Terawulf

$Terawulf(WULF.US) | Rosenblatt reiterates 𝐁𝐮𝐲 on 𝐓𝐞𝐫𝐚𝐖𝐮𝐥𝐟, maintains 𝐏𝐓 𝐚𝐭 $𝟑𝟎

Analyst sees recent stock weakness as an overreaction, viewing the NY data center moratorium as a headline risk with no structural impact to the company.

$Terawulf(WULF.US) | 𝐍𝐞𝐞𝐝𝐡𝐚𝐦 𝐫𝐞𝐢𝐭𝐞𝐫𝐚𝐭𝐞𝐬 𝐁𝐮𝐲 on 𝐓𝐞𝐫𝐚𝐖𝐮𝐥𝐟, 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧𝐬 𝐏𝐓 𝐚𝐭 $𝟑𝟑

Analyst sees New York's data center moratorium as having minimal impact on TeraWulf's near-term pipeline, as the key Lake Mariner site is likely exempt.

📢 𝐉𝐔𝐒𝐓 𝐈𝐍: $Terawulf(WULF.US) TeraWulf Signs 20-Year Anthropic Lease, Sells Abernathy JV Stake

👉 𝐊𝐞𝐲 𝐇𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬:

➤ 𝐓𝐞𝐫𝐚𝐖𝐮𝐥𝐟 signed a 𝟐𝟎-𝐲𝐞𝐚𝐫 AI infrastructure lease with 𝐀𝐧𝐭𝐡𝐫𝐨𝐩𝐢𝐜.

➤ Lease is expected to generate approximately 𝟏𝟗 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 in contracted revenue over the initial term.

➤ Anthropic campus will support approximately 𝟒𝟎𝟏 𝐌𝐖 of critical IT load.

➤ Initial capacity is expected online in 𝐇𝟐 𝟐𝟎𝟐𝟕, with full buildout by 𝐞𝐚𝐫𝐥𝐲 𝟐𝟎𝟐𝟖.

➤ TeraWulf agreed to sell its 𝟓𝟎.𝟏% Abernathy JV stake to a 𝐅𝐥𝐮𝐢𝐝𝐬𝐭𝐚𝐜𝐤-led investor group.

➤ Transaction monetizes TeraWulf's approximately 𝟒𝟓𝟎 𝐦𝐢𝐥𝐥𝐢𝐨𝐧 investment at a 𝐩𝐫𝐞𝐦𝐢𝐮𝐦.

➤ Proceeds will be redeployed into 𝐰𝐡𝐨𝐥𝐥𝐲 𝐨𝐰𝐧𝐞𝐝 AI infrastructure opportunities.

➤ Company expects stronger revenue visibility and greater 𝐝𝐢𝐫𝐞𝐜𝐭 𝐨𝐰𝐧𝐞𝐫𝐬𝐡𝐢𝐩 of AI assets.

👉 𝐖𝐡𝐲 𝐈𝐭 𝐌𝐚𝐭𝐭𝐞𝐫𝐬:

➤ 𝟏𝟗 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 lease significantly strengthens TeraWulf's long-term revenue pipeline.

➤ Capital recycling supports expansion of 𝐡𝐢𝐠𝐡𝐞𝐫-𝐦𝐚𝐫𝐠𝐢𝐧, wholly owned AI infrastructure.

➤ Anthropic partnership reinforces growing demand for large-scale 𝐀𝐈 𝐝𝐚𝐭𝐚 𝐜𝐞𝐧𝐭𝐞𝐫 capacity.

👉 𝐄𝐱𝐩𝐞𝐫𝐭 𝐒𝐭𝐚𝐭𝐞𝐦𝐞𝐧𝐭:

➤ "The Anthropic lease validates our strategy and establishes a long-duration revenue stream with one of the world's leading AI companies. The lease provides approximately $19 billion of contracted lease revenue over its initial term, creates a framework for future expansion, and demonstrates the value of our ability to source power, develop infrastructure, and secure long-term customer commitments." — 𝐏𝐚𝐮𝐥 𝐏𝐫𝐚𝐠𝐞𝐫, Chairman and Chief Executive Officer of TeraWulf.

➤ "At the same time, the sale of our ownership interest in Abernathy to a group led by Fluidstack crystallizes the value created through that investment and generates significant capital for redeployment into infrastructure platforms where we maintain direct ownership, customer relationships, and operational control." — 𝐏𝐚𝐮𝐥 𝐏𝐫𝐚𝐠𝐞𝐫, Chairman and Chief Executive Officer of TeraWulf.

$Terawulf(WULF.US) | BofA Securities 𝐢𝐧𝐢𝐭𝐢𝐚𝐭𝐞𝐬 coverage on 𝐓𝐞𝐫𝐚𝐖𝐮𝐥𝐟 with a 𝐁𝐮𝐲 rating and sets 𝐏𝐓 𝐚𝐭 $𝟑𝟒

Analyst sees WULF's transition from volatile bitcoin mining to developing digital infrastructure for high-performance compute (HPC) and AI as a key driver.

Doing extensive analysis on the wider neocloud ecosystem.

I'm curious: which one of these names is your favourite?

Ranked by market cap:

$Hut 8 Mining(HUT.US) @ $13.38B

$Galaxy Digital(GLXY.US) @ $13.01B

$Terawulf(WULF.US) @ $12.91B

$Applied Digital(APLD.US) @ $12.20B

$Cipher Digital(CIFR.US) @ $10.02B

$Core Scientific, Inc.(CORZ.US) @ $8.77B

$CleanSpark(CLSK.US) @ $4.23B

$SharonAI(SHAZ.US) @ $1.04B

$HIVE Digital Tech(HIVE.US) @ $1.38B CAD

$Whitefiber(WYFI.US) @ $953M

Any others I should look into?

