New York, Feb 10, 2026, 08:21 EST — Premarket
- WULF down about 3.5% in premarket after a 16.5% jump in the prior session
- Morgan Stanley launched coverage with an “Overweight” rating and a $37 target
- Focus turns to whether TeraWulf can turn power capacity into AI data-center contracts
TeraWulf Inc shares were down about 3.5% at $16.07 in premarket trading on Tuesday, a pullback after the bitcoin miner closed up 16.5% in the prior session. 1
The quick reversal matters because TeraWulf is getting swept into a bigger trade: bitcoin miners with grid connections and cheap power trying to sell capacity to artificial intelligence data-center customers. For the stocks, that story can outweigh the day-to-day price of bitcoin — until it doesn’t.
Investors are also testing a re-rating. If miners can sign long-term leases for computing sites, they start to look less like a pure crypto wager and more like an infrastructure business with steadier cash flows. That shift can make analyst calls unusually market-moving, even in thin premarket trade.
Morgan Stanley initiated coverage with an “Overweight” rating — Wall Street shorthand for expecting the stock to outperform peers — and set a $37 price target, according to a summary of the note. The bank pointed to a “strong” track record in signing data-center agreements and what it called “increasingly attractive valuations” for bitcoin-to-data center conversions. 2
Morgan Stanley’s coverage move also leaned on the idea that AI demand is running into a power bottleneck, with the firm flagging a potential U.S. power shortfall later this decade, and it put Cipher Mining in the same “Overweight” camp while rating MARA Holdings “Underweight,” a separate report on the note showed. The analysts described a “viable path to significant annual growth in power and data center capacity,” the report said. 3
Peers were mixed, underscoring how quickly sentiment shifts in the group. Cipher Mining was recently indicated around $16.76, up about 13.7% from the previous close, while MARA was around $8.06, down about 2.3%, and Riot Platforms was around $14.97, up about 3.6%, data showed.
Bitcoin itself was down about 0.8% at roughly $68,466, a reminder that miners’ revenues still move with the token’s price and network economics. When bitcoin slides, the market tends to get less patient with capital spending plans and long payback periods.
TeraWulf is due to detail its fourth-quarter results later this month. The company has scheduled its earnings conference call for Feb. 26 at 4:30 p.m. ET and said it will issue a release with financial results ahead of the call. 4
Monday’s move looked like a momentum trade as well as a research-driven one. The stock swung between $14.93 and $16.83 during the session and traded about 65.3 million shares, according to stock trading data. 5
But the AI-data-center pitch still has gaps. Signing leases, financing buildouts and delivering power on time are hard, and several miners are chasing the same pool of customers. Extended-hours action can also exaggerate moves; low liquidity and wide spreads can make early prints unreliable.
As the regular session approaches, traders will be watching whether Tuesday’s pullback holds or fades at the open. The next hard catalyst is Feb. 26, when investors will look for concrete updates on data-center contracting, capital needs and how much of TeraWulf’s business can be insulated from crypto swings.
