TeraWulf shares rise 4.6% as SpaceX results lift cloud stocks
Key Facts
TeraWulf shares rose 4.6% to $12.57 in morning trading on October 21, 2026, according to Investing.com, as shares of companies tied to artificial intelligence computing advanced. Reuters reported that IREN shares climbed 4% in premarket trading as specialist cloud stocks rebounded following results from SpaceX and Super Micro. The gains followed a selloff in AI-related technology stocks the previous week. The news agency said the turmoil centered on CoreWeave. But Piper Sandler warned, in comments reported by Reuters, that rising infrastructure costs could complicate the sustainability of some specialist cloud companies.
SpaceX reported revenue of $14.6 billion in the third quarter of 2026 in a filing with the U.S. Securities and Exchange Commission. It said revenue rose 161% year on year, compared with $5.6 billion in the corresponding period of 2025. Its "Superintelligence" segment generated revenue of $7,560 million during the quarter. The segment includes computing, infrastructure, advertising and AI application solutions. It posted operating profit of $431 million during the same period. The company attributed its growth to factors including cloud services agreements and the acquisition of Cursor. SpaceX's nameplate computing capacity reached 1.7 gigawatts by the end of September 2026.
At IREN, its fiscal 2026 results filing showed AI cloud services revenue rose to $128.8 million. Revenue from those services stood at $16.4 million in fiscal 2025. The company announced contracted annualized revenue of $4 billion for capacity scheduled during 2026. It compared that with an operational annualized revenue run rate of $1 billion at the time of the announcement, an annualized measure of operating activity. IREN said its capacity allocated for 2026 was "largely sold out" in the update accompanying its fiscal-year results.
TeraWulf, meanwhile, announced in July 2026 that it had signed a lease with Anthropic to develop data center infrastructure. The project is located at the Justified Data campus in Kentucky, according to the company's statement on the agreement. The lease runs for 20 years, tying the project to a long-term customer commitment. TeraWulf expects the contract to generate about $19 billion in contracted rental revenue over its initial term. The company is targeting IT load capacity of 401 megawatts when development of the campus is complete.
In another expansion, TeraWulf announced on October 5, 2026, that it had increased contracted power capacity at its Muskie campus from 500 megawatts to 1 gigawatt. Chief Executive Paul Prager said: "Customer interest in Muskie has been significant, and power availability is central to those discussions." At SpaceX, capital expenditure for the Superintelligence segment totaled $16,444 million in the third quarter of 2026, according to its filing. IREN posted a net loss of $702.6 million in the fiscal year ended June 2026. The figures come as Piper Sandler warns, according to Reuters, about the impact of high infrastructure costs on the sustainability of some companies in the sector.
Attention is turning to Meta's results, due after the market closes on October 21, 2026, according to Reuters. The news agency said investors were looking to the results for confirmation of continued strength in AI-related demand following results from SpaceX and Super Micro. TeraWulf scheduled its third-quarter earnings call for November 6, 2026, according to its statement on the call. The call is scheduled to begin at 8:00 a.m. Eastern Time. On project execution, the company is targeting the second half of 2027 to bring initial capacity at the Anthropic campus online.