Shares of Terawulf surged 6.4% to $27.30 on June 2, extending a rally that has defied a nearly 5% drop in Bitcoin and pushing the stock well above its $19.00 offering price from just seven weeks ago. No fresh headlines drove today's move — it is follow-through buying fueled by one catalyst: the company's May 26 acquisition of a massive Eastern Kentucky site it calls the "Muskie Data Campus," designed for hyperscale AI and high-performance computing .
• A Gigawatt-Scale Land Grab Changes the Growth Story. The new campus is expected to support more than 1 gigawatt of data center capacity, with the first 500 megawatts ramping in late 2028 and another 500 MW targeted for the second half of 2030 . That doubles down on a strategy already in motion: in 2025, the company signed over $12.8 billion in long-term, credit-backed customer contracts and completed $6.5 billion in financings . The market is pricing in a company that leases power-hungry space to AI tenants — not one that mines Bitcoin.
• Wall Street Is Unanimously Bullish — and Raising Targets Fast. