Why TeraWulf (WULF) Is Up 13.3% After Google-Backed Pivot From Bitcoin Mining to AI Infrastructure

• At a Special Meeting held on September 30, 2025, TeraWulf Inc. approved amendments to its Amended and Restated Certificate of Incorporation, furthering its shift from bitcoin mining to digital infrastructure for AI and high-performance computing, supported by major contracts with Fluidstack and significant investment from Google.
• This move highlights how bitcoin miners are increasingly becoming essential partners in the AI infrastructure buildout, as evidenced by Google's backing and Fluidstack's long-term commitments at TeraWulf’s Lake Mariner data center.
• With Google's expanded equity stake and financial backing, we'll evaluate how institutional support shapes TeraWulf's growth prospects in AI-focused digital infrastructure.

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TeraWulf Investment Narrative Recap

TeraWulf’s investment case relies on belief in its ability to transition from pure bitcoin mining to a leading provider of AI and high-performance computing infrastructure, with recent news of amended corporate bylaws reinforcing this strategic shift. While Google’s increased backing and the expanded Fluidstack agreements provide momentum for its data center ambitions, the most important near-term catalyst remains successful execution of these contracts, while the largest risk is the significant capital required and potential strain on TeraWulf’s balance sheet, these amendments do not materially alter either factor.

Of the company’s recent milestones, Fluidstack’s August expansion at Lake Mariner, securing an additional 160 MW of capacity and increased Google funding, stands out as a key development. This agreement directly ties into TeraWulf’s growth trajectory, supporting revenue visibility and capacity scale-up critical to riding the wave of AI infrastructure demand.

By contrast, investors should be aware of the evolving risks tied to long-term lease guarantees and counterparty stability, especially if...

Read the full narrative on TeraWulf (it's free!)

TeraWulf's forecast narrative projects $920.8 million in revenue and $157.9 million in earnings by 2028. This requires annual revenue growth of 85.6% and an earnings increase of $289.6 million from the current earnings of -$131.7 million.

Uncover how TeraWulf's forecasts yield a $13.09 fair value, a 3% downside to its current price.

Exploring Other Perspectives

Nine private investors in the Simply Wall St Community assigned fair values ranging from US$4.84 to US$15 per share, reflecting a broad spectrum of outlooks. With marquee partners like Google anchoring major deals, the path to cash flow resilience is in sharp focus for many participants weighing performance potential against financial risks.

Explore 9 other fair value estimates on TeraWulf - why the stock might be worth less than half the current price!

Build Your Own TeraWulf Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your TeraWulf research is our analysis highlighting 1 key reward and 3 important warning signs that could impact your investment decision.
• Our free TeraWulf research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate TeraWulf's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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