WULF Hawk SOTP HPC valuation

Terawulf Inc. (WULF)
By@hypertonx
Assumptions as of 2026-06-21
USD
Updated Jun 21, 2026
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WULF Hawk SOTP HPC valuation

Sum-of-the-parts valuation for TeraWulf that treats contracted AI/HPC lease NOI as the primary asset, adds the 51% Abernathy JV interest and probability-weighted pipeline optionality, and treats legacy bitcoin mining as a residual asset.

as of 2026-06-21

Fair value / share
$25.02
Upside / downside
63.0%
SOTP enterprise value
$15,648
Lake Mariner HPC EV
$11,916
Abernathy JV EV
$2,419
Implied Lake Mariner multiple
9.8

Abernathy JV

78.0%
16.0

Bitcoin Mining

$25$M
5.0

Capitalization

564M
$1,550$M

Contracted HPC

$92$M
$570$M
18.0

Market

$15.35
Latest WULF quote · updated Aug 28, 2026 2:00 PM MDT

Pipeline

$4.00$M/MW
30.0%
990MW

Fair value sensitivity

Lake Mariner NOI multiple10.0%20.0%30.0%40.0%50.0%
12.0$16.56$17.27$17.97$18.67$19.37
15.0$20.09$20.79$21.49$22.20$22.90
18.0$23.61$24.32$25.02$25.72$26.42
21.0$27.14$27.84$28.54$29.25$29.95
24.0$30.66$31.36$32.07$32.77$33.47

Sources

  1. Q1 2026 revenue was $34.0M, including $21.0M of HPC lease revenue; cash and restricted cash were about $3.1B. — investors.terawulf.com (accessed 2026-06-21)
  2. As of March 31, 2026 Lake Mariner had 60 critical IT MW of HPC capacity, 145 MW of legacy bitcoin mining capacity, and 438 MW of contracted critical IT HPC capacity across La Lupa and Akela. — investors.terawulf.com (accessed 2026-06-21)
  3. Lake Mariner lease commitments include 60 critical IT MW with Core42 and about 380 critical IT MW with Fluidstack; contracted HPC platform totals 522 critical IT MW and over $12.8B of revenue. — investors.terawulf.com (accessed 2026-06-21)
  4. Fluidstack Lake Mariner agreements represent about $6.7B of contracted lease payments with Google credit enhancement. — investors.terawulf.com (accessed 2026-06-21)
  5. Abernathy JV is a 168 MW critical IT load project with about $9.5B of 25-year contracted revenue and 51% TeraWulf ownership. — sec.gov (accessed 2026-06-21)
  6. Post-quarter equity proceeds included 10.326M ATM shares for $190.9M gross and 54.51M shares at $19.00 for about $1.036B gross proceeds. — investors.terawulf.com (accessed 2026-06-21)
  7. Google warrants cover 73.58M shares at $0.01 exercise price in connection with the Fluidstack backstop. — investors.terawulf.com (accessed 2026-06-21)

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