If you haven`t bought WULF before the rally:
TeraWulf has transitioned from Bitcoin mining to a vertically integrated developer and operator of large-scale AI and high-performance computing (HPC) data centers, securing multi-billion-dollar long-term leases backed by high-quality tenants.
Recent power expansions and a large contracted pipeline position the company for a sharp revenue ramp as capacity is delivered, while the stock trades well below analyst targets.
Key leases include a 20-year agreement with Anthropic for ~401 MW of critical IT load at the Justified Data Campus (contracted revenue ~$19B over the initial term, potentially higher with renewals) and multiple Fluidstack deals with Google credit backstops and warrants; total contracted revenue exceeds $27B across ~839 MW, with projected annual run-rate rent of ~$1.76B upon full delivery.
Power capacity continues to expand: Muskie Data Campus contracted power doubled to 1 GW (second 500 MW phase moved into 2029), Kentucky PSC approved power for Justified, and the broader pipeline supports further multi-GW growth; management targets contracting 250–500 MW of new capacity annually.
HPC lease revenue is already a majority of total revenue and growing rapidly as data halls come online; the company is recycling capital (e.g., Abernathy interest sale) to fund wholly owned development while maintaining access to low-cost power.
Analyst consensus is Strong Buy / Moderate Buy with average price targets in the $32–33 range (implying 150%+ upside from recent levels near $11–13); recent initiations and notes from TD Cowen, Wells Fargo, UBS, and others highlight the AI demand boom, contracted visibility, and attractive valuation relative to pure-play data-center peers.
The combination of long-duration contracted cash flows from AI customers, scalable power assets, and execution on construction timelines creates a high-upside re-rating opportunity as rents commence and the market assigns higher multiples to the HPC platform.