TeraWulf CEO Paul Prager sells 137,500 shares for $2.3M as company pivots hard into AI

TeraWulf CEO Paul Prager sold 137,500 shares of the company on August 27 through Beowulf E&D Holdings, the entity he manages, pocketing roughly $2.35 million at a weighted average price of about $17.06 per share. The sale was executed under a Rule 10b5-1 trading plan established back in December 2025, meaning it was scheduled well in advance rather than triggered by any sudden change of heart.

The numbers behind the trade

This wasn’t Prager’s first sale of the year. Back on June 29, he moved the exact same number of shares, 137,500, but at a considerably juicier price of $26.60 each. That June sale would have netted approximately $3.66 million, making the August transaction look like a discount clearance event by comparison.

Even after both sales, Prager’s indirect holdings through Beowulf E&D still sit at roughly 3.8 million shares, and he holds an additional 1.76 million shares directly.

WULF shares have been trading in the $15 to $17 range in late August 2026, a far cry from the $26-plus levels seen earlier in the summer.

From Bitcoin mining to AI infrastructure

The centerpiece of TeraWulf’s pivot is a roughly $19 billion HPC lease contract with Anthropic, the AI safety company behind the Claude family of models. The deal involves services at TeraWulf’s Justified Data Campus and will be recognized over 20 years rather than as a lump sum.

TeraWulf’s Q2 2026 earnings report showed revenue of $44.8 million, with 71% of that total coming from HPC leases rather than Bitcoin mining. The company still posted a GAAP net loss.

Wall Street takes notice

The day after Prager’s latest share sale, William Blair initiated coverage of TeraWulf with an Outperform rating and a $31 price target. That target implies roughly 80% upside from where the stock was trading in late August.

The 10b5-1 plan was established on December 23, 2025, specifically designed to insulate executives from accusations of trading on material nonpublic information, with the sale predetermined months before William Blair’s initiation of coverage.