INDEPENDENT EQUITY RESEARCH · WULF
WULF — Investment dashboard
Scenario valuation, operating assumptions, funding and investment risk.
Model scope: Scenario-based independent research. Interactive controls are diagnostics; headline values reflect the published baseline.
Core modeling rule: IREN retains its frozen new-cohort AI-cloud pricing curve. NBIS has a separately re-underwritten cohort curve. Owned / secured power changes delivery probability, financing capacity and residual infrastructure value, not ARR/MW by itself. Common equity remains the residual funding source.
Reported information, management guidance and Dilikoglu Research estimates are distinguished in Catalysts & Sources. Priors are shown in Failure / Bear / Base / Bull order.
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Company model
Project NAV + risked powered-land option
Equity value bridge
Convertible principal stays in debt; only the unhedged premium dilutes shares. Granted awards and future ungranted SBC reserves are separate claims.
Scenario inputs & funding
Explore assumptions
Diagnostic changes run the same equity solver and leave published headline cards unchanged.
Reproducible simulation
Input classification
Operating forecasts, project NAV, future financing, scenario probabilities and valuation assumptions are Dilikoglu Research estimates. Security counts and contractual terms were recovered from company disclosures in the research record; they have not been freshly reverified. NAV incorporates completion costs and project debt where specified; do not deduct them again.
Derived estimates
Primary sources
- Q2 2026 results — Primary company disclosure
- August 5, 2026 Form 8-K — Primary company filing
- Q2 2026 investor presentation — Primary company disclosure