Rosenblatt reiterated its 'Buy' rating and $30.00 price target on Terawulf Inc. after recent management meetings. The firm addressed investor concerns regarding Terawulf's significant high-performance computing (HPC) contract with AI firm Anthropic. It views financing and concentration risks as having "clear, near-term resolution paths." This note follows a significant stock decline over the past two months. Rosenblatt attributes this decline to broader market concerns about an AI bubble.
This analyst action reinforces TeraWulf's transition from a pure bitcoin miner to an AI data-center infrastructure provider. The company's recent Q2 results showed HPC lease revenue accounts for about 71% of its total revenue. Separately, Silvant Capital Management LLC established a new position in the company. It purchased 87,605 shares valued at approximately $2.16 million.