New York, Feb 10, 2026, 08:21 EST — Premarket
- WULF slipped roughly 3.5% before the bell, paring back some gains after surging 16.5% in the previous session.
- Morgan Stanley kicked off its coverage, giving the stock an “Overweight” call and setting a price target at $37.
- Attention shifts to TeraWulf and the question: can it land AI data-center deals using its power capacity?
TeraWulf Inc slid roughly 3.5% to $16.07 in premarket trading Tuesday, giving back some ground after the bitcoin miner jumped 16.5% the day before. 1
The abrupt turnaround is significant. TeraWulf’s now part of a broader play: bitcoin miners linked to the grid, low-cost power in hand, pivoting to offer capacity to AI data center clients. That narrative can drive the stocks more than bitcoin’s daily moves—up to a point.
Investors are probing a possible re-rating. When miners secure long-term leases on computing facilities, they edge away from being seen as just a crypto play and take on the profile of infrastructure firms, with more predictable cash streams. Analyst calls, in that scenario, can have outsized influence, especially during light premarket hours.
Morgan Stanley kicked off coverage with an “Overweight” call and slapped a $37 target on the stock, per a note summary. Analysts highlighted the company’s “strong” history of landing data-center deals along with what they described as “increasingly attractive valuations” seen in bitcoin-to-data center switches. 2
Morgan Stanley’s latest call pointed to AI-driven demand hitting a power crunch, with the firm highlighting a possible U.S. power shortage before the decade is out. Cipher Mining landed in the firm’s “Overweight” category, while MARA Holdings drew an “Underweight” label, according to a separate report on the note. Analysts mentioned there’s a “viable path to significant annual growth in power and data center capacity,” the report said. 3
Numbers swung across the group. Cipher Mining traded near $16.76, climbing roughly 13.7% from its prior close. MARA hovered at $8.06, down 2.3%. Riot Platforms? About $14.97, up 3.6%, according to the latest data.
Bitcoin slipped about 0.8% to around $68,466. Miners’ revenues remain tied to the token’s price and the broader network’s economics—a reality that’s hard to ignore. When prices drop, investors typically lose patience with costly expansion plans and projects that take years to pay off.
TeraWulf plans to report its fourth-quarter numbers later this month. The company will host its earnings call on Feb. 26 at 4:30 p.m. ET, with financial results set to come out before the call. 4
Shares bounced between $14.93 and $16.83 on Monday, with trading volume hitting roughly 65.3 million, stock trading data show. 5 Monday’s surge had the feel of both a momentum push and something research-driven.
Still, the AI-data-center story isn’t watertight. Getting leases done, lining up financing, and making sure power arrives as scheduled—all tricky. Several miners are targeting an overlapping customer base. Early moves in extended trading? Prone to distortion, thanks to thin liquidity and big bid-ask gaps that can throw off those initial prints.
With the regular session on deck, traders are eyeing Tuesday’s pullback to see if it sticks or unravels once trading kicks off. The spotlight turns to Feb. 26—that’s when investors expect real clarity on data-center deals, capital requirements, and just how much of TeraWulf’s business is shielded from crypto volatility.
