Analysts see a major shift toward high-performance computing as a key growth driver for TeraWulf through 2027.
A major US investment bank has issued a bullish outlook for Bitcoin miner TeraWulf, upgrading its stock rating and sharply increasing its price target. The move reflects growing confidence that TeraWulf’s evolving business model and infrastructure expansion are not yet fully reflected in its current valuation.
Rating Upgrade and Price Target Increase
The bank upgraded TeraWulf shares to “outperform” from a neutral stance and raised its price target from $9.50 to $24. The reassessment is based on expectations that investors are underestimating the scale of the company’s transition from pure Bitcoin mining toward a mixed model that includes high-performance computing (HPC) leasing.
At the time of the upgrade, TeraWulf shares were trading near $11.50, suggesting significant upside potential if execution meets projections.
Shift From Mining to HPC Leasing
Analysts highlighted a substantial pipeline of infrastructure capacity, with over 640 megawatts of net capacity expected to support both mining and HPC workloads through 2027. This shift is projected to drive strong earnings growth, with estimates pointing to a multi-year surge in EBITDA and improving returns on invested capital.
Recent financing and long-term lease agreements tied to data center expansion are seen as critical catalysts. These deals are expected to stabilize revenue, diversify cash flows, and reduce exposure to short-term Bitcoin mining volatility.With infrastructure scale, AI-linked demand, and diversified revenue streams converging, TeraWulf is increasingly viewed as a hybrid digital infrastructure play rather than a traditional Bitcoin miner, supporting a more optimistic long-term outlook.
Disclaimer
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