WULF
BofA just rolled out the red carpet
TeraWulf got a fresh boost Monday after BofA Securities started coverage with a Buy rating and a $34 price target. That was enough to send WULF shares flying to a new 52-week high, because apparently Wall Street still loves a good transformation story — especially when it involves AI, power, and big revenue forecasts.
The pitch: from miners to AI real estate
The bullish case here is basically: forget the bitcoin miner label, look at the land and the power. BofA’s Michael Funk argues TeraWulf is building high-performance computing infrastructure for AI workloads under long-term contracted leases, which could give the company a more predictable revenue base than the usual crypto roller coaster.
Why investors are paying attention
The note lays out a pretty aggressive growth path: capacity expanding from about 60 megawatts to more than 1 gigawatt, revenue climbing from $226 million in 2026 to $1.8 billion in 2028, and adjusted EBITDA swelling from $63 million to $1.25 billion over the same stretch. That’s not a typo — it’s the kind of forecast that makes a stock chart look like it drank an energy drink.
The fine print: dreams need power, cash, and time
Of course, the risks are doing their usual rain-on-the-parade thing. BofA flagged financing, construction delays, tenant timing, labor shortages, supply chain headaches, and local pushback as the main potholes. On the upside, TeraWulf’s lease deals with Fluidstack — backed by Google credit support — help make the story feel a little less like vaporware and a little more like actual contracted business.
Big picture: this is a classic Wall Street re-rate setup. If TeraWulf can keep turning power access into AI infrastructure faster than its rivals, investors may keep treating it less like a bitcoin miner and more like a picks-and-shovels play for the AI buildout.