TeraWulf Inc shares fell 10.18% on Thursday to $21.18, extending a seven-session slide that left WULF down 26.4% from its June 23 close. The move erased much of the stock’s recent AI-driven momentum and pushed it further below every close it has posted since May 18.
That drop came into focus because the stock was trading as investors weighed whether TeraWulf’s shift from pure bitcoin mining toward contracted computing capacity can hold up under pressure. The Nasdaq Composite fell 0.8% on Thursday, while CoreWeave Inc and Nebius Group NV also sank after pressure hit AI infrastructure names tied to a report that Meta Platforms Inc is starting a cloud business to sell extra AI computing power.
The company has been trying to change the story around its balance of revenue. In the first quarter, high-performance computing lease revenue was $21.0 million, or roughly 62% of total revenue, while digital asset revenue fell to $13.0 million from $34.4 million a year earlier. That shift matters because TeraWulf is no longer being valued only as a bitcoin miner; it is also being priced as a power-and-data-center play, and those businesses trade on different expectations.
Paul Prager said in May that TeraWulf had 60 megawatts of energized critical IT capacity for Core42 at Lake Mariner, and the company says it is building for its next tenant, Fluidstack. Patrick Fleury has said the business should rely more on recurring, contracted revenue as it grows. On May 26, TeraWulf said it bought the Muskie Data Campus in eastern Kentucky, a site it says is aimed to handle more than 1 gigawatt eventually, with 500 megawatts planned for the back half of 2028 and the next 500 megawatts in the second half of 2030.
That is the friction now: the company is showing more lease income, but the market is still punishing the stock as if the transition is not yet secure. TeraWulf finished March with $3.09 billion in cash and restricted cash, but it also reported a net loss attributable to the company of $427.6 million, or $1.01 per share, and its latest filing on June 10 was only an 8-K on annual meeting voting results. For now, the next marker is not a new company catalyst but the holiday pause ahead of July 3, with investors left to judge whether the new capacity story can stop WULF’s slide after an after-hours level of $21.26 on July 2.
