IREN vs TeraWulf
IREN is larger by market cap ($14.2B vs $8.4B). IREN reports higher tracked revenue ($501M vs $168M). Both are primarily Data Center Operators (Colo) companies.
Shared segment: AI & Data Center.
Side-by-side
| IREN | TeraWulf | |
|---|---|---|
| Market cap | $14.2B | $8.4B |
| Revenue | $501M (FY2025) | $168M (FY2025) |
| Primary segment | Data Center Operators (Colo) | Data Center Operators (Colo) |
| Market position | challenger | niche |
| Country | Australia | United States |
| Tracked suppliers | 7 | 4 |
| Tracked customers | 5 | 5 |
| Chokepoint / criticality | 7/100 | 6/100 |
Market caps/revenue from the wafergraph dataset · data as of 2026-08-12. Criticality is a graph-derived chokepoint score (0–100). Coverage is partial; "Unpriced" means no reliable market cap.
How IREN and TeraWulf compare
- Size: IREN is the larger company by market cap.
- Revenue: IREN reports higher tracked revenue.
- Supply-chain criticality: IREN has the higher chokepoint score (7/100 vs 6/100).
- Footprint: IREN (Australia) vs TeraWulf (United States).