TeraWulf’s pivot to AI data centers drives $32 million in HPC revenue, securing $27 billion in contracted future sales.
Bernstein raised its price target for TeraWulf (NASDAQ: $WULF) to $36, implying 101% upside from current levels. The brokerage cited strong execution in transitioning from Bitcoin mining to AI infrastructure, highlighted by $32 million in high-performance computing revenue for Q2.
TeraWulf reported $27 billion in contracted revenue from AI data center tenants, including Anthropic and Core42. The company has delivered 102 megawatts of power, generating $180 million in annualized recurring revenue. Shares have surged 248% over the past year, trading at $17.91.
Bernstein reaffirmed its bullish stance after the earnings report, noting management’s progress in long-term growth strategy. The shift to AI infrastructure appears to be gaining traction, supporting the elevated target.