Bernstein Reaffirms Outperform Rating on TeraWulf Amid AI Infrastructure Growth

TeraWulf, a company that's been shifting its focus from Bitcoin mining to AI infrastructure, has seen significant growth in its high-performance computing (HPC) revenue. According to Bernstein, TeraWulf's HPC revenue reached $32 million, accounting for 71% of the total second-quarter revenue. This marks a major milestone for the company, as it's clear evidence that its strategy is paying off.

The brokerage firm reaffirmed its Outperform rating and $36 price target on TeraWulf (WULF), citing the company's strong execution in achieving its thesis. Analysts at Bernstein have been following TeraWulf since June, when they described it as one of the 'power landlords of AI' along with Cipher Mining.

TeraWulf has a contracted revenue book exceeding $27 billion across three deals with Anthropic, Fluidstack, and Core42. The company's 102 IT megawatts delivered and generating revenue today represent about $180 million in annualized recurring revenue. TeraWulf is on track to reach its full 839 IT megawatts of contracted capacity by the first half of 2028.