UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): October 28, 2025 TERAWULF INC. (Exact name of registrant as specified in its charter) (410) 770-9500 (Registrant's telephone number, including area code) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under an ...

EASTON, Md., Oct. 28, 2025 (GLOBE NEWSWIRE) -- TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), a leading owner and operator of vertically integrated, low-carbon digital infrastructure, today announced preliminary financial results for the third quarter ended September 30, 2025. The Company expects revenue for the third quarter of 2025 to be between $48 million and $52 million, representing an approximate 84% increase compared to the $27 million reported in the third quarter of 2024. The Company ...

25-year lease agreement represents approximately $9.5 billion in contracted revenue  Google backstops $1.3 billion of Fluidstack’s long-term lease obligations in support of project debt Exclusive right to partner with Fluidstack on next ~168 MW critical IT load project Expands TeraWulf’s contracted HPC platform to 510 MW of critical IT load and supports an upwardly revised growth strategy targeting 250–500 MW of new contracted capacity annually EASTON, Md., Oct. 28, 2025 (GLOBE NEWSWIRE) -- TeraWulf Inc. ( ...

Group 1 - TeraWulf Inc. is recommended for selling after announcing the pricing of $3.2 billion of senior secured notes [1] - Super Micro Computer, Inc. received a Neutral rating from JPMorgan analyst Samik Chatterjee, with a lowered price target from $45 to $43 [1] - Applied Digital Corporation signed a lease with a U.S.-based investment-grade hyperscaler for its Polaris Forge 2 Campus, representing approximately $5 billion in total contracted revenue over a 15-year term [2] Group 2 - Kyndryl Holdings, Inc. is suggested for purchase, with results for the quarter ended September 30 expected to be released on November 4 [3] - Dell Technologies Inc. is also recommended for purchase [3] Group 3 - Applied Digital shares increased by 2.8% to close at $34.35 [5] - Kyndryl shares rose by 1.4% to close at $28.90 [5] - Super Micro Computer shares climbed by 6.8% to settle at $51.57 [5] - TeraWulf shares decreased by 0.5% to close at $13.64 [5]

Core Insights - The stock market is experiencing new highs, with cryptocurrency mining and data center infrastructure stocks emerging as significant winners for 2025 [1] - Leading companies include IREN Ltd, Cipher Mining, Applied Digital, and Nebius, with year-to-date gains exceeding 300% [1][2] Company Performance - IREN Ltd has surged over 540% year-to-date, followed by Cipher Mining at 345%, Applied Digital at 338%, and Nebius at 323% [1] - Other notable performers include CoreWeave at 231%, Bitfarms at 209%, and TeraWulf at 142% [2] - Companies like Hut 8, CleanSpark, and Riot Platforms have also advanced over 100%, while Galaxy Digital and Marathon Holdings have seen gains of 69% and 16%, respectively [2] Industry Trends - Traditional Bitcoin miners are transitioning into data infrastructure providers, with IREN repositioning as a renewable-energy-powered data center operator [4] - Applied Digital has secured a $5 billion multi-year AI infrastructure lease and expanded capacity by 150 megawatts, indicating a shift towards stable, recurring data-hosting income [5] - Cipher Mining and Nebius are leveraging existing mining sites to meet the rising demand for AI and high-performance computing (HPC) hosting [6] Market Dynamics - The rally in these stocks is supported by rising Bitcoin prices, increasing institutional interest, and significant global investment in AI infrastructure [7] - Companies that were once solely focused on cryptocurrency are now being re-rated as hybrid plays on both digital assets and the AI boom, reflecting a structural advantage in the digital economy [7]

Group 1 - TeraWulf Inc. (NASDAQ:WULF) is recognized as one of the 12 most promising blockchain and crypto mining stocks according to hedge funds [1] - Northland raised its price target on TeraWulf from $15 to $16.25, maintaining an "Outperform" rating, citing attractive debt pricing and improving financial conditions [2] - The company announced a $3.2 billion senior secured notes offering, due in 2030, to fund expansion and enhance liquidity in response to rising demand for AI and digital assets [3] Group 2 - TeraWulf operates Bitcoin mining facilities in New York and Pennsylvania and provides mining hosting services to third parties [4]

