TeraWulf Shares Edge Lower as Data-Center Stocks Face Pressure Ahead of November Earnings

EASTON, Md. — Shares of TeraWulf Inc. traded near $12.98 on Tuesday, down about 3 percent, as data-center and high-performance computing stocks came under pressure alongside a larger peer's financing announcement.

The company, which develops and operates large-scale digital infrastructure for high-performance computing and bitcoin mining, had no new material announcement on Oct. 13. On Oct. 12 it scheduled its third-quarter 2026 earnings conference call for Nov. 6 at 8 a.m. Eastern Time. It will release results that morning.

The modest decline followed a stronger move lower in Cipher Digital, which announced an $850 million zero-coupon convertible notes offering the same morning. Other data-center names have also traded lower in recent sessions amid higher bond yields. TeraWulf's 52-week range is $10.47 to $29.84.

On Oct. 5 the company said it expanded contracted power capacity at its Muskie Data Campus in eastern Kentucky from 500 megawatts to 1 gigawatt through an amended agreement with Kentucky Power. The second 500-megawatt phase is now targeted for 2029 rather than 2030, subject to regulatory approval. The first phase remains scheduled to begin ramping in 2028.

"Customer interest in Muskie has been tremendous, and power availability is central to those conversations," Chairman and Chief Executive Officer Paul Prager said in the Oct. 5 release. "Securing the next 500 MW and moving its planned delivery into 2029 gives us greater flexibility to meet prospective customers' deployment needs. It also builds on the progress our teams have made with Kentucky Power since we acquired the site."

The company continues to evaluate whether the campus can support up to 2 gigawatts over time. Kentucky Power said the expanded agreement would provide about $100 million in customer benefits, including residential winter bill credits funded by TeraWulf, subject to regulatory approval.

Earlier this year TeraWulf announced a 20-year lease with Anthropic covering 401 megawatts at its Justify Data campus, expected to generate about $19 billion in contracted revenue over the initial term. It also sold a majority interest in an Abernathy joint venture for approximately $530 million. In the second quarter the company reported $44.8 million in revenue, up 32 percent from the first quarter, with additional high-performance computing capacity coming online at its Lake Mariner campus in New York.

No executive comments on Tuesday's share-price move were available. The next scheduled company update is the Nov. 6 earnings release and call. The stock's movement on Oct. 13 was consistent with broader trading in the data-center infrastructure group.