TERAWULF INC. (WULF) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

Medium Risk
Moderate dilution risk
Last updated: May 08, 2026

Risk Assessment Details

Potential Dilution: 0.0% of current shares
Recent Dilution: 36.44% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
500M
Potential Supply
0
Additional shares possible
Splits
None
Past 2 years

Summary

WULF currently has 496M outstanding shares. with minimal authorized share overhang for future dilution. The company has significantly diluted shareholders by 36.44% over the past 2 years, indicating aggressive capital raising.

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
May 08, 2026

10-Q filing | 495.5M shares outstanding

500M 0
Nov 25, 2025

8-K filing: TeraWulf Inc. announced a mandatory conversion of its Series A Convertible Preferred Stock into approximately 1.215 million shares of common stock, effective December 9, 2025, with an expected total of approximately 420 million common shares outstanding post-conversion.

420M 0
Nov 10, 2025

10-Q filing | 401.6M shares outstanding

400M 0
Aug 08, 2025

10-Q filing | 386.9M shares outstanding

390M 0
May 27, 2025

8-K filing: TeraWulf Inc. acquired 100% of the issued and outstanding membership interests of Beowulf Electricity & Data LLC, Beowulf E&D (MD) LLC and Beowulf E&D (NY) LLC through a membership interest purchase agreement, involving $3 million in cash and 5 million shares of common stock of TeraWulf Inc.

380M 0
May 09, 2025

10-Q filing | 383.1M shares outstanding

380M 0
Mar 03, 2025

10-K filing | 351.3M shares outstanding

350M 0
Nov 12, 2024

10-Q filing | 382.1M shares outstanding

380M 0
Oct 10, 2024

8-K filing: TeraWulf's subsidiary, Lake Mariner Data, entered into a new 35-year lease agreement with Somerset Operating Company, terminating a prior lease; TeraWulf paid Riesling Power (Somerset's parent company) 20 million shares of common stock and $12 million in cash as consideration. ($12.0M proceeds)

380M 0
Aug 13, 2024

10-Q filing | 382.6M shares outstanding

380M 0
May 13, 2024

10-Q filing | 333.2M shares outstanding

330M 0
Mar 22, 2024

S-3/A filing: This is an S-3/A filing related to a shelf registration process, where selling stockholders may offer and sell shares of common stock. The company will not receive any proceeds from the sale of shares by the selling stockholders, but may receive proceeds from the exercise of warrants.

300M 0
Mar 20, 2024

10-K filing | 302.2M shares outstanding

300M 0
Mar 08, 2024

S-3/A filing: This is an S-3/A filing where selling stockholders may offer and sell common stock from time to time.

220M 0
Jan 16, 2024

S-3/A filing: This is an S-3/A filing where selling stockholders may offer and sell shares of common stock. The company may receive proceeds from the exercise of warrants.

220M 0
Dec 01, 2023

S-3/A filing: This S-3/A filing relates to a shelf registration allowing selling stockholders to offer and sell shares of the company's common stock. The company may receive proceeds from the exercise of warrants.

220M 0
Nov 13, 2023

10-Q filing | 221.7M shares outstanding

220M 0
Sep 29, 2023

S-3 filing: This is an S-3 filing related to a shelf registration process, where selling stockholders may offer and sell shares of common stock. The company may receive proceeds from the exercise of warrants.

210M 0
Aug 14, 2023

10-Q filing | 210.4M shares outstanding

210M 0
May 15, 2023

10-Q filing | 186.3M shares outstanding

190M 0
Mar 31, 2023

10-K filing | 145.5M shares outstanding

150M 0
Mar 10, 2023

S-3/A filing: This S-3/A filing registers the resale of common stock by selling stockholders.

190M 0
Mar 03, 2023

8-K filing: TeraWulf Inc. entered into a Fifth Amendment to its Loan Agreement on March 1, 2023, eliminating mandatory amortization through April 8, 2024, contingent on raising $33.5 million from equity or equity-linked securities by March 15, 2023, and issued warrants to lenders to purchase common stock.

110M 0
Mar 01, 2023

8-K filing: Underwriters exercised their option to purchase an additional 1,000,000 shares of TeraWulf Inc.'s common stock at $0.68 per share, resulting in approximately $0.64 million in additional net proceeds to the Company. ($0.0M proceeds)

110M 0
Feb 14, 2023

S-3/A filing: The selling stockholders may offer and sell up to 23,392,638 shares of common stock.

