TeraWulf shares rise 4.6% as CEO affirms strong power demand

Key Facts

TeraWulf shares rose 4.6% in morning trading on October 21, 2026, according to Investing.com, which cited comments from Chief Executive Paul Prager on strong demand for its power capacity. The stock traded at $12.57 during the morning session. The website quoted a Tuesday evening post by Prager saying demand for the company's power capacity "remains extremely strong." His comments covered demand in 2028 and 2029 as the company expands infrastructure dedicated to computing and artificial intelligence. Prager had previously pointed to significant customer interest in the Muskie campus in eastern Kentucky in an official statement.

TeraWulf increased contracted power capacity for the Muskie campus to 1 gigawatt, according to the company's statement on an amendment to its agreement with Kentucky Power. Contracted capacity before the amendment was 500 megawatts. Prager said in the statement that "power availability is central to those discussions," referring to the company's talks with customers interested in the campus. In a separate statement on approval of the power agreement for the Justified campus, Prager described electricity as "the determining factor in the ability to develop AI infrastructure." The power agreements form part of the company's expansion as a digital infrastructure developer and operator, with portions of its mining facilities being repurposed to support high-performance computing contracts.

TeraWulf reported total second-quarter revenue of $44.8 million, according to its earnings statement. High-performance computing leasing contributed $31.9 million in revenue. The business represented about 71% of the company's total quarterly revenue. The company also announced that revenue-generating critical IT capacity at its Lake Mariner campus had reached 102 megawatts. In long-term contracts, TeraWulf signed a lease with Anthropic at the Justified campus with a base term of 20 years. The company expects the contract to add about $19 billion in contracted revenue over that period.

The use of power assets to serve artificial intelligence extends to other companies whose businesses have been associated with cryptocurrency mining. A Reuters Breakingviews analysis in September described Cipher Digital, TeraWulf and Hut 8 shifting to leasing the electricity they had used to generate cryptocurrencies to chatbot operators. In another infrastructure expansion, Applied Digital signed an agreement giving it access to potential power capacity in Finland, according to a company statement. The agreement covers up to 1 gigawatt of capacity. Applied Digital described the project as its first development opportunity outside the United States.

At IREN, AI cloud services revenue rose to $128.8 million in the fiscal year ended June 2026, from $16.4 million in the previous year, according to its annual report filed with the U.S. Securities and Exchange Commission. In its August earnings disclosure, the company announced $4 billion in contracted annualized revenue for capacity allocated for 2026. It compared that with an annualized revenue rate of $1 billion for capacity operating at the time of the announcement. IREN said most of its capacity allocated for 2026 had already been sold. It cautioned, however, that "actual revenue may be materially lower" than the annualized revenue rate. The revenue ramp-up depends on commissioning, testing and customer acceptance, according to notes in the disclosure.

Implementation schedules for the announced power expansions span the coming years, with Applied Digital expecting power to begin becoming available for its Finland project in 2028. TeraWulf brought forward planned delivery of the second phase of the Muskie campus to 2029 from 2030. The revised date remains subject to regulatory approval and the utility's construction schedule, according to TeraWulf's statement. Ahead of those dates, the company scheduled its third-quarter results release for November 6, 2026, with publication before its earnings call the same day. The call is scheduled for 8:00 a.m. U.S. Eastern Time.