IREN vs TeraWulf
Both are primarily Data Center Operators (Colo) companies. IREN is larger by market cap ($16.5B vs $7.7B). IREN reports higher tracked revenue ($707M vs $168M).
Shared segment: AI & Data Center.
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Side-by-side
| IREN | TeraWulf | |
|---|---|---|
| Market cap | $16.5B | $7.7B |
| Revenue | $707M (FY2026) | $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 2026-10-04. 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).
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Cite as: wafergraph, “IREN vs TeraWulf”, https://wafergraph.com/compare/iren-vs-terawulf (data as of 2026-10-04).
Frequently asked questions3
- Is IREN bigger than TeraWulf?
- IREN is larger by market cap ($16.5B vs $7.7B).
- What's the difference between IREN and TeraWulf?
- IREN is a challenger in Data Center Operators (Colo) based in Australia; TeraWulf is a niche in Data Center Operators (Colo) based in United States. Both operate in the AI & Data Center segment.
- Who are IREN's and TeraWulf's suppliers?
- wafergraph tracks 7 suppliers for IREN and 4 for TeraWulf.