TeraWulf Inc. ownership disclosure: Lone Pine Capital LLC and certain named executives report shared beneficial ownership of 21,745,129 shares of TeraWulf common stock, representing 5.1% of the class based on 424,068,125 shares outstanding as of February 24, 2026.
The filing is a joint Schedule 13G showing that Lone Pine and five identified persons share voting and dispositive power over the reported shares; none of the Reporting Persons directly own the shares and the filing includes a Joint Filing Agreement.
Positive
None.
Negative
None.
Insights
Lone Pine reports a passive, shared 5.1% stake in TeraWulf.
The Schedule 13G lists Lone Pine Capital LLC with shared voting and dispositive power over 21,745,129 shares, equal to 5.1% of the class using the company’s 424,068,125 shares outstanding as of February 24, 2026. The filing identifies five named reporting persons associated with Lone Pine.
As a 13G disclosure, the statement indicates an investor reporting framework that is typically passive; subsequent filings would show any change in intent or ownership level.
Key Figures
Shares reported:21,745,129 sharesPercent of class:5.1%Shares outstanding:424,068,125 shares+1 more
4 metrics
Shares reported21,745,129 sharesAmount reported as beneficially owned by Lone Pine and named persons
Percent of class5.1%Ownership percent based on outstanding shares as of <date>February 24, 2026</date>
Shares outstanding424,068,125 sharesShares outstanding used to calculate the percentage (as of <date>February 24, 2026</date>)
CUSIP88080T104CUSIP for TeraWulf common stock shown on the cover page
A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.
Shared Dispositive Powerfinancial
"cover page rows showing shared dispositive power of 21,745,129"
Beneficial Ownershipregulatory
"Item 4(a) references amount 'beneficially owned' in Row 9"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
TERAWULF INC.
(Name of Issuer)
Common Stock, par value $0.001 per share
(Title of Class of Securities)
88080T104
(CUSIP Number)
04/08/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
88080T104
1
Names of Reporting Persons
Lone Pine Capital LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
21,745,129.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
21,745,129.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
21,745,129.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.1 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP Number(s):
88080T104
1
Names of Reporting Persons
David F. Craver
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
21,745,129.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
21,745,129.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
21,745,129.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.1 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
CUSIP Number(s):
88080T104
1
Names of Reporting Persons
Brian F. Doherty
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
21,745,129.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
21,745,129.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
21,745,129.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.1 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
CUSIP Number(s):
88080T104
1
Names of Reporting Persons
Kelly A. Granat
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
21,745,129.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
21,745,129.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
21,745,129.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.1 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
CUSIP Number(s):
88080T104
1
Names of Reporting Persons
Stephen F. Mandel, Jr.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
21,745,129.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
21,745,129.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
21,745,129.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.1 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
CUSIP Number(s):
88080T104
1
Names of Reporting Persons
Kerry A. Tyler
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
21,745,129.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
21,745,129.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
21,745,129.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.1 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
TERAWULF INC.
(b)
Address of issuer's principal executive offices:
9 Federal Street, Easton, Maryland 21601
Item 2.
(a)
Name of person filing:
This statement is filed by:
(i) Lone Pine Capital LLC, a Delaware limited liability company ("Lone Pine Capital"), which has the authority to dispose of and vote the securities held by certain funds and portfolios managed by it (the "Funds and Portfolios"), including, without limitation, the common stock, par value $0.001 per share ("Common Stock"), of TeraWulf Inc., a Delaware corporation (the "Company"), directly held by each of the Funds and Portfolios;
(ii) David F. Craver ("Mr. Craver"), Brian F. Doherty ("Mr. Doherty"), Kelly A. Granat ("Ms. Granat"), and Kerry A. Tyler ("Ms. Tyler"), each an Executive Committee Member of Lone Pine Managing Member LLC, which is the Managing Member of Lone Pine Capital, with respect to the shares of Common Stock directly held by each of the Funds and Portfolios; and
(iii) Stephen F. Mandel, Jr. ("Mr. Mandel"), the Managing Member of Lone Pine Managing Member LLC, which is the Managing Member of Lone Pine Capital, with respect to the shares of Common Stock directly held by each of the Funds and Portfolios.
