WULF
New target, same bull case
Oppenheimer just gave Terawulf another thumbs-up, raising its price target to $25 from $20 and keeping an Outperform rating. That’s the kind of move that says, “Yes, the stock has already sprinted, but we still think there’s room left on the treadmill.”
Why the firm changed its tune
The firm updated its numbers after Terawulf’s preliminary first-quarter results and a chunky equity raise. In other words, the model got a tune-up after the company reminded everyone it’s still very much in expansion mode — and still very much willing to fund that expansion by selling stock.
The catch: bitcoin isn’t exactly helping
Oppenheimer trimmed fiscal 2026 estimates a bit because of weaker bitcoin pricing, which matters a lot for a company that lives at the intersection of crypto mining and high-performance computing. But it also nudged its outer-year revenue outlook up about 3% thanks to what it sees as timely execution on Terawulf’s HPC build plan.
The investor takeaway
Terawulf is trying to evolve from “just another crypto miner” into something more like a power-and-compute story. That’s attractive if the buildout goes smoothly, but it also means you’re dealing with a company that can make growth look exciting and dilution look, well, normal.
Big picture: analysts are still buying the long-term story, even if the short-term math has to wrestle with bitcoin volatility and a lot of fresh shares.