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WULF
The stock’s got momentum, and then some
TeraWulf spent Wednesday doing its best impression of a rocket strapped to a server rack. The stock jumped 12.8% in the regular session and tacked on another 2.06% after hours after Morgan Stanley left its Overweight rating in place and lifted its price target to $72 from $66.50.
That kind of move matters because it tells you Wall Street isn’t just admiring the price action — it’s updating the math on the business.
Why investors are suddenly paying attention
The catalyst stack here is doing a lot of work:
- Morgan Stanley said the stock still deserves an Overweight call, which is basically analyst-speak for “we’re not done here.”
- The new $72 target suggests more upside even after the recent run.
- Trading volume exploded to 42.87 million shares, well above the 31.21 million average daily volume, which usually means the market is waking up from its nap.
And then there’s the real plot twist: TeraWulf’s Monday announcement of a 20-year lease with Anthropic at its Justified Data campus in Kentucky. The company says that deal could generate roughly $19 billion in contracted revenue. That’s not a typo — that’s the kind of number that makes a small-cap story start wearing a big-cap hat.
The bigger story
Yes, the stock is riding sector tailwinds too. Tech remains hot, and ETFs like IYW and XLK have had a monster year. But the more important thing for you is that TeraWulf is being valued less like a crypto-linked name and more like an AI infrastructure play with a very chunky contract attached.
That said, after a move this large, the market is basically asking one question: can TeraWulf turn a headline-grabbing lease into sustained execution instead of just another shiny chart?
Big picture: when analysts raise targets and a company lands a multi-decade AI tenant, the market tends to notice — even if the stock has already been on a caffeine bender.