NEW YORK, December 31, 2025, 10:44 ET — Regular session
- TeraWulf shares rose about 4.4% after KBW upgraded the stock and lifted its price target to $24.
- The analyst pointed to a 646-megawatt HPC leasing pipeline through 2027 as the company shifts away from bitcoin mining.
- A Dec. 29 filing detailed a $1.3 billion senior secured notes deal tied to building the Abernathy, Texas high-performance computing campus.
Shares of TeraWulf Inc rose about 4.4% to $11.64 in morning trading on Wednesday after Keefe, Bruyette & Woods upgraded the stock to Outperform and raised its price target to $24 from $9.50.
The call matters because crypto miners are increasingly being valued as power-and-real-estate plays, not just bets on bitcoin prices. Investors have been looking for steadier revenue streams as bitcoin mining margins swing with token prices, network difficulty and electricity costs.
TeraWulf has been pushing deeper into renting out data-center capacity to customers running artificial intelligence workloads, a shift that can change how investors model cash flow and debt capacity. It also raises the stakes on execution: buildouts must arrive on time and customers must stick.
KBW said the market is underestimating the earnings upside from the company’s pivot away from bitcoin mining toward AI and high-performance computing (HPC) leasing — renting out specialized data-center power and space for compute-heavy tasks. “We think investors underappreciate the magnitude of the BTC mining to HPC leasing mix shift in 2026-2027,” analyst Stephen Glagola wrote. He cited a 646-megawatt visible HPC leasing pipeline through 2027 and said existing leases could drive a 505% EBITDA compound annual growth rate through 2027; EBITDA is a commonly used proxy for operating profit. Futunn News
A filing on Dec. 29 showed the company completed a $1.3 billion private offering of 7.25% senior secured notes due 2030 through Flash Compute LLC, a unit of a joint venture in which a TeraWulf subsidiary holds a 50.1% stake. Proceeds are slated to fund construction of a data-center campus in Abernathy, Texas, and related reserves and collateral, the filing said.
Senior secured notes are bonds backed by collateral and ranked ahead of other unsecured debt in a bankruptcy. The offering was sold under Rule 144A, a standard route for placing debt with large institutions without a public bond prospectus.
Bitcoin was down about 0.7% at $87,909, while the SPDR S&P 500 ETF was down roughly 0.2% in early New York trade, leaving TeraWulf bucking the broader tone and the move in crypto itself.
Other bitcoin miners were mixed: Marathon Digital fell about 1.2% and Riot Platforms slipped about 0.3%, while Cipher Mining traded slightly higher.
TeraWulf traded between $11.07 and $11.88 so far on Wednesday, with about 4.8 million shares changing hands.
Investors are now watching for updates on the buildout funded by the new notes, including any disclosures on construction milestones, customer ramp timing and power availability at the Abernathy site. Traders are also focused on whether additional leasing announcements land over the next year, a key input for valuation as the company tilts further away from mining.
The stock remains highly sensitive to sector sentiment, and year-end repositioning can amplify swings for smaller-cap crypto-linked names even when company news is unchanged.
StubHub (STUB) stock inches higher today as IPO lawsuit deadline nears — what investors are watching
NEW YORK, December 31, 2025, 10:44 ET — Regular session
- StubHub shares rose about 1.1% in early trade, even as fresh IPO lawsuit alerts circulated.
- A law firm highlighted a Jan. 23 lead-plaintiff deadline tied to a pending securities class action over the September IPO.
- The stock is about 40% below the $23.50 IPO price as ticketing peers trade unevenly.
Shares of StubHub Holdings Inc rose about 1.1% to $14.08 in morning trading, after touching a session high of $14.56, as investors digested new reminders about litigation tied to its September initial public offering.
The headlines matter for StubHub because it is still a newly public company, and legal overhangs can shape sentiment and the cost of capital — especially when shares are already trading below the IPO price. In thin year-end markets, even small shifts in positioning can move stocks that have a shorter trading history.
A press release from shareholder-rights law firm Hagens Berman pointed to a January 23, 2026 deadline for investors to seek appointment as lead plaintiff in a pending securities class action. The firm said the complaint alleges the IPO offering documents contained misstatements and omissions and did not adequately disclose trends affecting free cash flow — cash left after expenses and capital spending.
StubHub’s IPO was priced at $23.50 per share, according to its prospectus, and the stock has since fallen roughly 40% from that level.
Broader U.S. equity benchmarks were slightly lower on the day, and Investing.com listed Feb. 25, 2026 as the next earnings release date for StubHub.
Ticketing-related names were mixed, with Live Nation down about 0.2% and Vivid Seats off about 2.1%.
For StubHub, the next watchpoints are any court filings that clarify the scope of claims, and whether the company addresses the case in future disclosures. Traders are also looking ahead to the next earnings update for signals on demand, fee take-rates and cash generation heading into 2026.
StubHub traded as low as $13.84 in the session, leaving that area as a near-term level traders are watching after weeks of post-IPO volatility.
