New York, February 25, 2026, 07:30 ET — Premarket
TeraWulf Inc picked up another 1% before the bell Wednesday, building on the previous session’s surge that sent the Nasdaq-listed bitcoin miner to a fresh 52-week peak. Shares recently changed hands at $17.73. On Tuesday, the stock finished up 12% at $17.56, having touched an intraday high of $18.03 and traded around 46 million shares. (Public)
TeraWulf is set to release its fourth-quarter and full-year earnings Thursday, with a call on deck for 4:30 p.m. ET. Traders are eyeing more than the numbers—a lot hinges on the company’s ability to convert its power capacity into data center revenue with better margins. (TeraWulf Inc.)
Crypto’s making a move again. Bitcoin rose roughly 4% to $65,786. Over in U.S. mining stocks, Marathon Digital fell about 1%, Riot Platforms barely budged, while CleanSpark gained around 2%.
TeraWulf’s shares have quickly turned into a proxy for the “miners pivoting to AI infrastructure” story. The stock climbed about 17% since Friday’s close, with Tuesday’s rally pushing it beyond its recent range following a turbulent February for high-beta stocks. (StockAnalysis)
Earlier this month, TeraWulf announced it picked up brownfield sites in Hawesville, Kentucky, and Charles County, Maryland, boosting its total load capacity by roughly 1.5 gigawatts (GW). That pushes the company’s footprint to about 2.8 GW spread over five locations—642.5 megawatts already locked in under contract, and 2.2 GW in owned pipeline capacity. “These acquisitions reflect our strategy of reinvesting in existing energy infrastructure to support grid reliability, long-term economic activity, and responsible growth,” Chief Executive Officer Paul Prager said. He pointed to Hawesville as offering quick access to scalable power, while Morgantown, he said, positions TeraWulf to ramp up generation in response to rising load demand. (TeraWulf Inc.)
The Morgantown deal remains on hold pending third-party consents and sign-off from regulators, among them the Federal Energy Regulatory Commission, according to a filing. That same document confirmed the Hawesville acquisition wrapped up as of February 2, with the seller taking a 6.8% minority equity stake in TeraWulf’s development entity tied to the site. (TeraWulf Inc.)
Zacks analysts are looking for fourth-quarter revenue to land near $43.6 million, with a projected loss of 13 cents per share. Investors, Zacks notes, will want details on HPC leasing revenue—those data-center servers built for AI and other demanding tasks—and the pace at which fresh capacity is added. (Nasdaq)
Per Reuters company info, TeraWulf divides its business between digital asset mining and HPC leasing. The distinction isn’t just academic—shares often swing like a high-beta bitcoin play during risk-off stretches, but can just as quickly catch a bid from “AI buildout” enthusiasm when investors focus on data center stocks with serious power requirements. (Reuters)
The setup is a double-edged sword. Crypto can lurch sharply with shifts in risk appetite. Earlier this month, Kaiko analyst Adam McCarthy noted investors were “taking a step back” and rethinking their risk approaches. A spike in volatility triggered roughly $2.56 billion in bitcoin liquidations, per CoinGlass figures cited by Reuters. (Reuters)
Traders have their eyes not just on Thursday’s results, but also on Nvidia’s earnings coming Wednesday, seen as a crucial check on AI demand and market appetite for risk. If Nvidia delivers, momentum could carry through to TeraWulf’s numbers. A miss, though, might weigh on Thursday’s call. (Reuters)
