TERAWULF INC.
WULF · Finance Services · 495.5M shares · +37%/yr ↑ dilution · EDGAR filings ↗
Reference price $25.58 · est. market cap ~$12.7B — last insider sale, 2026-05-27 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D48TeraWulf — bitcoin miner pivoting to HPC/AI data centers, heavy losses and debt.
Strengths
- Large cash/financing balance (96th pct); HPC/AI buildout optionality
Risks
- Deep losses; very high leverage (D/E 21.7, 95th)
- Massive negative free cash flow; crypto/power-cost dependence
Notable findings
- RestatementAbernathy Joint Venture On October 27, 2025, the Company entered into an amended and restated limited liability company agreement governing the Abernathy Joint Venture 8-K ↗
- High leverageHigh leverage (debt/equity 21.73)
- Net lossNet loss (net margin -392.6%)
- Cash burnNegative free cash flow (-1183.4M)
- Chronic dilutionShare count +37%/yr over 4y (dilution, book value/share -68%)
- Insider buyingInsider buying — 9 open-market buy(s) by 1 insider(s) (~$200,392, last 6mo) Form 4 ↗
- Strong balance sheetStrong balance sheet — $3.3B cash & investments, ~11 quarters of runway
- Insider sellingInsider selling — 13 open-market sale(s) by 3 insider(s) (cluster of 3 insiders, ~$27M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
39.2%
Operating margin
-110.5%
Net margin
-392.6%
Return on equity
-470.9%
Return on assets
-10.1%
ROIC
-4.6%
Revenue growth (QoQ)
-5.1%
Debt / equity
21.7×
Current ratio
2.0×
Free cash flow
-$1.2B
Tangible book value
$85M
Cash & investments
$3.3B
Cash runway
11q
Stock comp / revenue
30.2%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-24 | Tanimoto William Joseph | Option exercise | 10K | — |
| 2026-06-23 | Pincus Steven T. | Option exercise | 63K | — |
| 2026-06-23 | Prager Lisa A. | Option exercise | 56K | — |
| 2026-06-23 | Fabiano Amanda | Option exercise | 56K | — |
| 2026-06-23 | Carter Walter E. | Option exercise | 56K | — |
| 2026-06-23 | Bucella Michael C. | Option exercise | 56K | — |
| 2026-06-23 | Motz Catherine J. | Option exercise | 56K | — |
| 2026-05-27 | Prager Paul B. | Sell | 57K | $26.57 |
| 2026-05-27 | Prager Paul B. | Sell | 110K | $25.58 |
| 2026-05-26 | Prager Paul B. | Sell | 167K | $24.43 |
| 2026-05-18 | Prager Paul B. | Option exercise | 981K | — |
| 2026-05-18 | Prager Paul B. | Disposition | 543K | — |
| 2026-05-18 | Khan Nazar M. | Option exercise | 818K | — |
| 2026-05-18 | Khan Nazar M. | Disposition | 452K | — |
| 2026-05-18 | Langlais Kerri M. | Option exercise | 327K | — |
| 2026-05-18 | Langlais Kerri M. | Disposition | 181K | — |
| 2026-05-18 | Fleury Patrick | Option exercise | 327K | — |
| 2026-05-18 | Fleury Patrick | Disposition | 129K | — |
| 2026-05-06 | Prager Paul B. | Disposition | 543K | — |
| 2026-05-06 | Prager Paul B. | Option exercise | 981K | — |
| 2026-05-06 | Khan Nazar M. | Option exercise | 818K | — |
