WULF
Same bull, slightly lower ceiling
Rosenblatt is still waving the green flag on TeraWulf, reiterating a Buy and putting a $23 price target on the stock. That’s a pretty loud thumbs-up for a company that’s been riding the AI/data-center wave like it found the cheat code.
The stock has already done a lot of the running
WULF is trading around $20.95, which is basically kissing its 52-week high of $20.98. After an 815% run over the past year, this isn’t exactly a sleepy “wait and see” setup anymore. At this point, the market is asking a very fair question: how much good news is already baked in?
Why investors are still paying attention
The bullish thesis here isn’t just about Bitcoin mining anymore — it’s about HPC execution and the company’s push into data-center infrastructure. That’s the kind of pivot Wall Street likes when it smells AI-adjacent growth, but it also comes with a giant asterisk: execution has to be real, fast, and expensive.
And yes, the dilution elephant is still in the room
The article also points back to TeraWulf’s recent stock offering, which was bumped from $800 million to $900 million and priced at $19 a share. The money is earmarked for a Kentucky data center, debt repayment, future acquisitions, and other corporate stuff — aka the classic “we need a bigger wallet to build the dream” move.
Big picture: Rosenblatt is basically saying the story still has legs. The catch? After this kind of run, investors aren’t just buying vision — they’re buying flawless execution and hoping the share count doesn’t become the punchline.