Other than the obvious $Nebius(NBIS.US) / $Coreweave(CRWV.US) / $IREN(IREN.US) type names.

Disclosure:

- I personally hold positions in a lot of these companies from 2025.

- Current research is to identify the ones to increase concentration in / start new positions in.

The economics of $CleanSpark(CLSK.US) & $Keel Infrastructure(KEEL.US) if they start signing leases and start getting valued on parity with eg $Terawulf(WULF.US) $Cipher Digital(CIFR.US) $IREN(IREN.US) etc are quite staggering

We're talking v large upside from here

They have to execute though

📊 𝐈𝐍𝐕𝐄𝐒𝐓𝐎𝐑 𝐍𝐎𝐓𝐄: Bitcoin miners best positioned in “time to compute” race, Bernstein says - $Terawulf(WULF.US) $Cipher Digital(CIFR.US) $Riot Platforms(RIOT.US) $CleanSpark(CLSK.US) $Bitfarms Canada(BITF.US) $Hut 8 Mining(HUT.US)

👉 𝐊𝐞𝐲 𝐇𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬:

➤ Bernstein starts coverage on 𝐓𝐞𝐫𝐚𝐖𝐮𝐥𝐟 and 𝐂𝐢𝐩𝐡𝐞𝐫 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 with Outperform ratings.

➤ Firm says Bitcoin miners are well-positioned to meet growing 𝐀𝐈 𝐜𝐨𝐦𝐩𝐮𝐭𝐞 demand.

➤ Miners have contracted 𝟔 𝐆𝐖 across 𝟏𝟕 deals worth over $𝟏𝟏𝟎𝐁.

➤ Bernstein forecasts AI revenue across coverage universe rising from $𝟏.𝟐𝐁 to $𝟏𝟎.𝟕𝐁 by 𝟐𝟎𝟑𝟎.

➤ TeraWulf receives a $𝟑𝟔 price target; AI revenue projected at $𝟏.𝟕𝐁 by 2030.

➤ Cipher Digital receives a $𝟑𝟐 price target with an $𝟏𝟏.𝟒𝐁 contracted order book.

➤ Both companies are expected to generate industry-leading 𝐄𝐁𝐈𝐓𝐃𝐀 𝐦𝐚𝐫𝐠𝐢𝐧𝐬 from AI infrastructure.

💬 𝐄𝐱𝐩𝐞𝐫𝐭 𝐒𝐭𝐚𝐭𝐞𝐦𝐞𝐧𝐭:

“Bitcoin miners remain best positioned to solve ‘time to compute’ given their planned 30 GW power portfolio and operating ability to deliver ‘warm powered shells’ in time,” said Bernstein analyst Gautam Chhugani.

The firm noted that Bitcoin miners have signed 17 AI infrastructure agreements totaling more than $110 billion over the last two years, representing approximately 10% of AI data center capacity currently under construction. Bernstein believes existing power access, development expertise, and speed-to-market advantages position miners as key beneficiaries of the expanding AI infrastructure buildout.

⚡ 𝐔𝐏𝐃𝐀𝐓𝐄: $Terawulf(WULF.US) TeraWulf Acquires Kentucky Site for 𝟏𝐆𝐖+ HPC Data Campus

👉 𝐊𝐞𝐲 𝐇𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬:

➤ TeraWulf acquires 𝐌𝐮𝐬𝐤𝐢𝐞 𝐃𝐚𝐭𝐚 𝐂𝐚𝐦𝐩𝐮𝐬 in Eastern Kentucky.

➤ Site expected to support more than 𝟏 𝐆𝐖 of data center capacity.

➤ Initial 𝟓𝟎𝟎 𝐌𝐖 delivery targeted for second half of 𝟐𝟎𝟐𝟖.

➤ Additional 𝟓𝟎𝟎 𝐌𝐖 expansion planned for second half of 𝟐𝟎𝟑𝟎.

➤ Kentucky Power constructing 𝟑𝟒𝟓 𝐤𝐕 substation tied to 𝟕𝟔𝟓 𝐤𝐕 grid.

➤ Campus strengthens TeraWulf’s 𝐀𝐈 and HPC infrastructure strategy.

➤ Marks company’s second major 𝐊𝐞𝐧𝐭𝐮𝐜𝐤𝐲 digital infrastructure campus.

$Terawulf(WULF.US) | 𝐓𝐞𝐫𝐚𝐖𝐮𝐥𝐟: KBW reiterates 𝐎𝐮𝐭𝐩𝐞𝐫𝐟𝐨𝐫𝐦, raises 𝐏𝐓 𝐭𝐨 $𝟑𝟑

Analyst sees new site acquisitions and utility partnerships driving next leg of upside despite near-term visibility challenges.

$Terawulf(WULF.US) | 𝐓𝐞𝐫𝐚𝐰𝐮𝐥𝐟: Oppenheimer maintains 𝐎𝐮𝐭𝐩𝐞𝐫𝐟𝐨𝐫𝐦, raises 𝐏𝐓 𝐭𝐨 $𝟐𝟓

Analyst sees execution of HPC build plan as key driver, with near-term weakness overshadowed by long-term growth potential.

Source: Hardik Shah