| 2026-05-06 | Khan Nazar M. | Disposition | 452K | — |
| 2026-05-06 | Langlais Kerri M. | Option exercise | 327K | — |
| 2026-05-06 | Langlais Kerri M. | Disposition | 181K | — |
| 2026-05-06 | Fleury Patrick | Option exercise | 327K | — |
| 2026-05-06 | Fleury Patrick | Disposition | 129K | — |
| 2026-04-28 | Prager Paul B. | Sell | 79K | $20.62 |
| 2026-04-28 | Prager Paul B. | Sell | 100 | $21.29 |
| 2026-04-27 | Prager Paul B. | Sell | 57K | $21.20 |
| 2026-04-27 | Prager Paul B. | Sell | 81K | $20.51 |
| 2026-04-24 | Prager Paul B. | Disposition | 543K | — |
| 2026-04-24 | Fleury Patrick | Option exercise | 327K | — |
| 2026-04-24 | Fleury Patrick | Disposition | 129K | — |
| 2026-04-24 | Khan Nazar M. | Option exercise | 818K | — |
| 2026-04-24 | Khan Nazar M. | Sell | 452K | — |
| 2026-04-24 | Langlais Kerri M. | Option exercise | 327K | — |
| 2026-04-24 | Langlais Kerri M. | Disposition | 181K | — |
| 2026-04-24 | Prager Paul B. | Option exercise | 981K | — |
| 2026-04-14 | Prager Paul B. | Option exercise | 981K | — |
| 2026-04-14 | Prager Paul B. | Disposition | 535K | — |
| 2026-04-14 | Khan Nazar M. | Option exercise | 818K | — |
| 2026-04-14 | Khan Nazar M. | Disposition | 445K | — |
| 2026-04-14 | Langlais Kerri M. | Option exercise | 327K | — |
| 2026-04-14 | Langlais Kerri M. | Disposition | 181K | — |
| 2026-04-14 | Fleury Patrick | Option exercise | 327K | — |
| 2026-04-14 | Fleury Patrick | Disposition | 122K | — |
| 2026-03-31 | Prager Lisa A. | Grant | 1.7K | — |
| 2026-03-31 | Carter Walter E. | Grant | 2.2K | — |
| 2026-03-31 | Bucella Michael C. | Grant | 1.7K | — |
| 2026-03-25 | Prager Paul B. | Sell | 134K | $16.94 |
| 2026-03-25 | Prager Paul B. | Sell | 3.8K | $17.62 |
| 2026-03-24 | Prager Paul B. | Sell | 138K | $16.10 |
| 2026-03-20 | Bucella Michael C. | Buy | 1.7K | $15.04 |
| 2026-03-19 | Bucella Michael C. | Buy | 1.7K | $14.96 |
| 2026-03-18 | Bucella Michael C. | Buy | 1.6K | $15.79 |
| 2026-03-17 | Fleury Patrick | Sell | 26K | $16.14 |
| 2026-03-17 | Bucella Michael C. | Buy | 1.6K | $16.00 |
| 2026-03-17 | Fleury Patrick | Sell | 574K | $16.14 |
| 2026-03-11 | Bucella Michael C. | Buy | 1.3K | $14.91 |
| 2026-03-09 | Bucella Michael C. | Buy | 752 | $13.31 |
| 2026-03-06 | Bucella Michael C. | Buy | 679 | $14.80 |
| 2026-03-05 | Bucella Michael C. | Buy | 654 | $15.31 |
| 2026-03-04 | Bucella Michael C. | Buy | 3.2K | $15.78 |
| 2026-01-09 | Tanimoto William Joseph | Disposition | 5.3K | — |
| 2026-01-09 | Tanimoto William Joseph | Option exercise | 17K | — |
| 2026-01-02 | Tanimoto William Joseph | Option exercise | 5.0K | — |
| 2026-01-02 | Tanimoto William Joseph | Disposition | 1.7K | — |
| 2025-12-31 | Carter Walter E. | Grant | 2.7K | — |
| 2025-12-31 | Prager Lisa A. | Grant | 2.2K | — |
| 2025-12-31 | Prager Paul B. | Option exercise | 142K | — |
