TeraWulf (WULF) Stock Surges 12% to $17.56 Ahead of Q4 2025 Earnings, Hits 52-Week High on Expansion

TeraWulf Inc.’s stock rallied sharply on February 24, 2026, closing at $17.56 after gaining 11.99%, marking a new 52-week high near $18.03 as investors positioned ahead of the company’s fourth-quarter and full-year 2025 earnings report scheduled for February 26, amid ongoing enthusiasm for its shift toward high-performance computing (HPC) infrastructure and aggressive capacity expansion.

The surge followed a multi-day uptrend, with shares climbing from around $15.68 on February 23, driven by repositioning ahead of results and broader optimism in the digital infrastructure sector. Volume reached approximately 46 million shares on February 24, reflecting heightened interest. Year-to-date in 2026, the stock has risen about 53%, building on a more than 100% gain in 2025, with a market capitalization now approaching $7.3 billion to $7.4 billion.

TeraWulf, a vertically integrated owner and operator of sustainable data centers focused on Bitcoin mining and HPC hosting, has increasingly emphasized its pivot to AI and compute infrastructure. The company operates facilities powered by zero-carbon energy sources, including nuclear and hydro, providing a competitive edge in energy-intensive operations. Recent announcements highlight plans to develop up to 1,480 MW of new digital and power capacity through acquisitions of land parcels in Kentucky and Maryland, diversifying beyond its core sites in New York and Pennsylvania.

The expansion strategy aligns with surging demand for AI data center capacity, where Bitcoin miners leverage existing power contracts and infrastructure to host high-performance workloads. Analysts note TeraWulf’s ability to repurpose mining assets for more stable, higher-margin HPC leasing, with some observers calling it a “real infrastructure play” in the AI era. The company has been monetizing Bitcoin holdings to fund these initiatives, capitalizing on favorable market conditions.

Upcoming earnings, set for after market close on February 26 with a conference call at 4:30 p.m. ET, represent a key catalyst. The Zacks consensus estimates fourth-quarter revenue at $43.55 million to $44.1 million—up about 24-26% year-over-year from $35 million in the prior-year period—while projecting an adjusted loss of $0.13 to $0.15 per share, wider than the year-ago $0.08 loss but reflecting ongoing investments. Investors will scrutinize updates on hashrate, energy costs, HPC leasing progress, and guidance for 2026, including any metrics on capacity utilization and margin expansion.

TeraWulf’s operational highlights include sustained Bitcoin mining at sites like Lake Mariner in New York, supported by low-cost, sustainable power. The company has emphasized environmental sustainability, positioning itself favorably amid regulatory scrutiny on energy-intensive crypto operations. Recent participation in investor conferences, announced February 10, 2026, including upcoming events in March, underscores management efforts to communicate the growth story.

Wall Street sentiment leans bullish. Consensus among analysts rates WULF a Moderate Buy to Buy, with average 12-month price targets around $20.31—implying roughly 15-20% upside from current levels, though some firms set targets in the $20-$24 range. Retail investors on platforms like Stocktwits express even higher optimism, with some forecasting more than 250% additional upside tied to AI infrastructure tailwinds.

Risks remain prominent in this high-volatility sector. The stock carries a beta of 4.34, indicating extreme sensitivity to market swings, and some analyses suggest it trades overvalued relative to fair value estimates. Bitcoin price fluctuations, energy cost volatility, regulatory changes, and execution risks on expansion projects could pressure performance. Broader concerns include potential oversupply in compute capacity or shifts in AI spending.

The February 26 earnings release will provide critical insights into how TeraWulf balances its legacy Bitcoin mining with emerging HPC opportunities. Positive surprises on revenue, cost controls, or new leasing deals could extend the rally; any signs of margin compression or delayed timelines might trigger pullbacks.

TeraWulf stands at the forefront of the convergence between cryptocurrency infrastructure and AI compute demand. Its sustainable power model, strategic land acquisitions, and capacity growth position it to benefit from long-term digital infrastructure trends. As the company transitions toward greater HPC focus, investor attention will center on execution and profitability in a rapidly evolving market.

With earnings imminent and shares at fresh highs, TeraWulf exemplifies the high-reward potential—and risks—of companies adapting legacy mining operations to the AI boom.