Ticker Teardown Dossier
TeraWulf ($WULF), taken apart the way the desk does.
TeraWulf (WULF) Teardown Dossier · As of 2026-11-06, refreshed after Q3 2026 results
The WULF dossier is the desk's TeraWulf teardown written out as a document, plus what a five-minute video cannot carry: the last eight quarters of TeraWulf's own SEC filings in one table (fiscal years for a foreign filer whose quarterly reports carry no structured data), a peer comparison with numbers, the level map rebuilt from the latest close, and a link to every filing used. Rebuilt after each quarterly print.
Look inside before you buy
2,203 words · about 10 min to read · 10 sections · data as of 6 November 2026 · last refreshed after Q3 2026 results
Table of contents
- What is in this dossier
- What this is not
- 1. The teardown
- The setup
- The business: the label is wrong
- The signature: company figures
- The backstop: who stands behind it
- The june quarter: the mix flip
- The loss: read it properly
- The bear case: four more ways
- The peer map: still a miner to the tape
- The chart: be honest
- The verdict
- 2. What changed since it was written
- 3. The filings: the last eight quarters
- 4. Valuation against the peers
- 5. Level map
- 6. Sources
- 7. What this dossier cannot do
- More dossiers in this theme
Excerpt
1. The teardown
Written 2026-09-21, with prices as of 2026-09-18. Figures in this part are as the desk read them that day; parts 2 to 5 carry the numbers as of 2026-11-06.
The setup
TeraWulf is down about 43% from its high, and closed Thursday at $17 and one cent. In the same window it signed a twenty year lease with Anthropic that the company values at roughly $19 billion. Trailing revenue is 165 million. Broken, or is the market refusing to pay for a build?
The business: the label is wrong
Start with what TeraWulf sells, because the old label is wrong. This was a bitcoin miner. It is turning into a power landlord. It owns interconnect, permits and grid capacity at Lake Mariner in New York and at Hawesville in Kentucky, with Cayuga in New York as a later site (a ground lease, about 320 MW of potential IT load around 2029, no tenant yet). It builds liquid cooled data halls on that power and leases them to AI tenants. It does not sell compute. It sells a powered shell with a signature on it.
The signature: company figures
The signature that changed the story is Anthropic. Twenty years, about 401 megawatts of critical IT load at Hawesville, and TeraWulf puts the contracted revenue at roughly $19 billion, up to about 33 billion if the extensions are exercised. Those are the company's figures, not an analyst model. Capacity phases in from the second half of 2027. 19 billion over twenty years averages near 950 million a year, against trailing revenue of 165 million.
One table from the document
3. The filings: the last eight quarters
| USD millions, period ended | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 | 2026-09-30 |
|---|---|---|---|---|---|---|---|---|
| Fiscal period | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 |
| Source filing | 10-K 2025-03-03 | 10-Q 2025-05-09 | 10-Q 2025-08-08 | 10-Q 2025-11-10 | 10-K 2026-02-27 | 10-Q 2026-05-08 | 10-Q 2026-08-05 | 10-Q 2026-11-06 |
| Revenue | 35.0 | 34.4 | 47.6 | 50.6 | 35.8 | 34.0 | 44.8 | 76.2 |
| Gross margin | 36.1% | 20.2% | 46.2% | 57.2% | 22.6% | 60.1% | 19.9% | 15.2% |
| Operating income | -51.4 | -59.6 | -15.6 | -24.7 | -86.3 | -162.1 | -140.4 | -88.2 |
| Net income | -29.2 | -61.4 | -18.4 | -455.1 | -126.6 | -427.6 | -939.9 | 709.9 |
| Operating cash flow | -42.7 | 56.5 | -54.8 | -36.7 | -88.2 | -17.6 | -136.7 | -24.6 |
| Capex | -153.6 | -93.7 | -119.9 | -231.6 | -615.0 | -523.0 | -855.6 | -852.3 |
| Free cash flow | -196.4 | -37.2 | -174.8 | -268.3 | -703.2 | -540.5 | -992.3 | -876.9 |
| Cash and equivalents | 274.1 | 218.2 | 90.0 | 711.3 | 3,266 | 2,630 | 2,619 | 1,602 |
| Debt (book, excl. leases) | 0.0 | 488.1 | 488.7 | 1,060 | 3,099 | 3,104 | n/r | n/r |
| Diluted shares (M) | 351.3* | 383.1 | 386.9 | 401.6 | 397.6* | 423.0 | 485.7 | 573.6 |
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What the dossier has that the video does not
The filings themselves: revenue, gross margin, operating income, net income, operating cash flow, capex, free cash flow, cash, debt and diluted shares, quarter by quarter, each column dated with the filing it comes from. A foreign filer whose quarterly reports carry no structured data gets its fiscal years, and the dossier says so.
Never stale
Every dossier carries an "as of" date and the quarter it was last refreshed after. It is rebuilt after each print, and the desk's daily check flags any dossier left more than 45 days without a refresh. The written teardown keeps its date, and a "what changed since" section gives the move in the price and the filings since.
What is inside
- The teardown in writing: the business, the bull case, the full bear case and the verdict, dated.
- What changed since it was written: the price move and every SEC filing since.
- Eight quarters of the company's own SEC filings in one table, each column dated, with a plain read of what the table says.
- Peers with numbers: market cap, revenue growth, operating margin, EV / sales and distance from the 52-week high.
- The level map rebuilt from the latest close: where the price sits against the 52-week range and each level.
- Sources: a link to every filing and results release used.
Buy it if
- You hold or watch $WULF and want a structured read before acting.
- You want levels you can check on the chart, not an opinion.
Skip it if
- You want a buy signal. A dossier explains and maps; it does not signal.
- You want every name on the desk. The Teardown Library covers every dossier, current and future, for less than four dossiers.
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