two-year up to 4.19%.

Higher bond yields hit AI infrastructure stocks especially hard for two reasons. First, companies like TeraWulf are valued largely on profits investors expect years from now, and rising yields make those future profits worth less in today’s dollars, since investors can now earn more just by holding bonds instead.

Second, much of the sector’s growth is tied to customer capital spending funded through borrowing, so when borrowing costs climb the way they have this week, that spending becomes more expensive to finance, which can slow down the very demand these companies are counting on to grow.

When borrowing costs climb the way they have this week, that capital spending gets more expensive to finance, which can slow down the very demand these companies are counting on to grow.

TeraWulf’s Chart Shows a Stock Still Fighting its DowntrendTeraWulf shares are trading well below the key trend lines longer-term investors watch, sitting about 10.7% under the 20-day average of $17.56, roughly 26.5% under the 50-day average of $21.32, and around 11.6% under the 200-day average of $17.74. When a stock sits this far below its major averages, rallies tend to face more resistance than usual, since there’s a lot of overhead supply from investors looking to sell into any bounce.

The 20-day average sitting below the 50-day average points to weaker momentum over the past couple of months, but the 50-day average still holding above the 200-day average suggests the stock’s longer-term uptrend has been dented rather than fully broken. In plain terms, the bigger trend isn’t dead, but the medium-term picture still needs repair.

The MACD, which tracks whether buying or selling pressure is speeding up or slowing down, has crossed above its own signal line and is now reading positive territory on its histogram. Read together, that combination usually points to a fading downswing rather than confirmation that a new uptrend has actually taken hold.

Two price levels stand out for traders watching what comes next. On the upside, the $17.50 area is the one to watch, since it overlaps with both the 20-day and 200-day averages and could act as a ceiling if the stock tries to push higher. To the downside, $14.50 is the zone most likely to draw buyers back in if selling picks up again.

Zooming out, TeraWulf peaked in June, which also marked its 52-week high, before setting a swing low in July, meaning the stock’s recent move looks more like an early attempt to stabilize after that peak than a genuine return to an uptrend.

WULF Shares Are SlippingWULF Price Action: TeraWulf shares were down 11.42% at $15.60 at the time of publication on Tuesday, according to Benzinga Pro.

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Image: Piotr Swat/Shutterstock.com

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The 20Y Anthropic deal confirms the durability of AI compute demand, while lending credence to WULF's build-first-and-lease-later strategy. The acquisition of Morgantown Generating Station underscores their strategic positioning as a power-centric digital infrastructure provider monetizing the AI super cycle. The $27B backlog underpins WULF's near-term cash flow/balance sheet/bottom-line headwinds, as they ramp up their aggressive capex plans.

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TeraWulf (NASDAQ:WULF) stock is leading a group of Bitcoin (CRYPTO:BTC) miner-turned-AI-infrastructure companies in 2026, with shares up 40.82% year to date. Applied Digital (NASDAQ:APLD) stock is up 18.52%, IREN Limited (NASDAQ:IREN) stock is up 2.57%, and Core Scientific (NASDAQ:CORZ) stock is up 33.52%, putting TeraWulf ahead of all three peers.

The broader backdrop has also been favorable, with the Global X Data Center & Digital Infrastructure ETF (NASDAQ:DTCR) up 31.78% year to date. That suggests TeraWulf stock isn’t simply benefiting from a rising digital-infrastructure tide, since its gain has exceeded the ETF’s performance.

TeraWulf’s Anthropic Deal Is a Major Catalyst The biggest recent driver for TeraWulf has been its 20-year lease with Anthropic at the Justified Data campus in Kentucky. The agreement covers approximately 401 megawatts of critical IT load and is expected to generate roughly $19 billion of contracted lease revenue over its initial term, with initial capacity expected online in the second half of 2027 and the full campus ramping by early 2028.

TeraWulf also agreed to sell its 50.1% interest in the Abernathy Joint Venture to a Fluidstack-led investor group, monetizing an approximately $450 million investment at a premium. That transaction could give TeraWulf more capital to deploy into wholly owned AI infrastructure, while the Anthropic lease provides investors with another long-duration contracted revenue stream.

Wall Street Sees More Upside for WULF Needham raised its TeraWulf stock price target to $33 from $28 in July while maintaining a Buy rating, citing the attractiveness of the Anthropic lease and the continued strength of AI infrastructure demand. Needham’s updated estimates also incorporated the removal of the Abernathy joint venture and the addition of the Justified Data lease.

The bullish case rests on TeraWulf converting its power and land portfolio into long-term AI infrastructure contracts, while its earlier Fluidstack arrangements provide another piece of contracted HPC (high-performance computing) capacity. TeraWulf’s Q1 results already showed the transition taking shape, with $21 million of HPC lease revenue accounting for more than half of its $34 million of total revenue.

Peers Have Catalysts, Too Applied Digital has continued building out its AI data center portfolio, including additional capacity at its North Dakota campus, while IREN has been expanding its AI Cloud business. IREN recently announced $2.8 billion of new customer contracts and raised its year-end AI Cloud annualized run-rate revenue target to more than $4 billion, with roughly 85% of that target under contract.

Core Scientific has arguably produced one of the more important recent peer catalysts after announcing an agreement with Advanced Micro Devices (NASDAQ:AMD | AMD Price Prediction) for up to 2.5 gigawatts of data center capacity. Core Scientific’s Q2 results also showed colocation revenue of $136.7 million, while billing capacity reached 437 megawatts by mid-July, highlighting how quickly the business is shifting toward contracted AI infrastructure.

What to Watch Now TeraWulf stock’s lead in 2026 so far suggests that investors are placing a premium on its combination of contracted demand, power availability and long-term customer relationships. The bear case is that TeraWulf still has to execute expensive, complex construction projects, and much of the largest revenue opportunity from Anthropic won’t begin until future capacity is delivered.

The comparison with APLD stock, IREN stock and CORZ stock also shows that investors have several ways to play the same AI infrastructure theme. TeraWulf stock could remain a strong performer if management executes on its contracted buildout, but the stock’s substantial gain already reflects considerable optimism.

Investors considering TeraWulf stock should keep their position sizes moderate given the company’s capital requirements, execution risks and history of volatility. The DTCR ETF could offer a more diversified way to participate in the data-center buildout, while investors who choose individual names may want to watch for whether TeraWulf continues converting its development pipeline into contracted, revenue-producing capacity.

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