TeraWulf Inc. (WULF) stock fell about 5% on Monday, even as investors favored riskier assets elsewhere in the market. The Nasdaq rose 0.58%, while the S&P 500 gained 0.53%.

Muskie Expansion

Separately, TeraWulf said Monday it doubled the contracted power capacity at its Muskie Data Campus in eastern Kentucky to 1 gigawatt from 500 megawatts.

The company amended its electric service agreement with Kentucky Power, a unit of American Electric Power Company, Inc. (AEP).

The revised agreement moves delivery of the project's second 500 MW phase to 2029 from 2030. The expansion remains subject to Kentucky Public Service Commission approval and Kentucky Power's construction schedule.

The first 500 MW phase is still expected to begin ramping in 2028.

TeraWulf said strong customer interest drove the push for additional capacity. The company is also evaluating whether the campus could eventually support up to 2 GW.

TeraWulf acquired Muskie in May 2026 for development as an artificial intelligence and high-performance computing campus.

Kentucky Power is developing a 765-kilovolt/345-kilovolt substation to connect the site to the regional transmission network.

TeraWulf Chairman and CEO Paul Prager said customer interest in Muskie has been 'tremendous,' with power availability playing a central role in discussions with prospective customers.

Technical Analysis

TeraWulf remains below several key moving averages.

The stock is trading 8.1% below its 20-day simple moving average of $16 and 10.1% below its 50-day SMA of $16.35.

It is also well below its 100-day SMA of $20.02 and 200-day SMA of $18.07.

Those moving averages could act as resistance during any rebound.

The technical picture also remains bearish. The 20-day SMA is below the 50-day SMA. In addition, the 50-day SMA moved below the 200-day SMA in September, creating a so-called death cross.

Momentum also remains weak. The MACD is below its signal line, while the MACD histogram is negative. That suggests buying momentum has faded.

• Key Resistance: $16.50 — This area sits near several moving averages and could limit a rebound.
• Key Support: $14.50 — Buyers could attempt to defend this level near the stock's current range.

Earnings and Analyst Outlook

TeraWulf's next major catalyst could arrive with its estimated Nov. 9, 2026, earnings report.

• EPS Estimate: Loss of 19 cents, compared with a loss of 7 cents a year earlier
• Revenue Estimate: $75.45 million, up from $50.58 million a year earlier

Analyst Consensus And Recent Actions: TeraWulf carries a Buy consensus rating with an average price forecast of $31.70. Recent analyst actions include:

• UBS: Initiated coverage with a Buy rating and $24 price target on Sept. 23.
• Rothschild: Initiated coverage with a Neutral rating and $15 price target on Sept. 21.
• Wells Fargo: Initiated coverage with an Overweight rating and $30 price target on Sept. 17.

MarketDash Edge Rankings

The MarketDash Edge scorecard highlights TeraWulf's strengths and weaknesses compared with the broader market.

• Momentum: Neutral, with a score of 47.98. The reading points to mixed momentum rather than a clear directional trend.

The Verdict: TeraWulf's MarketDash Edge momentum signal points to a wait-for-confirmation setup rather than a clear buy-the-dip opportunity.

For the technical picture to improve, the stock may need to reclaim the $16.50 area and move back above its major moving averages.

Top ETF Exposure

• Amplify Blockchain Technology ETF (BLOK): 3.32% weighting
• CoinShares Bitcoin Mining and Digital Power ETF (WGMI): 4.89% weighting
• State Street Galaxy Hedged Digital Asset Ecosystem ETF (HECO): 3.10% weighting

Significance: TeraWulf's weighting in these funds means sizable ETF inflows or outflows could create additional buying or selling pressure in the stock.

Price Action

WULF Stock Price Activity: TeraWulf shares were down 5.07% at $14.71 at the time of publication Monday, according to market data.