Share this article
TeraWulf stock declines on $900 million share sale to fund AI data center expansion
The shares had been on a big run higher, rising more than 50% since late March.
Apr 15, 2026, 1:34 p.m.
What to know:
- TeraWulf (WULF) is lower on Wednesday morning after a $900 million share sale to fund its Kentucky data center buildout.
- Preliminary first-quarter results show modest revenue of $30 million to $35 million, with an improving shift toward stable HPC hosting income streams.
- Compass Point analyst Michael Donovan said the results were in line with expectations and that the capital raise, while dilutive, strengthens funding for TeraWulf’s shift toward higher-value HPC revenue.
Alongside other AI infrastructure names, WULF has been on a scorching run, rising more than 50% since late March.
The proceeds are earmarked for funding the construction of a major data center campus in Hawesville, Kentucky, alongside repaying outstanding bridge financing and supporting future expansion.
Preliminary Q1 results
Alongside the offering, TeraWulf released preliminary first-quarter 2026 results. The company expects revenue between $30 million and $35 million. The balance sheet showed $3.1 billion in cash and $5.8 billion in total debt.
Management highlighted a growing shift toward contracted HPC hosting revenues, which now account for over half of total revenue, positioning the business for more stable, long-term cash flows.
