Morgan Stanley reports 6.1% stake in TeraWulf

Morgan Stanley, a Delaware holding company, reports beneficial ownership of TeraWulf Inc. common stock on a Schedule 13G. The firm reports beneficial ownership of 30,388,221 shares, representing 6.1% of the outstanding common stock.

Rhea-AI Filing Summary

Morgan Stanley, a Delaware holding company, reports beneficial ownership of TeraWulf Inc. common stock on a Schedule 13G. The firm reports beneficial ownership of 30,388,221 shares, representing 6.1% of the outstanding common stock.

Morgan Stanley reports no sole voting or dispositive power over TeraWulf shares. It discloses shared voting power over 26,073,940 shares and shared dispositive power over 30,388,221 shares. The filing reflects holdings of specific Morgan Stanley operating units, and explicitly notes that other operating units whose ownership is disaggregated under SEC guidance are not included.

Key Figures

Beneficial ownership: 30,388,221 shares Percent of class: 6.1% Shared voting power: 26,073,940 shares +3 more

6 metrics

Beneficial ownership 30,388,221 shares TeraWulf common stock beneficially owned by Morgan Stanley

Percent of class 6.1% Percentage of TeraWulf common stock class beneficially owned

Shared voting power 26,073,940 shares Shares of TeraWulf common stock over which Morgan Stanley has shared voting power

Shared dispositive power 30,388,221 shares Shares over which Morgan Stanley has shared dispositive power

Sole voting power 0 shares Shares of TeraWulf common stock with sole voting power reported by Morgan Stanley

Sole dispositive power 0 shares Shares of TeraWulf common stock with sole dispositive power reported by Morgan Stanley

Key Terms

Schedule 13G, beneficially owned, shared voting power, shared dispositive power, +1 more

5 terms

Schedule 13G regulatory

"Morgan Stanley reports beneficial ownership of TeraWulf Inc. common stock on a Schedule 13G."

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.

beneficially owned financial

"this filing reflects the securities beneficially owned, or that may be deemed to be beneficially owned"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

shared voting power financial

"Shared Voting Power 26,073,940.00"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

shared dispositive power financial

"Shared Dispositive Power 30,388,221.00"

disaggregated regulatory

"ownership of securities is disaggregated from that of the MS Reporting Units"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What percentage of TeraWulf (WULF) does Morgan Stanley report owning?

Morgan Stanley reports beneficial ownership of 6.1% of TeraWulf’s common stock. This corresponds to 30,388,221 shares of common stock as disclosed in its Schedule 13G filing.

How many TeraWulf (WULF) shares does Morgan Stanley report as beneficially owned?

Morgan Stanley reports beneficial ownership of 30,388,221 TeraWulf common shares. This stake represents 6.1% of the company’s outstanding common stock according to the Schedule 13G.

What voting power does Morgan Stanley have over its TeraWulf (WULF) shares?

Morgan Stanley reports no sole voting power and shared voting power over 26,073,940 TeraWulf shares. It holds shared dispositive power over 30,388,221 shares, with no sole dispositive authority reported.

Does Morgan Stanley have sole dispositive power over TeraWulf (WULF) shares?

No. Morgan Stanley reports 0 shares with sole dispositive power. Instead, it discloses shared dispositive power over 30,388,221 TeraWulf common shares in its Schedule 13G filing.

Which Morgan Stanley units are included in the TeraWulf (WULF) Schedule 13G filing?

The Schedule 13G covers securities beneficially owned or deemed owned by certain Morgan Stanley operating units, called the MS Reporting Units. It excludes operating units whose ownership is disaggregated under SEC Release No. 34-39538.

Where is Morgan Stanley, the TeraWulf (WULF) reporting person, organized and headquartered?

Morgan Stanley, the reporting person, is organized in Delaware with a principal business office at 1585 Broadway, New York, NY 10036, as stated in the Schedule 13G ownership disclosure.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/13/2026 - 05:42 PM Accepted by SEC EDGAR 08/13/2026 - 05:42 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

TERAWULF INC.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

88080T104

(CUSIP Number)

06/30/2026

(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

Morgan Stanley

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 26,073,940.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 30,388,221.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

30,388,221.00

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)

6.1 %

12

Type of Reporting Person (See Instructions)

HC, CO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: TERAWULF INC.
(b)	Address of issuer's principal executive offices: 9 FEDERAL STREET, EASTON, MD, 21601
Item 2.
(a)	Name of person filing: Morgan Stanley
(b)	Address or principal business office or, if none, residence: 1585 Broadway, New York, NY 10036
(c)	Citizenship: Delaware
(d)	Title of class of securities: Common Stock
(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: See the response(s) to Item 9 on the attached cover page(s).
(b)	Percent of class: 6.1 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See the response(s) to Item 5 on the attached cover page(s).
	(ii) Shared power to vote or to direct the vote: See the response(s) to Item 6 on the attached cover page(s).
	(iii) Sole power to dispose or to direct the disposition of: See the response(s) to Item 7 on the attached cover page(s).
	(iv) Shared power to dispose or to direct the disposition of: See the response(s) to Item 8 on the attached cover page(s).
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.
	Not Applicable
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 acquired and are held in the ordinary course of business and 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. * In Accordance with the Securities and Exchange Commission Release No. 34-39538 (January 12, 1998) (the "Release"), this filing reflects the securities beneficially owned, or that may be deemed to be beneficially owned, by certain operating units (collectively, the "MS Reporting Units") of Morgan Stanley and its subsidiaries and affiliates (collectively, "MS"). This filing does not reflect securities, if any, beneficially owned by any operating units of MS whose ownership of securities is disaggregated from that of the MS Reporting Units in accordance with the Release.

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.

Morgan Stanley

Signature:	Claire Gordon
Name/Title:	Authorized Signatory, Morgan Stanley
Date:	08/13/2026