Bernstein Sees 100% Upside in TeraWulf as AI Pivot Accelerates
WULF has more than doubled off its 52-week low of $4.67.
Summary
Bernstein reiterated its Outperform rating and $36 price target on TeraWulf, citing the clearest evidence yet that its AI infrastructure strategy is delivering. Q2 HPC revenue hit $32M, now 71% of total, validating the shift from Bitcoin mining. The firm raised its construction cost estimate to $10M-$12M per IT megawatt from $8M-$10M, flagging inflation risk. An amended Fluidstack lease added ~$300M in contracted revenue, bringing the total to $7.2B over 10 years. TeraWulf expects over $1.8B in average annual revenue and $1.5B in annual net operating income from its backlog. The Muskie campus's first 500MW phase is slated for Q4 2028, with full buildout by 2030. This follows the landmark Anthropic lease and $3.5B debt raise plans, reinforcing the AI infrastructure thesis.
At the time of this announcement, WULF was trading at $18.01 on NASDAQ in the Technology sector, with a market capitalization of approximately $8.9B. The 52-week trading range was $4.67 to $29.84. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Benzinga.