Wulf stock fell 26.4% in seven straight losing sessions, with TeraWulf Inc NASDAQ:WULF dropping 10.18% on Thursday to $21.18. The slide came before the Independence Day break and left shareholders with a quick reversal after the shares had closed at $28.78 on June 23.
That move also left the stock below every close since May 18, even after TeraWulf finished March with $3.09 billion in cash and restricted cash. For holders, the issue is not balance-sheet capacity alone; the market has been paying more attention to how quickly the company can turn AI-linked infrastructure into steadier revenue.
Core42 at Lake Mariner
Paul Prager said in May that TeraWulf had 60 megawatts of energized critical IT capacity for Core42 at Lake Mariner. He also said on May 26 that “The defining constraint in this market is no longer computing hardware — it is power, transmission infrastructure, and execution certainty,” which points to a buildout story that depends on delivery, not just equipment.
Patrick Fleury has said the business should rely more on “recurring, contracted revenue” as it grows. That is the financial pivot investors are trying to price: a company still tied to bitcoin economics, but increasingly evaluated like an AI infrastructure operator with lease income and multi-year capacity commitments.
Seven Sessions, 26.4%
26.4% over seven consecutive losing sessions is a sharp move for any large-cap stock, and TeraWulf stayed below all of its closes since May 18. The decline also arrived as the Nasdaq Composite fell 0.8% on Thursday, while the Nasdaq Composite rose 2.1% for the week, the S&P 500 ended unchanged, and The Dow finished at a record close.
$21.0 million of high-performance computing lease revenue in the first quarter gave that shift a visible base, with that line making up roughly 62% of total revenue. Against that, digital asset revenue fell to $13.0 million from $34.4 million a year earlier, so the company is already getting a larger share of its business from the part of the model tied to data-center demand rather than mining alone.
Holiday Break and Next Move
$21.26 in after-hours trading on July 2 and a Thursday close at $21.18 left WULF holding just above the $20.60 level it opened the week above. The stock’s next move will depend on whether buyers treat the seven-session drop as a reset after a fast run-up in AI infrastructure names or as a sign that the market wants more proof of execution before rewarding the expansion plan.
What specific catalyst drove the seven consecutive sessions of selling in TeraWulf shares is not explained, and that missing piece is now the main gap for anyone trying to judge whether the move was stock-specific or part of a broader pullback across AI infrastructure names.