| 2025-12-23 | Prager Paul B. | Other | 553K | — |
| 2025-12-23 | Prager Paul B. | Other | 447K | — |
| 2025-12-23 | Prager Paul B. | Other | 2.0M | — |
| 2025-12-22 | Khan Nazar M. | Gift | 180K | — |
| 2025-12-09 | Pincus Steven T. | Option exercise | 7.1K | — |
| 2025-12-09 | Bucella Michael C. | Option exercise | 35K | — |
| 2025-12-09 | Langlais Kerri M. | Option exercise | 36K | — |
| 2025-11-20 | Prager Paul B. | Other | 3.0M | — |
| 2025-11-13 | Bucella Michael C. | Buy | 4.2K | $12.01 |
| 2025-10-17 | Prager Paul B. | Grant | 1.2M | — |
| 2025-09-30 | Prager Paul B. | Grant | 3.6M | — |
| 2025-09-30 | Carter Walter E. | Grant | 2.7K | — |
| 2025-09-30 | Prager Lisa A. | Grant | 2.2K | — |
| 2025-09-22 | Motz Catherine J. | Gift | 6.7K | — |
| 2025-09-22 | Prager Paul B. | Other | 1.0M | — |
| 2025-09-19 | Motz Catherine J. | Sell | 53K | $11.04 |
| 2025-09-08 | Prager Paul B. | Option exercise | 500K | — |
| 2025-09-08 | Khan Nazar M. | Option exercise | 400K | — |
| 2025-09-08 | Khan Nazar M. | Disposition | 221K | — |
| 2025-09-08 | Prager Paul B. | Disposition | 276K | — |
| 2025-09-03 | Prager Paul B. | Disposition | 276K | — |
| 2025-09-03 | Khan Nazar M. | Disposition | 221K | — |
| 2025-08-29 | Prager Paul B. | Option exercise | 500K | — |
| 2025-08-29 | Khan Nazar M. | Option exercise | 400K | — |
| 2025-08-16 | Tanimoto William Joseph | Option exercise | 6.7K | — |
| 2025-08-15 | Fabiano Amanda | Sell | 4.6K | $8.64 |
| 2025-08-12 | Prager Paul B. | Grant | 15.0M | — |
| 2025-07-07 | Prager Paul B. | Grant | 1.8M | — |
| 2025-06-21 | Fabiano Amanda | Option exercise | 31K | — |
| 2025-06-21 | Bucella Michael C. | Option exercise | 22K | — |
| 2025-06-21 | Pincus Steven T. | Option exercise | 28K | — |
| 2025-06-21 | Motz Catherine J. | Option exercise | 22K | — |
| 2025-06-21 | Carter Walter E. | Option exercise | 22K | — |
| 2025-06-21 | Prager Lisa A. | Option exercise | 22K | — |
| 2025-06-18 | Motz Catherine J. | Sell | 21K | $3.92 |
| 2025-06-18 | Prager Paul B. | Other | 1.0M | — |
| 2025-06-12 | Prager Paul B. | Other | 1.0M | — |
| 2025-06-06 | Prager Paul B. | Other | 798K | — |
| 2025-05-29 | Prager Paul B. | Other | 94K | — |
| 2025-05-21 | Prager Paul B. | Grant | 5.0M | — |
| 2025-05-16 | Fleury Patrick | Option exercise | 500K | — |
| 2025-05-16 | Fleury Patrick | Disposition | 197K | — |
| 2025-05-16 | Deane Kenneth J | Option exercise | 100K | — |
| 2025-05-16 | Deane Kenneth J | Disposition | 29K | — |
| 2025-04-15 | Prager Paul B. | Grant | 798K | — |
| 2025-04-11 | Prager Paul B. | Other | 800K | — |
| 2025-03-21 | Prager Paul B. | Other | 201K | — |
| 2025-03-21 | Prager Paul B. | Other | 224K | — |
| 2025-03-21 | Prager Paul B. | Other | 261K | — |
| 2025-03-21 | Prager Paul B. | Other | 655K | — |
| 2025-03-04 | Prager Paul B. | Other | 300K | — |
| 2025-02-28 | Prager Paul B. | Other | 300K | — |
