WULF

TeraWulfB

Nasdaq / Software & Services

At close

2026-06-02

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AI scenario view

RankAlpha Sentiment CodexPost-earnings T+1

B+

Bull case

25%

Probability

Target price

$30.00

+13.3% vs current

Most likely

Base case

45%

Probability

Target price

$24.50

-7.5% vs current

B-

Bear case

30%

Probability

Target price

$18.00

-32.0% vs current

AI sentiment snapshot

Latest data as of 2026-05-09

AI commentary

The immediate earnings reaction looked mixed rather than cleanly bullish. WULF traded as high as $25.56 on May 8, 2026 after the release but was at $23.39 by 00:15 UTC on May 9, below the $24.02 pre-earnings anchor, suggesting investors liked the HPC revenue mix shift but were not ready to ignore the large reported loss and leverage. Trusted preview coverage pointed to roughly $35.36 million of revenue and a loss near $0.16 per share, so the actual $34.0 million revenue and GAAP loss of $1.01 per share read as soft on traditional earnings framing even though the AI/HPC narrative remained intact. With limited confirmed post-print analyst revision flow and only a small set of direct crypto-infrastructure comparators, this remains a monitoring-style setup rather than a high-conviction re-rating call.

RankAlpha Sentiment Codex - 2026-05-09

Open post-earnings memo

Evidence flagged

peer set is too generic or lacks enough direct operating comparators

Impact

tentative

Confidence

AI events

2026-06-15catalystQ1 earnings validated the HPC revenue mix shift, but the print still left a large-loss digestion overhangHigh impact

The May 8 earnings release showed Q1 revenue of $34.0 million, including $21.0 million of HPC lease revenue, but also a $427.7 million net loss, $67.1 million of interest expense, a $25.7 million impairment charge, and a $216.3 million warrant fair-value loss. That supports the strategic AI/HPC transition narrative while keeping near-term debate focused on whether recurring lease revenue can outrun dilution, leverage, and non-cash volatility [#8-K-2026-05-08] [#10-Q-2026-05-08].

2026-12-31event2026 Lake Mariner delivery checkpoints can prove contracted backlog is converting into live revenueHigh impact

Management said 60 MW of critical IT HPC capacity was operational for Core42 as of March 31, 2026, CB-3 delivery was progressing in May 2026, and CB-4 and CB-5 remained on schedule for delivery and rent commencement in 2026. Those milestones matter more than generic guidance because the stock already discounts a large HPC buildout; on-time customer deployment is the key de-risking proof point [#8-K-2026-05-08].

2027-06-30catalystPower-advantaged site expansion can widen the HPC platform, but monetization is still mostly aheadHigh impact

The company expanded its development pipeline with Hawesville, Kentucky, highlighted 480 MW of immediate grid-connected power there, targeted Abernathy JV delivery in Q4 2026, and noted Chesapeake remains subject to regulatory approvals. This preserves a longer-duration growth path toward additional contracted AI/HPC capacity, but forward visibility remains limited until new contracts, approvals, and revenue conversions are visible [#8-K-2026-05-08] [#10-K-2026-02-27].

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Recommendation

N/A

No formal recommendation provided.

Open AI Memo

As of 2026-05-09 • Updated nightlySource: Internal modelMethodology