TeraWulf

WULF

Market cap $6.49B

CLSK's strong fiscal gains and AI buildout outshine WULF's heavy losses and leverage, making it the superior bet.

CNBC's "Power Lunch" team discusses TeraWulf's partnership with Google, machine learning outlook and more with TeraWulf co-founder, chairman and CEO Paul Prager.

EASTON, Md., Nov. 25, 2025 (GLOBE NEWSWIRE) -- TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), announced today that it has exercised its right to cause the mandatory conversion of all outstanding shares of its Series A Convertible Preferred Stock (CUSIP Number 88080T 203; ISIN Number US88080T2033; the “Convertible Preferred Stock”) pursuant to and in accordance with the Certificate of Designations, filed by the Company with the Secretary of State of the State of Delaware on March 16, 2022 (the “Certificate of Designations”). Under Section 10(c) of the Certificate of Designations, the Company has the option to convert all outstanding shares of Convertible Preferred Stock into shares of TeraWulf common stock, par value $0.001 per share (the “Common Stock”), given that on at least five (5) trading days (whether or not consecutive) from November 4, 2025 through November 24, 2025, the Last Reported Sale Price (as defined in the Certificate of Designations) per share of TeraWulf's Common Stock has exceeded one hundred thirty percent (130%) of the conversion price, or $10.00 per share.

TeraWulf WULF posted strong revenue growth in its third quarter of 2025, reaching $35.4 million compared to $25.8 million in the prior-year period, yet mounting operational expenses and compressed margins raise questions about the sustainability of its profitability trajectory. The bitcoin miner's 37% year-over-year revenue increase reflected expanded mining output, but the accompanying cost structure tells a more concerning story.

Shares of AI data center and high-performance computing stocks are climbing after Wednesday's closing bell following a blockbuster third-quarter earnings report from NVIDIA Corp. (NASDAQ: NVDA).

TeraWulf remains a Buy with a $16.50 price target, offering 50% upside despite recent volatility and a 22% price drop. WULF posted 87% year-over-year revenue growth in FQ3 2025 but missed analyst estimates, leading to a 14% post-earnings sell-off. Key bullish factors include Google-backed partnerships, AI data center expansion, and strong Bitcoin mining performance, supporting long-term growth potential.

WULF finally nears my Buy Zone after the recent meltdown, as it also reports robust AI related opportunities and higher multi-year contracted backlog. The company is more than well positioned to monetize their ambitious "target of 250–500 MW critical IT load of new HPC lease signings annually," thanks to the growing HPC capacity. WULF's projected NOI margin of over ~70% is extremely impressive as well, compared to other data center REITs, with it implying its robust top/ bottom-line growth prospects.

Crypto mining stocks have silently crushed the stock market this year as many crypto mining companies pivot to artificial intelligence.

WULF's Q3 loss balloons to $455M amid soaring costs and $5B+ debt. With execution risks mounting, investors should avoid this overvalued pivot play.

Stephen Byrd, Morgan Stanley global head of thematic research, joins CNBC's 'Money Movers' to discuss outlooks on energy demand as AI buildouts ramps up across the U.S.