NEW YORK, January 1, 2026, 04:18 ET — Market closed
- TeraWulf shares last traded at $11.49, up about 2.9% from the prior close.
- KBW upgraded the stock to Outperform and raised its price target to $24 from $9.50.
- A recent SEC filing detailed a $1.3 billion senior secured notes sale tied to a Texas high-performance computing project.
Shares of Nasdaq-listed TeraWulf Inc rose nearly 3% in the last U.S. session after Keefe, Bruyette & Woods upgraded the company and more than doubled its price target, keeping its pivot beyond bitcoin mining in focus. The stock ended Wednesday at $11.49, after ranging between $11.07 and $11.88 on volume of about 19.4 million shares.
The upgrade matters because investors are increasingly trying to value some crypto miners less like pure commodity plays and more like digital infrastructure operators. That can shift the narrative from daily bitcoin price swings to longer-dated cash flow tied to contracted data-center revenue.
It also lands as demand for high-performance computing, or HPC — data centers that rent power, cooling and space to run workloads such as artificial intelligence — keeps driving a scramble for energy and sites. For companies like TeraWulf, the upside is steadier lease revenue; the tradeoff is construction risk and capital intensity.
Keefe, Bruyette & Woods analyst Bill Papanastasiou upgraded TeraWulf to Outperform from Market Perform and raised his price target to $24 from $9.50, Benzinga reported. 1
In a research note, Papanastasiou said TeraWulf’s existing leases could drive 505% annual growth in EBITDA — earnings before interest, taxes, depreciation and amortization — through 2027. He also called the setup a “compelling risk/reward asymmetry,” according to a summary of the note. 2
A filing showed that Flash Compute LLC, an entity tied to a TeraWulf-Fluidstack joint venture, completed a $1.3 billion private sale of 7.250% senior secured notes due 2030. Flash Compute said it intends to use the proceeds to help finance construction of a data center campus in Abernathy, Texas, along with debt reserves and other related costs; the notes begin paying interest in mid-2026 and mature at the end of 2030. 3
Senior secured notes are a form of corporate debt backed by collateral and typically rank ahead of unsecured lenders if a borrower runs into trouble. For equity investors, they can be a sign the funding plan is advancing — and a reminder that fixed interest costs can pressure cash flow if projects slip.
Bitcoin was down about 0.9% at around $87,716 early Thursday, and other mining-linked stocks were mixed in the last U.S. session, with Marathon Digital down about 3.6%, Riot Platforms off roughly 0.4%, and CleanSpark down about 2.9%.
That backdrop matters for TeraWulf because the stock still trades with a high sensitivity to broader crypto risk appetite. Investors are trying to separate two moving parts: near-term mining economics and the longer-term payoff from leasing compute capacity.
Before the next U.S. session on Friday, traders will be watching whether WULF can hold above Wednesday’s $11.07 low and test the $11.88 intraday high hit after the upgrade. Those levels are likely to matter in a name that has shown sharp, momentum-driven moves.
The company’s investor relations calendar lists no upcoming events, leaving investors looking for the next catalyst via filings, project updates or any future earnings-date announcement rather than a scheduled conference call.
