Terawulf

WULF · NASDAQ

$12.01−$0.05 (−0.41%)TodayMarket closed · Oct 20, 7:59 PM ET

Prev close $12.06

WULF analyst rating

BuyConsensus of 18 analysts over the last 12 months. 94% rate it a buy.

Strong buy0
Buy17
Hold1
Underperform0
Sell0

12-month price target · 23 analysts

Average $35.63 (+196.6% upside)

Low: $19.19
Now: $12.01
High: $65.63

Upgrades and downgrades

The latest rating actions, newest first

WULF analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Cantor Fitzgerald	Oct 16, 2026	Maintains	Overweight	$37.00 → $30.00	40%
Morgan Stanley	Oct 12, 2026	Maintains	Overweight	$62.50 → $65.00	58%
TD Cowen	Oct 12, 2026	Initiates	Buy	$21.00	41%
UBS	Sep 23, 2026	Initiates	Buy	$24.00	44%
Rothschild & Co	Sep 21, 2026	Initiates	Neutral	$15.00	62%
Wells Fargo	Sep 17, 2026	Initiates	Overweight	$30.00	43%
Freedom Capital Markets	Sep 8, 2026	Initiates	Buy	$19.00	0%
William Blair	Aug 28, 2026	Initiates	Outperform	—	62%
Rosenblatt	Aug 21, 2026	Maintains	Buy	$30.00	35%
Morgan Stanley	Aug 13, 2026	Maintains	Overweight	$72.00 → $62.50	58%

The case for and against

Updated Oct 14, 2026

Bull case

TeraWulf is viewed positively because it is pivoting from bitcoin mining into a power-advantaged AI and HPC data center landlord with 839MW already leased and roughly 2.1GW of additional expansion capacity, while its contracted portfolio is implied at about a ~9% cap rate versus lower public and private comps. The thesis is strengthened by marquee credit support from Google on Fluidstack, the 401MW AI lab lease, and a projected ~$1.5B of annual NOI once the contracted assets are fully operational, even though much of that revenue has yet to convert. Execution at Lake Mariner, the Muskie and Justified campuses, and the company’s brownfield, grid-connected strategy support a credible path to scaling recurring, long-duration cash flows in a record U.S. data center demand environment.

Bear case

TeraWulf is a high-risk transition story whose upside depends on converting 839MW of contracted capacity into reliable recurring cash flow, yet only 102MW has been delivered and 737MW still must be built, with 336MW under construction and 401MW not yet started. Execution risk is substantial because delays can trigger rent credits, liquidated damages, or even termination rights on long-duration leases, while current profitability is still burdened by negative adjusted EBITDA, a $939.9M GAAP net loss in 2Q26, and a $755.7M non-cash warrant loss. It is also exposed to customer concentration, leverage, dilution, governance overhang from related-party leases, and regulatory pushback, making the market vulnerable to mispricing both construction risk and hyperscale operating risk.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.