The foregoing persons are hereinafter sometimes collectively referred to as the "Reporting Persons." Any disclosures herein with respect to persons other than the Reporting Persons are made on information and belief after making inquiry to the appropriate party. None of the Reporting Persons directly own any shares of Common Stock.
The filing of this statement should not be construed as an admission that any of the Reporting Persons is, for the purposes of Section 13 of the Securities Exchange Act of 1934, the beneficial owner of the shares of Common Stock reported herein.
(b)
Address or principal business office or, if none, residence:
The address of the business office of each of the Reporting Persons is Two Greenwich Plaza, Suite 220, Greenwich, Connecticut 06830.
(c)
Citizenship:
Lone Pine Capital is a limited liability company organized under the laws of the State of Delaware. Mr. Craver, Mr. Doherty, Ms. Granat, Mr. Mandel and Ms. Tyler are United States citizens.
(d)
Title of class of securities:
Common Stock, par value $0.001 per share
(e)
CUSIP Number(s):
88080T104
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
The information required by Item 4(a) is set forth in Row 9 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
The percentage set forth in this Schedule 13G is calculated based upon 424,068,125 shares of Common Stock outstanding as of February 24, 2026, as reported in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the Securities and Exchange Commission on February 27, 2026.
(b)
Percent of class:
5.1%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
The information required by Item 4(c)(i) is set forth in Row 5 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
(ii) Shared power to vote or to direct the vote:
The information required by Item 4(c)(ii) is set forth in Row 6 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
(iii) Sole power to dispose or to direct the disposition of:
The information required by Item 4(c)(iii) is set forth in Row 7 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
(iv) Shared power to dispose or to direct the disposition of:
The information required by Item 4(c)(iv) is set forth in Row 8 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
See Item 2(a).
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Lone Pine Capital LLC
Signature:
/s/ Kerry A. Tyler
Name/Title:
Kerry A. Tyler, Managing Director, Chief Operating Officer
Date:
04/15/2026
David F. Craver
Signature:
/s/ David F. Craver
Name/Title:
David F. Craver, individually and as an Executive Committee Member of Lone Pine Managing Member LLC, as Managing Member of Lone Pine Capital LLC
Date:
04/15/2026
Brian F. Doherty
Signature:
/s/ Brian F. Doherty
Name/Title:
Brian F. Doherty, individually and as an Executive Committee Member of Lone Pine Managing Member LLC, as Managing Member of Lone Pine Capital LLC
Date:
04/15/2026
Kelly A. Granat
Signature:
/s/ Kelly A. Granat
Name/Title:
Kelly A. Granat, individually and as an Executive Committee Member of Lone Pine Managing Member LLC, as Managing Member of Lone Pine Capital LLC
Date:
04/15/2026
Stephen F. Mandel, Jr.
Signature:
/s/ Stephen F. Mandel, Jr.
Name/Title:
Stephen F. Mandel, Jr., individually and as Managing Member of Lone Pine Managing Member LLC, as Managing Member of Lone Pine Capital LLC
Date:
04/15/2026
Kerry A. Tyler
Signature:
/s/ Kerry A. Tyler
Name/Title:
Kerry A. Tyler, individually and as an Executive Committee Member of Lone Pine Managing Member LLC, as Managing Member of Lone Pine Capital LLC
What stake does Lone Pine Capital hold in TeraWulf (WULF)?
Lone Pine reports shared beneficial ownership of 21,745,129 shares, representing 5.1% of TeraWulf based on 424,068,125 shares outstanding as of February 24, 2026. The holding is reported on a Schedule 13G joint filing.
Who are the reporting persons on the Schedule 13G for WULF?
The joint filing names Lone Pine Capital LLC and five associated individuals: David F. Craver, Brian F. Doherty, Kelly A. Granat, Stephen F. Mandel, Jr., and Kerry A. Tyler, each shown with shared voting/dispositive power.
Does the Schedule 13G indicate Lone Pine directly owns the shares?
No. The filing states that none of the Reporting Persons directly own any shares; Lone Pine and the named persons report shared voting and dispositive power over the 21,745,129 shares disclosed in the filing.
What date and share count were used to calculate the 5.1% ownership?
The percentage is calculated using 424,068,125 shares outstanding as of February 24, 2026, which is cited from TeraWulf’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
