Shares of TeraWulf Inc. (WULF) are trading higher Wednesday as the market digests the company's aggressive strategic shift from pure Bitcoin mining to AI-focused high-performance computing (HPC). The stock was up 4.77% at $24.61 at the time of publication, outpacing the broader market—the Nasdaq gained 1.03% and the S&P 500 rose 0.86%.
The rally follows a major financial milestone. On April 16, TeraWulf closed a public offering of 54.51 million shares of common stock priced at $19 per share, including the full exercise of the underwriters' option to purchase an additional 7.11 million shares. The offering generated gross proceeds of about $1.04 billion before underwriting discounts and expenses. Management plans to use the proceeds for its planned data center campus in Hawesville, Kentucky.
Short interest in WULF has climbed from 98.36 million to 102.09 million shares. Currently, 24.73% of the float is held short, and it would take nearly three days for short sellers to exit their positions. That's a notable level of bearish betting, but with the stock up 667.63% over the past 12 months, shorts have been feeling the pain.
All eyes now turn to the first quarter 2026 earnings report, which TeraWulf will release on Friday before the market opens. Analysts expect a loss of 19 cents per share on revenue of $33.98 million. The results will be a key test of whether the pivot to AI infrastructure is translating into financial performance.
From a technical perspective, WULF is extended but still looks constructive. The stock is trading 17.8% above its 20-day simple moving average ($20.41) and 81.1% above its 200-day SMA ($13.28). The 20-day SMA is above the 50-day SMA, and the 50-day SMA remains above the 200-day SMA—an uptrend structure reinforced by the golden cross that formed in August 2025. The stock is also pushing beyond its prior 52-week high of $23.70. The main risk with a move this steep is that pullbacks can be sharp, so traders are watching these levels closely.
