TeraWulf Commands $12M EV/MW Valuation, Launches $1.275B JV Note Offering
TeraWulf trades at a sector-high $12 million enterprise value per active megawatt after a 28% year-to-date share gain. The company will issue $1.275 billion in secured notes via a Fluidstack joint venture to fund over 500MW of contracted AI/HPC capacity targeting $9.5 billion in revenue visibility.
1. Analyst Valuation Comparison
Rosenblatt’s equity note ranks TeraWulf at $12 million enterprise value per active megawatt, topping peers such as Galaxy Digital ($9.3M), Cipher Digital ($9.8M) and Hut 8 ($5.2M). This premium valuation follows a 28% year-to-date gain in TeraWulf’s shares.
2. $1.275B Secured Note Offering
TeraWulf and Fluidstack announced a joint venture to issue $1.275 billion in secured notes, intended to fund expansion of AI/HPC infrastructure. The financing structure is backed by long-duration contracts, enhancing cash flow visibility and supporting future growth.
3. Contracted AI/HPC Capacity and Revenue
The company currently operates over 500MW of contracted AI/HPC capacity, with total contracted revenue reaching $9.5 billion. This shift from traditional SHA-256 mining toward general compute aligns with industry trends favoring higher-margin infrastructure contracts.