| 2025-02-10 | Prager Paul B. | Other | 298K | — |
| 2025-01-28 | Prager Paul B. | Other | 500K | — |
| 2025-01-27 | Bucella Michael C. | Buy | 4.8K | $4.17 |
| 2025-01-09 | Deane Kenneth J | Disposition | 16K | — |
| 2025-01-09 | Deane Kenneth J | Grant | 54K | — |
| 2025-01-09 | Khan Nazar M. | Grant | 400K | — |
| 2025-01-09 | Khan Nazar M. | Disposition | 221K | — |
| 2025-01-09 | Langlais Kerri M. | Grant | 140K | — |
| 2025-01-09 | Langlais Kerri M. | Disposition | 77K | — |
| 2025-01-09 | Prager Paul B. | Grant | 500K | — |
| 2025-01-09 | Prager Paul B. | Disposition | 276K | — |
| 2025-01-09 | Fleury Patrick | Grant | 140K | — |
| 2025-01-09 | Fleury Patrick | Disposition | 55K | — |
| 2025-01-03 | Prager Paul B. | Other | 500K | — |
| 2025-01-02 | Fleury Patrick | Disposition | 380K | — |
| 2025-01-02 | Khan Nazar M. | Grant | 1.0M | — |
| 2025-01-02 | Khan Nazar M. | Disposition | 546K | — |
| 2025-01-02 | Langlais Kerri M. | Grant | 1.0M | — |
| 2025-01-02 | Langlais Kerri M. | Disposition | 539K | — |
| 2025-01-02 | Prager Paul B. | Grant | 1.1M | — |
| 2025-01-02 | Prager Paul B. | Disposition | 608K | — |
| 2025-01-02 | Fleury Patrick | Grant | 1.0M | — |
| 2024-12-31 | Bucella Michael C. | Grant | 2.7K | — |
| 2024-12-31 | Pincus Steven T. | Grant | 4.9K | — |
| 2024-12-31 | Motz Catherine J. | Grant | 2.7K | — |
| 2024-12-31 | Fabiano Amanda | Grant | 2.7K | — |
| 2024-12-31 | Prager Lisa A. | Grant | 2.7K | — |
| 2024-12-31 | Carter Walter E. | Grant | 3.8K | — |
| 2024-12-31 | Jarvis Christopher Allen | Grant | 2.7K | — |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (1)
- Fluidstack
Suppliers (1)
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-10 | Shareholder vote | filing ↗ |
| 2026-05-26 | OtherExhibits | filing ↗ |
| 2026-05-08 | ResultsReg FDExhibits | filing ↗ |
| 2026-04-16 | Material agreementOtherExhibits | filing ↗ |
| 2026-04-15 | Reg FDExhibits | filing ↗ |
| 2026-04-14 | ResultsReg FDOtherExhibits | filing ↗ |
| 2026-03-16 | Material agreementDebt obligationReg FDExhibits | filing ↗ |
| 2026-02-26 | ResultsReg FDExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-10 | 2026-06-09 | 0001083301-26-000115 ↗ |
| 8-K | 2026-05-26 | 2026-05-22 | 0001083301-26-000109 ↗ |
| 8-K | 2026-05-08 | 2026-05-08 | 0001083301-26-000083 ↗ |
| 10-Q | 2026-05-08 | 2026-03-31 | 0001083301-26-000092 ↗ |
| 8-K | 2026-04-16 | 2026-04-14 | 0001104659-26-044387 ↗ |
| 8-K | 2026-04-15 | 2026-04-14 | 0001104659-26-043402 ↗ |
| 8-K | 2026-04-14 | 2026-04-14 | 0001104659-26-043279 ↗ |
| 8-K | 2026-03-16 | 2026-03-13 | 0000950142-26-000720 ↗ |
| 10-K | 2026-02-27 | 2025-12-31 | 0001083301-26-000031 ↗ |
| 8-K | 2026-02-26 | 2026-02-26 | 0001083301-26-000026 ↗ |
| 8-K | 2026-02-02 | 2026-02-02 | 0001083301-26-000023 ↗ |
| 8-K | 2025-12-29 | 2025-12-29 | 0001104659-25-124839 ↗ |