New York, Feb 9, 2026, 10:34 EST — Regular session in progress.
What to know:
- Shares of TeraWulf jumped roughly 11% at the open, following Morgan Stanley’s decision to start coverage with an Overweight rating.
- Bitcoin slipped roughly 2% this day, a move that tends to weigh on mining stocks.
- Investors want to see if miners are able to convert power assets into a more reliable stream of data-center revenue.
TeraWulf surged 11.5% to $15.93 early, shrugging off a weaker crypto market after Morgan Stanley kicked off coverage with a bullish note citing the miner’s data-center push. Cipher Mining added 9.5%. Marathon Digital dipped 0.6%. Riot Platforms was just above flat, up 0.2%. Bitcoin slid 2.4% to roughly $69,351.
This shift is significant: miners want to show investors they’re more than just leveraged plays on bitcoin’s price. Suddenly, it’s all about power, grid hookups, and land, with data centers scrambling for locations as AI-driven computing needs surge.
That pitch faces a real-time test now. A new sell-side initiation has the potential to attract fresh capital to a lightly held stock, though it also raises the stakes—execution gets scrutinized, from contract signings to megawatts hitting the grid, and every deadline along the way.
Morgan Stanley initiated coverage on TeraWulf, tagging it Overweight with a $37 target, according to TheFly. The firm highlighted TeraWulf’s “strong” track record in landing data-center customer deals and noted its power infrastructure expertise. 1
Investing.com, referencing the Morgan Stanley note, called the target a wager on the company’s infrastructure platform getting put to work outside of just bitcoin mining. 2
Simply put, turning a bitcoin mining site into a high-performance computing hub—think power, cooling, physical facilities, network links—opens the door to running AI and similar workloads. That setup can bring in longer-term contracts and reduce exposure to swings in bitcoin prices. On the flip side, it tends to require heavier initial investment.
TeraWulf calls itself a builder and operator of “industrial-scale data center infrastructure” designed for both high-performance computing hosting and bitcoin mining. The company plans to release fourth-quarter earnings on Feb. 26, with a conference call following at 4:30 p.m. ET. 3
Expect traders to zero in on updates about contracted capacity, how talks with customers are shaping up, and how quickly buildouts are moving—plus the usual mining data. With bitcoin’s price action still erratic, the market often emphasizes the “infrastructure” narrative even more to defend current valuations.
But the risks aren’t new: data-center builds often get bogged down by delays in permits, long waits for gear, or trouble securing funding. Then there’s customer demand, which can fade just as expenses come due. If bitcoin drops further, even miners touting diversification could feel the squeeze on cash flow.
All eyes are now on the Feb. 26 earnings release and call. Investors want clarity: how much of that power will shift to hosting, how quickly, and what sort of returns are on the table? 4
