WULF
Terawulf Inc
NASDAQ: WULF · FINANCIAL SERVICES · CAPITAL MARKETS
$26.06
+2.80% today
Updated 2026-06-12
Market cap
$12.91B
P/E ratio
—
P/S ratio
76.84x
EPS (TTM)
$-2.51
Dividend yield
—
52W range
$3 – $28
Volume
30.4M
Terawulf Inc (WULF) Financial Forecast & Price Target 2030
Research-backed projections from analyst consensus, management guidance, and sector analysis.
Research-backed WULF price target 2030 projection accounting for share dilution, balance sheet debt, and time value of money.
Current price
$26.06
Today
Analyst consensus
$27.59
+5.87% · 12M
2030 Base
$193.83
+643.78% future
NPV today
$95.49
@ 17% WACC
15 analysts:
13 Buy1 Hold1 Sell
Management guidance
TeraWulf CEO Paul Prager has guided the company toward a strategic pivot from Bitcoin mining to AI/HPC data center operations. The company is targeting 2.3 GW of AI/HPC capacity pipeline with major contracted infrastructure at Kentucky (Hawesville) and Maryland sites. Management has indicated revenue acceleration through 2027-2028 as these facilities come online, with $14 billion total investment commitment at Hawesville alone, suggesting multi-billion revenue trajectory by 2028-2029.
Sources: Management guidance, analyst consensus, sector analysishigh confidence
WULF · Terawulf Inc · Revenue & price projection · 2023–2030E
Actual / 2030 target Projected revenue Base case price Bull to bear range
Bear case (2030)
$93.25
NPV today: $45.94
Base case (2030)
$193.83
NPV today: $95.49
Bull case (2030)
$259.21
NPV today: $127.69
WallStSmart.com
WULF financial forecast · Research-backed projections
| Metric | 2025 | 2026 (E) | 2027 (E) | 2028 (E) | 2029 (E) | 2030 (E) ★ |
|---|---|---|---|---|---|---|
| Revenue | $0.2B | $0.3B | $0.7B | $1.2B | $1.8B | $2.5B |
| Revenue growth | 20.3% | 196.8% | 164.0% | 103.0% | 53.7% | 31.6% |
| Net margin | — | -112.8% | 10.6% | 39.2% | 57.9% | 64.6% |
| EPS | $-1.61 | $-0.80 | $0.15 | $0.95 | $2.10 | $3.25 |
| Diluted shares | — | 494M | 495M | 496M | 497M | 497M |
| Net debt | — | $548.46M | $898.46M | $1.50B | $2.40B | $3.65B |
| P/S multiple | — | 40.0x | 40.0x | 40.0x | 40.0x | 40.0x |
| Implied price (base) | — | $27.25 | $54.79 | $93.83 | $140.16 | $193.83 |
★ 2030E is the model's terminal target year. Implied price = (Revenue × P/S − Net debt) ÷ Diluted shares.
Scenario detail · Three drivers, three outcomes
| 2030E driver | Bear | Base | Bull |
|---|---|---|---|
| Revenue | $2.5B | $2.5B | $2.5B |
| P/S multiple | 20.0x | 40.0x | 53.0x |
| Diluted shares | 497M | 497M | 497M |
| Net debt | $3.65B | $3.65B | $3.65B |
| Implied P/E † | 29x | 60x | 80x |
| 2030 Price | $93.25 | $193.83 | $259.21 |
| NPV @ 17% | $45.94 | $95.49 | $127.69 |
† Implied P/E: Multiples remain elevated across all three scenarios because WULF is valued primarily on revenue scale during its growth phase, not near-term earnings power. Lower P/E in the bear case reflects multiple compression, but the absolute level stays high since 2030E still represents a hypergrowth-to-mature transition year.
EV to per-share bridge · How we get to $193.83 base case
WULF catalysts and risks
Growth catalysts
+ Kentucky Hawesville AI data center campus completion and revenue ramp (late 2027 operations start)
+ Maryland AI/HPC hyperscaler hosting agreement announcements and capacity utilization
+ Transition to recurring contracted HPC lease revenue (reducing Bitcoin mining volatility correlation)
+ $500M+ debt financing secured for Kentucky facility expansion (already closed May 2026)
+ 2.3 GW contracted capacity pipeline conversion to long-term customer agreements
+ Potential acquisition or partnership with major hyperscaler (Google, Meta, Amazon backing noted)
Key risks
- Capital intensity and execution risk: $14B Kentucky project requires flawless execution; delays push revenue 12-24 months
- AI infrastructure demand deceleration: hyperscaler capex cycle could cool 2028-2030, reducing pricing power and utilization
- Financing and dilution risk: company is underfunded; multiple $500M+ raises likely required (stock dilution 20-40% by 2028)
- Regulatory/energy grid constraints: power supply bottlenecks could delay facility buildout; ESG/nuclear power scrutiny rising
- Competitive capacity oversupply: other miners (RIOT, MARA, CIFR) also pivoting to AI data centers; pricing compression likely by 2028
- Profitability path uncertain: company posted $427M net loss Q1 2026; path to $100M+ annual profit requires major margin expansion
Methodology · Terawulf Inc 2030 stock forecast model
Terawulf Inc 2030 price target is calculated using WallStSmart's research model. Revenue projections are derived from analyst consensus across 15 Wall Street analysts, management guidance from the latest earnings call, and sector growth forecasts. The model is built on five core components:
| 1. Share dilution | Projected from per-ticker schedule of SBC + equity raise activity, compounding year by year (0% cumulative for WULF by 2030) |
| 2. Net debt | EV minus net debt yields equity value; debt projected from capex cycle trajectory ($3.65B by 2030) |
| 3. Time value | NPV calculated using 17% WACC (sector fallback) |
| 4. Multiple framework | P/S compresses with scale: bear 20.0x / base 40.0x / bull 53.0x |
| 5. Scenario design | Bull/Base/Bear vary revenue, margin, shares, debt, and multiple independently |
WallStSmart research model · Not financial advice · Past performance is not indicative of future results · Last researched: May 21, 2026.
WULF price target FAQ
What is the WULF price target for 2030?
WallStSmart's Terawulf Inc 2030 base case is $193.83 per share, with a bull case of $259.21 and bear case of $93.25. The NPV of the base case discounted to today at 17% WACC is $95.49.
How is the Terawulf Inc 2030 stock forecast calculated?
The WULF 2030 projection multiplies projected revenue by a growth-adjusted P/S multiple to derive enterprise value, subtracts projected net debt to get equity value, then divides by diluted shares outstanding accounting for dilution from stock-based compensation and equity raises.
Why does the WULF price target account for dilution?
Terawulf Inc is projected to grow diluted share count from 496M to 497M by 2030 (a 0% increase) through stock-based compensation and capital raises. Ignoring this would inflate the price target by approximately 0%.
What is the analyst consensus on WULF stock?
15 analysts cover WULF with an average 12-month price target of $27.59. The 2030 projection extends this framework with longer-horizon assumptions including dilution and time value of money.