Group 1 - Cipher Mining (CIFR.US) plans to issue junk bonds to raise several billion dollars to expand its data center capacity, following the example set by TeraWulf (WULF.US), which recently raised $3.2 billion [1] - Cipher Mining's stock price surged over 20% on Friday, closing up 19.73% [1] - The junk bonds issued by Cipher Mining will be supported by Alphabet (GOOGL.US) subsidiary Google, similar to TeraWulf's recent bond issuance [1] Group 2 - The data center industry is rapidly expanding capacity to meet the surge in demand driven by the artificial intelligence boom, leading to the use of junk bonds for financing [2] - As Bitcoin halving events occur, mining difficulty continues to increase, resulting in declining mining profits, prompting many cryptocurrency mining companies to shift towards data center operations [2]

Core Insights - Bitcoin miners are facing shrinking margins due to a decline in Bitcoin prices, with hashprice around $47 per petahash per day and a forecasted difficulty adjustment increase of 4.7% [2] Group 1: Financial Developments - TeraWulf has raised $3.2 billion through a senior secured note due 2030 at 7.75%, marking the largest debt issuance in Bitcoin mining history, with proceeds aimed at funding AI and high-performance computing expansion [3] - BitFarms has successfully raised $588 million through an upsized convertible note, netting $568 million at a 1.375% coupon, indicating a trend towards structured debt for financing AI transitions [4][5] Group 2: Industry Trends - Data-center operators are increasingly utilizing repurposed aircraft jet engines to meet the rising power demands of AI workloads, with each turbine capable of delivering up to 48 MW [6] - An "arms race" for generators and transformers is confirmed by industry executives, highlighting the strain on supply chains due to AI build-outs, with energy scarcity influencing valuations in digital infrastructure [7] Group 3: Company Initiatives - CleanSpark has appointed Jeffrey Thomas as Senior VP of AI Data Centers to lead its HPC expansion strategy, focusing on integrating AI workloads with Bitcoin mining [8]

Core Insights - TeraWulf (WULF) shares are currently overvalued with a Value Score of F, trading at a price/book ratio of 31.18X compared to the industry average of 3.55X and the finance sector's 4.24X [1][8] - Year-to-date, TeraWulf shares have appreciated 122.9%, significantly outperforming the industry and sector returns of 3.2% and 12.8%, respectively [4][5] Valuation and Performance - TeraWulf's valuation is stretched, trading at a steep 31.18X book value, which is considerably higher than peers like Riot Platforms (2.13X) and Cleanspark (2.21X) [8] - The company has self-mined 485 bitcoin in Q2 2025, with mining capacity increasing by 45.5% year-over-year to 12.8 EH/s [9] Revenue Potential - TeraWulf's new deals with Fluidstack and Core42 are expected to add billions in potential revenue, with the Fluidstack deal alone representing approximately $6.7 billion in contracted revenues [10][11] - The company is on track to deliver 72.5 MW of HPC colocation capacity, with revenue generation expected to start in Q3 2025 [9][10] Competitive Landscape - TeraWulf faces stiff competition from Riot Platforms and Cleanspark, which hold significant bitcoin reserves [13] - The company is also impacted by volatility in bitcoin prices due to macroeconomic challenges and uncertainty regarding the U.S. government shutdown [15] Financial Outlook - The Zacks Consensus Estimate for TeraWulf's loss for Q3 2025 has widened to 7 cents per share, with expected revenues of $55.4 million, indicating 104.6% growth year-over-year [17] - For 2025, the consensus estimate for losses has widened to 33 cents per share, with projected revenues of $204.1 million, reflecting a 45.7% increase from 2024 [19] Investment Sentiment - Despite potential revenue growth from new leases and Alphabet's investment, TeraWulf's stretched valuation and increasing losses make it a risky investment [20] - The company currently holds a Zacks Rank 4 (Sell), indicating that investors should avoid the stock at this time [21]

Core Insights - TeraWulf Inc. is a significant player in the cryptocurrency mining industry, emphasizing sustainable and efficient operations [1][2] - Greg Miller from JMP Securities has set a bullish price target of $18 for WULF, indicating a potential upside of approximately 30% from its current trading price of $13.85 [2][6] Market Performance - WULF's stock has shown volatility, with a pre-market decline of 0.57%, bringing the price down to $13.85, and a daily trading range between $13.74 and $14.74 [3][6] - The market capitalization of WULF is around $5.42 billion, with a trading volume of 23.06 million shares, indicating strong investor interest [4][6] Industry Context - The broader cryptocurrency mining market has seen declines in other stocks, such as Bitfarms Ltd, which dropped by 9.5%, and American Battery Technology Co, which fell by 19.8% [5]