WULF Dumps 47M Shares to Build AI Kingdom, Holders Left Holding the Red

TeraWulf (WULF) is learning the hard way that "pivot to AI" translates to "pivot to dilution" in the stock market vernacular. The firm announced a $900 million capital raise on Wednesday, pricing 47.4 million shares at $19 each, with underwriters also snagging a greenshoe option for another 7 million shares because why not go big or go home. WULF is down 5.8% to $19.73 in early trading. The decline comes after the stock had been on an absolute tear, rising more than 50% since late March. Nothing says "we're serious about AI" like printing 47 million new shares and watching your price crater on the news.

The proceeds are earmarked for construction of a major data center campus in Hawesville, Kentucky, along with repaying outstanding bridge financing and supporting future expansion. Because nothing says "we have our priorities straight" like building a GPU palace while simultaneously paying off debt with fresh capital. Classic "use the money to make more money" energy, if you don't think too hard about the math.

Alongside the offering, TeraWulf released preliminary first-quarter 2026 results. The company expects revenue between $30 million and $35 million. The balance sheet showed $3.1 billion in cash and $5.8 billion in total debt. For those keeping score at home, that's a lot of zeros and a concerning ratio of debt to cash that would make even the most degenerate DeFi degen wince. But sure, let's build some AI infrastructure with that.

Management highlighted a growing shift toward contracted HPC hosting revenues, which now account for over half of total revenue. This marks the first time HPC revenue has overtaken bitcoin mining, positioning the business for more stable, long-term cash flows. Move over, proof-of-work cowboys—there's a new sheriff in town, and it runs on compute rather than hashrate. The days of burning electricity for fun and profit are so 202