TERAWULF INC.
In the published model solve dated 2026-Q2, anchored at $15.41, TERAWULF INC. (WULF) is priced for today's economics sustained for ~32.6 years. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed June 28, 2026 from SEC EDGAR filings.
This is a speculative-stage company, so the trailing numbers do not describe the business it is becoming. TeraWulf is loss-making and burning cash today, with revenue of just $34 million in Q1 2026, which is why the price reads against sales at an extreme multiple rather than against earnings. The pivot is the entire thesis. AI and HPC leasing revenue hit $21 million in the quarter and overtook bitcoin mining for the first time, more than doubling from the prior quarter, anchored by long-term F
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434 institutional managers reported holding WULF in 13F filings for the quarter ended 2026-03-31. Together they hold about 75% of the company; the top 10 hold 34%. 102 opened new positions that quarter. Held by Vanguard Group, BlackRock, Lone Pine Capital, among others. On the short side, 108.7M shares were sold short as of the 2026-06-15 count, about 26% of shares outstanding (4.1 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
Open-market insider buys at WULF over the trailing three years: 2023: 1 buy totaling $95k; 2025: 2 buys totaling $70k; 2026: 9 buys totaling $200k. 13 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
WULF's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-05-16 | -2.2% | +121.8% |
| 2023-08-15 | -10.0% | -46.6% |
| 2023-11-14 | -3.1% | +56.8% |
| 2024-03-21 | +33.9% | -16.4% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
WULF's latest 8-K filings: 2026-07-06 (items 8.01, 9.01); 2026-06-10 (items 5.07); 2026-05-26 (items 8.01, 9.01); 2026-05-08 (items 2.02, 7.01, 9.01); 2026-04-16 (items 1.01, 8.01, 9.01).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: June 28, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.