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Bitcoin miner running low-carbon, mostly nuclear/hydro-powered data centers, expanding into AI/HPC hosting.
Bitcoin miner running low-carbon, mostly nuclear/hydro-powered data centers, expanding into AI/HPC hosting.
Earns bitcoin by running computers that compete to validate the network's transactions, in return for newly issued coins and fees, then sells or holds the coins, so income moves with the bitcoin price and the network's difficulty. A newer line, leasing data-centre space and power to AI computing firms on long contracts, would add fixed income that does not move with bitcoin.
Moat: none (scale, installed base). Low-cost, low-carbon power sites are an edge, but mining economics remain commodity-driven.
Headquarters: Easton, Maryland, US · Founded: 2021 · Employees: 141
Size TeraWulf (WULF) is a United States Information Technology company (Data Processing Services) with a market value of $5.67B, the 1102nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $11.37 on 6 Nov 2026.
Performance Over six months the shares fell 51.4%, against -21.3% for the median peer and -1.1% for the United States market (cap-weighted) — 4th lowest of 19 in its peer set.
Growth Revenue grew 14.7% over the last twelve months (peer median +6.8%); the operating margin is -227.3% (peer median 3.4%).
Valuation It trades at 49.3× enterprise value to sales against a peer median of 6.1× (2nd most expensive of 21).
Capital Return on invested capital runs 24.2 points below its cost of capital (12.9% WACC).
Credit TeraWulf has 3 bonds outstanding ($2.52B).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $165M | $168M | $140M | $69.2M | $15.0M |
| Revenue growth | — | +20% | +102% | +361% | — |
| Gross profit | $10.5M | -$2.81M | $17.6M | $13.6M | -$2.72M |
| EBITDA | -$265M | -$75.8M | $589,000 | $1.01M | -$35.1M |
| Net income | -$1.95B | -$661M | -$72.4M | -$73.4M | -$90.8M |
| Free cash flow | -$2.50B | -$1.18B | -$292M | -$70.9M | -$95.2M |
| Capital expenditure | $2.23B | $1.06B | $268M | $75.2M | $61.1M |
| Total debt | $5.24B | $5.20B | $491M | $124M | $129M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| TeraWulf WULF | $5.67B | -51% | +15% | -227% | 49.3× | n/a |
| Hut 8 HUT | $6.49B | -47% | +71% | -89% | 26.1× | n/a |
| Applied Digital APLD | $4.70B | -62% | +290% | -24% | 11.8× | n/a |
| Cipher Digital CIFR | $2.99B | -68% | -29% | -172% | 42.6× | n/a |
| MARA MARA | $2.45B | -51% | +1% | -123% | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | WULF | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -16.7% | -8.4% | 8th lowest of 21 |
| 6-month return | -51.4% | -21.3% | 4th lowest of 19 |
| Distance from 52-week high | -61.9% | -38.5% | 4th lowest of 21 |
| Revenue growth (TTM) | +14.7% | +6.8% | 7th highest of 21 |
| Operating margin | -227.3% | 3.4% | lowest of 21 |
| EV / Sales | 49.3× | 6.1× | 2nd most expensive of 21 |
| ROIC minus cost of capital | -24.2 pp | -6.6 pp | lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| TeraWulf WULF | United States | $5.67B | -51% | +15% | -227% | 49.3× | n/a | n/a |
| IONOS IOS.DE | Germany | $5.49B | +23% | -34% | 23% | 5.0× | 11.0% | +5.9% |
| Nextdc NXT.AX | Australia | $5.47B | -30% | +16% | -7% | 20.9× | n/a | n/a |
| Wangsu Science & Technology 300017.SZ | China | $5.90B | 0% | 0% | 15% | 6.8× | 27.3% | -3.9% |
| Hut 8 HUT | United States | $6.49B | -47% | +71% | -89% | 26.1× | n/a | n/a |
| ExlService EXLS | United States | $6.51B | +39% | +16% | 14% | 2.9× | 9.4% | +16.8% |
| SWI Capital SWICH.AS | Netherlands | $6.61B | +88% | -33% | -54% | 110.6× | n/a | n/a |
| Applied Digital APLD | United States | $4.70B | -62% | +290% | -24% | 11.8× | n/a | n/a |
| GDS 9698.HK | Hong Kong | $4.22B | -52% | +13% | 17% | 5.5× | n/a | n/a |
| JOYY, Inc. Sponsored ADR JOYY | United States | $3.98B | +37% | +8% | 2% | 1.2× | 19.8% | +2.1% |
| Dentsu Soken 4812.T | Japan | $3.56B | +31% | +10% | 14% | 2.8× | 0.3% | +8.7% |
| Kyndryl Holdings Incorporation KD | United States | $3.55B | +33% | -1% | 4% | 0.4× | 1.6% | -4.9% |
| Cipher Digital CIFR | United States | $2.99B | -68% | -29% | -172% | 42.6× | n/a | n/a |
| Megaport MP1.AX | Australia | $2.80B | +86% | +37% | -10% | 11.9× | n/a | n/a |
| Tgs TGS.OL | Norway | $2.73B | -13% | -30% | 12% | 2.4× | 5.5% | +36.2% |
| Beijing Sinnet Technology 300383.SZ | China | $2.70B | -37% | -2% | -11% | 3.3× | 46.5% | -0.7% |
| Akamai Technologies AKAM | United States | $11.9B | -44% | +6% | 12% | 4.2× | 17.0% | +5.6% |
| Ionic Digital IOND | United States | $2.68B | n/a | -8% | -44% | 18.5× | n/a | n/a |
| Kingsoft Cloud 3896.HK | Hong Kong | $2.54B | -47% | +35% | -3% | 1.8× | n/a | n/a |
| Sunevision 1686.HK | Hong Kong | $2.46B | -29% | +6% | 52% | 11.2× | 10.9% | +10.7% |
| Csquare CSQR | United States | $2.39B | n/a | +9% | 10% | 7.9× | n/a | n/a |
TeraWulf has 3 bonds outstanding with $2.52B face value.