TeraWulf ($WULF) has a concrete role in the AI buildout: securing power and building the data centers that intensive computing needs. Its new 1 GW Muskie power agreement strengthens that opportunity. Investors still have to distinguish future capacity from operating facilities, and contracted revenue from cash available to shareholders.
Friday's regular-session close was $13.77, up 0.88% for the day but down 11.10% from the previous Friday. The business headline and the share-price trend tell different stories. Price history
The power agreement has a delivery timetable
On October 5, TeraWulf expanded contracted electrical power at its Kentucky Muskie campus from 500 MW to 1 GW. The first 500 MW is targeted for 2028. The second block is targeted for 2029, brought forward from 2030, subject to Kentucky regulatory approval and utility construction. These are future power deliveries, not 1 GW of operating AI computing capacity today. The site's potential 2 GW expansion is a further opportunity, not another secured gigawatt. Muskie announcement
The latest reported operating base was 81 MW of critical IT capacity at June 30, increasing to 102 MW in early July. Electrical power and critical IT capacity measure different things; they should not be added together. Q2 operating update
Anthropic's lease at Justified covers 401 MW of critical IT capacity, with delivery expected from the second half of 2027 into early 2028. Its approximately $19 billion of contracted revenue spans 20 years. That headline is neither annual revenue nor profit. Our assessment is that tenants and power agreements make the AI thesis credible; delivery, collection and returns on construction spending will determine the value it creates. Anthropic agreement
Revenue has shifted before cash flow has
AI infrastructure is already contributing. Q2 revenue was $44.8 million, including $31.9 million from HPC leasing, about 71% of the total. The first half still used $154.3 million of operating cash and $1.379 billion for cash purchases and deposits on property and equipment. Growing lease revenue and funding construction are simultaneous parts of this transition. Q2 financial results
At June 30, cash and equivalents were $2.619 billion, alongside $409 million of restricted cash. Debt principal, including convertibles, was $5.725 billion; its net carrying amount was about $5.213 billion. Common shares outstanding increased from 420.1 million at December 31 to 498.9 million at June 30, a rise of 18.8%. These are dated balances, not a current October share count. Funding terms and dilution belong in the thesis alongside megawatts. June Form 10-Q
A positive trailing GAAP P/E would be misleading for a loss-making company. The quarter's approximately $940 million net loss attributable to common shareholders included a $756 million noncash warrant remeasurement. That accounting loss is not the same thing as cash burn; operating cash flow and construction outlays answer the cash question more directly. Q2 results
Insider purchases are one piece of evidence
Our Insider Analyzer checked and downloaded all 43 Form 4 filings in its April 11–October 11 scan. Director Michael Bucella reported three P-coded common-stock purchases totaling 11,968 shares and approximately $190,000, on August 14, August 17 and September 15. P can denote an open-market or private purchase. August filing, September filing
The same filters found approximately $21.86 million of priced sales. One additional sale lacked a reported price and was excluded from the dollar total. CEO Paul Prager's August 27 sale explicitly referenced a previously adopted 10b5-1 plan. The scan excludes derivatives and awards, so it does not capture every form of insider monetization. Purchases, planned sales and compensation grants should not be treated as the same signal. CEO sale filing
What would improve the case
The share price remains below its $16.13 50-day average and $18.12 200-day average. From the June 18 closing peak of $28.98 to October 8's $13.65 close, the decline was 52.9%. Friday's 0.9% rebound barely changes that drawdown. These are closing-price calculations; the separate 52-week intraday high was $29.84. Price movements alone do not establish why investors sold.
On the business side, timely facility delivery, higher collected lease revenue, improving operating cash flow and manageable dilution would strengthen the case. Delays, construction overruns or more expensive funding would weaken it. On the chart, a sustained recovery above the moving averages would improve the observed trend, without guaranteeing the business outcome.
WULF offers exposure to a real constraint on AI growth: power and facilities. The question for shareholders is how much of that growth reaches each share after financing and execution costs.
Prices use completed regular-session bars through October 9, 2026; moving averages and returns were independently calculated from Yahoo Finance closes. Vendor volume counts can differ. Financial balances are dated June 30 unless stated otherwise. Educational commentary, not investment advice.