TeraWulf Jumps 8% as CEO Says Power Demand Remains ‘Extremely Strong’; Applied Digital Surges 9%, IREN Climbs 6%

David MoadelWed, October 21, 2026 at 6:09 PM UTC

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TeraWulf CEO Paul Prager's no-dilution pledge and 'extremely strong' power demand call sent WULF up 8% and APLD surging 9%.

WGMI jumped 3%, dwarfing SPY's 0.6% gain, as Elon Musk called cooling and electrical infrastructure a 'limiting factor' for AI build-out.

TeraWulf's next proof point is delivering the Fluidstack-leased Lake Mariner building on schedule this quarter.

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Power scarcity has become the defining trade in artificial intelligence (AI) infrastructure stocks, and a pointed message from one data-center developer's chief executive just gave the whole group a fresh push. TeraWulf (NASDAQ:WULF) stock is at $12.95, up 8% in afternoon trading, a move that puts the company's energized capacity back at the center of the AI build-out story. Rival operators are climbing alongside TeraWulf stock, turning one executive's comments into a sector-wide rally.

Specifically, Applied Digital (NASDAQ:APLD) shares are at $21.17, up 9%, outpacing the gain in TeraWulf stock on the same power-scarcity theme. Also, IREN Limited (NASDAQ:IREN) stock is trading at $28.11, up 6%, trailing both Applied Digital and TeraWulf shares while still moving clearly with the sector. Those parallel gains point to powered data-center capacity being treated as a scarce commodity across the board.

The CoinShares Bitcoin Mining and Digital Power ETF (NASDAQ:WGMI), which holds TeraWulf, Applied Digital and IREN, is at $32.43, up 3%. In contrast, the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is at $773.92, up 0.6%, leaving the digital power fund well ahead of the broad market. That gap shows Applied Digital and IREN shares trading on the power-scarcity theme right alongside TeraWulf, which has its own chief executive's comments as an extra catalyst.

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Prager's Power Demand Post Lights a Fire Under TeraWulf

In a post on X late Tuesday, TeraWulf CEO Paul B. Prager stated that demand for power in the coming years "remains extremely strong" and that the company's site is "energized" to meet it. Prager added that customers would likely need outside funding, though TeraWulf wouldn't take on that financial risk, and he said shareholders wouldn't be diluted. He also said the next data center building at the Lake Mariner campus in western New York, leased to cloud provider Fluidstack, is on track for delivery this quarter.

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The energy theme got a second boost from Elon Musk, who said on his company's earnings call after Tuesday's close that the infrastructure needed to supply and cool electrical equipment is "somewhat of a limiting factor" for building out superintelligence. Musk's remark reinforces the scarcity value of sites that already have electricity in hand, helping explain why TeraWulf stock is rallying alongside the broader sector.

Applied Digital and IREN Ride the Same Power-Scarcity Wave

TeraWulf, Applied Digital and IREN all own powered sites and build high-performance computing (HPC) data centers leased to AI customers, and both TeraWulf and IREN also run cryptocurrency mining operations, which gives each a second business tied to digital asset markets. That shared model explains it. A comment about power from one executive can move several stocks at once, and it's the same reason we've focused a free report on the suppliers powering the AI build-out beyond the chipmakers.

Among the three, TeraWulf stock stands apart because its rally comes with company-specific commitments attached. Prager's no-dilution pledge speaks directly to a common worry around capital-hungry data-center builders, though his admission that customers would likely need financing leaves open how those tenants fund their expansions.

Lake Mariner Delivery Is TeraWulf's Next Proof Point

That delivery promise gives TeraWulf a concrete checkpoint. TeraWulf's next test is whether the Lake Mariner building leased to Fluidstack is delivered on schedule this quarter. A timely transition could back up Prager's comments with execution, while a slip could undercut the confidence behind TeraWulf stock's rally.

For Applied Digital and IREN, the open variable is the durability of the power-scarcity theme, and whether the CoinShares Bitcoin Mining and Digital Power ETF keeps its lead over the SPDR S&P 500 ETF Trust offers one gauge. Investors weighing their share exposure should adjust their holdings carefully, given how quickly a single executive's comments moved the entire group.

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Source: “AOL Money”