NEW YORK, March 12, 2026, 7:32 PM EDT
TeraWulf fell 3.6% to end Thursday at $14.67, trimming gains from the prior day’s 6.1% rally. Analyst Bill Papanastasiou of Keefe, Bruyette & Woods lowered his price target to $23 from $24, though he’s sticking with an Outperform call.
This shift carries weight: TeraWulf has effectively turned into a high-octane play on the intersection of crypto mining and AI data centers. As Benzinga pointed out Wednesday, shares were still sitting more than 380% higher over the last year, hovering much nearer their $18.51 high than the low end of the range—a dynamic where cost overruns or construction hiccups don’t get much forgiveness.
Keefe’s fresh note left the bullish setup intact but tightened the margin for error. According to third-party rundowns, the firm lowered its EBITDA projections—citing increased costs and adjustments tied to the Abernathy joint venture’s accounting. Keefe also sees TeraWulf leaving the mining business by year-end. Even so, the firm still called the 23% slide since the February 25 high an “appealing buying opportunity.” TipRanks
Investors aren’t turning away. Back on Feb. 26, TeraWulf told them it had 522 critical IT megawatts locked in—essentially, server power available for customers to rent—supporting over $12.8 billion in revenue commitments. That includes 60 MW from Core42 and another 380 MW from Fluidstack, with Google behind the scenes. On the balance sheet: $3.72 billion in cash, cash equivalents, and restricted cash. “Disciplined execution” and building “durable, long-term cash flow” remain CEO Paul Prager’s priorities. TeraWulf Inc.
Lake Mariner, New York: 39 critical IT MW are currently up and running. According to TeraWulf, CB2B is on track to get energized in March, while CB3 should come online by mid-May. CB4 is slated for the third quarter, with CB5 following in the fourth. Chief Technology Officer Nazar Khan said teams are “advancing build schedules” as they retrofit the buildings to handle both tenant fit-outs and AI workloads. SEC
Thursday’s action offered no simple cues from bitcoin. The token hovered just above $70,535, barely moving. MARA edged up 2.6%. Riot Platforms slipped 2.1%, CleanSpark lost 2.6%. TeraWulf, meanwhile, sat in the gray area between a crypto miner and an AI infrastructure play trading at a richer premium.
Another risk sits off the books. PJM’s market monitor last week urged federal regulators to block TeraWulf’s purchase of the Morgantown power plant in Maryland for now, pressing for more specifics on how the facility would connect with the grid—an uncertainty dogging one of TeraWulf’s growth plays.
The stock’s tracking two separate rhythms—bitcoin’s daily swings, plus the slower process of building out and activating AI infrastructure. Investors will have a clearer idea in the coming quarters if that longer-term AI narrative still commands a premium.