110M 0
Feb 09, 2023

8-K filing: The underwriters of TeraWulf Inc.'s public offering exercised their option to purchase an additional 3,000,000 shares of common stock at $0.68 per share, resulting in approximately $1.91 million in additional net proceeds to the Company, or approximately $25.99 million in total net proceeds after deducting underwriting discounts and commissions and estimated offering expenses. The exercise of the overallotment option closed on February 9, 2023. ($0.0M proceeds)

110M 0
Feb 02, 2023

8-K filing: TeraWulf Inc. entered into an underwriting agreement for an offering of 36,764,706 shares of common stock and also entered into an exchange agreement to exchange 12,000,000 shares of common stock for 12,000,000 new warrants. ($25.0M proceeds)

110M 0
Feb 01, 2023

8-K filing: TeraWulf Inc. announces a common stock offering and enters into a binding term sheet for a fifth amendment to the LGSA. The company also entered into warrant subscription agreements, amended existing convertible promissory notes, and entered into a new convertible promissory note. ($2.5M proceeds)

110M 0
Dec 23, 2022

S-3/A filing: The selling stockholders may offer and sell up to 26,381,172 shares of common stock.

110M 0
Dec 16, 2022

8-K filing: The company completed a registered direct offering of 16,850,000 shares of common stock on December 12, 2022, resulting in Paul Prager no longer controlling the vote of a majority of the Company's outstanding shares, and the Company is no longer a 'controlled company' under applicable Nasdaq rules.

110M 0
Dec 12, 2022

8-K filing: TeraWulf Inc. issued 16,850,000 shares of common stock at $0.40 per share and 11,250,000 warrants exercisable for 8,750,000 shares of common stock at an exercise price of $0.40 per share in a registered direct offering and private placement. ($6.74M proceeds)

110M 0
Nov 25, 2022

S-3 filing: The selling stockholders may offer and sell from time to time up to 17,631,172 shares of common stock, consisting of shares, shares issuable upon exercise of certain warrants issued in a private placement transaction, and shares issuable upon exercise of certain warrants issued to the Company's lenders.

110M 0
Nov 14, 2022

10-Q filing | 108.8M shares outstanding

110M 0
Oct 12, 2022

8-K filing: TeraWulf Inc. entered into Unit Subscription Agreements, selling 7,481,747 units at $1.26 per share and amended its Loan Agreement, dividing the delayed draw term loans into two tranches of up to $7,500,000 each. ($9.5M proceeds)

100M 0
Aug 15, 2022

10-Q filing | 104.1M shares outstanding

100M 0
Aug 04, 2022

S-3/A filing: TeraWulf Inc. is offering 5,970,040 shares of common stock by selling stockholders, consisting of shares held by certain selling stockholders and shares issuable upon exercise of warrants, with the warrants exercisable beginning on September 29, 2022 and expiring on December 31, 2025.

100M 0
Jul 21, 2022

S-3 filing: TeraWulf Inc. is offering 5,787,732 shares of common stock issuable upon exercise of warrants held by selling stockholders.

100M 0
May 16, 2022

10-Q filing | 100.1M shares outstanding

100M 0
Apr 14, 2022

8-K filing: TeraWulf Inc. issued and sold 2,985,966 shares of common stock to Cantor Fitzgerald & Co. for gross proceeds of approximately $20.6 million, and granted the underwriter an option to purchase up to an additional 447,894 shares. ($20.6M proceeds)

100M 0
Mar 31, 2022

10-K filing | 100.0M shares outstanding

100M 0
Mar 16, 2022

8-K filing: TeraWulf Inc. entered into Series A Convertible Preferred Stock Subscription Agreements to sell 10,000 shares of Series A Convertible Preferred Stock for an aggregate purchase price of $10.0 million in a registered direct offering. ($10.0M proceeds)

2M 0
Jan 31, 2022

S-3/A filing: TeraWulf Inc. is filing an S-3/A registration statement to register an indeterminate number of common stock, preferred stock, debt securities, depositary shares, warrants, rights, purchase contracts, or units, or any combination thereof, with an aggregate offering price of up to $500,000,000.

2M 0
Jan 19, 2022

S-3 filing: TeraWulf Inc. is filing a shelf registration statement for the potential offering and sale of common stock, preferred stock, debt securities, depositary shares, warrants, rights, purchase contracts, or units, or any combination thereof, with an aggregate offering price of up to $500,000,000.

2M 0
Nov 15, 2021

10-Q filing | 2.0M shares outstanding

2M 0
Aug 12, 2021

10-Q filing | 2.0M shares outstanding

2M 0
May 13, 2021

10-Q filing | 2.0M shares outstanding

2M 0
Mar 03, 2021

10-K filing | 2.0M shares outstanding

2M 0
Nov 12, 2020

10-Q filing | 2.0M shares outstanding

2M 0
Aug 12, 2020

10-Q filing | 2.0M shares outstanding

2M 0
May 13, 2020

10-Q filing | 2.0M shares outstanding

2M 0
Mar 03, 2020

10-K filing | 2.0M shares outstanding

2M 0
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