Using a self-consistent Hartree-Fock theory, we show that the recently observed ferromagnetism in twisted bilayer ${\mathrm{WSe}}_2$ [Nat. Commun. 16, 1959 (2025)] can be understood as a Stoner-like instability of interaction-renormalized moiré bands. We quantitatively reproduce the observed Lifshitz transition as function of hole filling and applied electric field that marks the boundary between layer-hybridized and layer-polarized regimes. The former supports a ferromagnetic valley-polarized ground state below half-filling, developing a topological charge gap at half-filling for smaller twist angles. At larger twist angles, the system hosts a gapped triangular Néel antiferromagnet. On the other hand, the layer-polarized regime supports a stripe antiferromagnet below half-filling and a wing-shaped multiferroic ground state above half-filling. We map the evolution of these states as a function of filling factor, electric field, twist angle, and interaction strength. Our results demonstrate that long-range exchange in a symmetry-unbroken parent state with strongly renormalized moiré bands provides a broadly applicable framework to understand itinerant magnetism in moiré TMDs.

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• Electrical properties
• Electronic structure
• Magnetism
• Strongly correlated systems
• Transition metal dichalcogenides
• Twisted heterostructures
• Hartree-Fock methods