TeraWulf (WULF) shares rose approximately 5% in Thursday pre-market trading. Wells Fargo initiated coverage with an Overweight rating and a $30 price target.
The rating reflects a broader industry shift among bitcoin miners toward AI and high-performance computing. Wells Fargo highlighted TeraWulf’s management track record and cost-effective brownfield development strategy.
The company maintains 839 MW of contracted capacity across three tenants. Significant leases include Anthropic and the Google-supported Fluidstack.