WULF
Wall Street said ‘still like it’
TeraWulf caught a bid on Thursday after Morgan Stanley reiterated an Overweight rating and nudged its price target up from $66.50 to $72. Translation: one of Wall Street’s big megaphones is basically saying, “Yes, keep the music playing.”
Why the stock’s getting extra juice
The analyst upgrade didn’t show up alone. It landed in the middle of a fresh wave of TeraWulf optimism tied to its recently announced AI infrastructure deal with Anthropic.
That deal is the kind of thing investors love to squint at and imagine in giant dollar signs:
- a 20-year lease for its Justified Data campus in Kentucky
- 401 megawatts of AI computing capacity
- about $19 billion in contracted lease revenue
- operations expected to begin in late 2027
That’s a long runway, not a pop-up shop.
The Bitcoin baggage is still there
TeraWulf still has its legacy Bitcoin mining business, so it’s not shocking that a dip in crypto prices has been a bit of a buzzkill. Add in some broader AI-stock anxiety earlier in the week — including chatter about competition from Meta and chip headlines out of Asia — and you get the kind of mood swing that can make WULF feel like it’s riding a caffeinated roller coaster.
Cash, contracts, and a cleaner story
There’s one more wrinkle: the company is selling its 50.1% stake in the Abernathy Joint Venture, an investment worth about $450 million at a premium. That’s the sort of move that can make a balance sheet look a little less crowded and a growth narrative a little easier to sell.
Big picture: TeraWulf is trying to evolve from “crypto miner with a side hustle” into “AI infrastructure landlord with real contracts.” Investors tend to love that kind of metamorphosis — until the numbers, timing, and execution start throwing punches back.