TeraWulf is trading higher as traders rotate back into AI/HPC infrastructure names tied to the data-center power squeeze, with attention on visible construction progress at its Lake Mariner campus. A recent project update highlighted that the CB-4 data center has been topped out and is expected to be energized in Q3 2026, reinforcing the market’s view that the company’s pivot from bitcoin mining toward long-term HPC leasing is advancing on schedule. (datacenterdynamics.com)

The stock continues to be priced as a buildout-and-execution story: investors are discounting future cash flows from large, long-duration HPC colocation leasing at Lake Mariner that can convert the business mix from volatile mining revenue to contracted infrastructure revenue. The company has also pointed to a large base of long-term, credit-enhanced customer contracting and associated financings that underpin the expansion plan. (finance.yahoo.com)

Even with the company emphasizing its HPC trajectory, WULF still trades with crypto sentiment, and a firmer bitcoin backdrop helped risk appetite for adjacent names today. Bitcoin was reported near the $71,000 level, supporting the broader digital-asset complex and related equities. (latestly.com)

Key upcoming signposts are (a) interim construction and utility/interconnection updates for Lake Mariner and any changes to the expected Q3 2026 CB-4 energization window, and (b) incremental disclosures on project financing and customer ramp timing for new HPC capacity. Any additional price-target changes or management commentary around demand for power and data-center capacity could also amplify day-to-day volatility in the shares. (tipranks.com)