TeraWulf and peers rallied on strong power demand and a no-dilution pledge tied to AI data center growth.

Shares of TeraWulf jumped 8% after its CEO highlighted extremely strong power demand for AI data centers and pledged no shareholder dilution, even though customers will need outside funding. Applied Digital and IREN also rose on the same power-scarcity theme, reflecting a sector-wide rally in powered data-center capacity. Elon Musk's comments on the limits of power infrastructure for AI further boosted the stocks. TeraWulf's upcoming delivery of its Lake Mariner data center this quarter will be a key test of its growth execution.

As of Oct 22, 2026, 01:21 WIB, TeraWulf's market capitalization stood at $5.99 billion, with its shares up 8.20% on Pluang, reflecting strong investor interest in its power infrastructure story. Applied Digital also showed robust activity, with a market capitalization of $5.85 billion and a 9.65% gain on the day. Trading volumes were notable: TeraWulf traded 37.3 million shares and Applied Digital 19.4 million, indicating active participation in these power-related technology stocks.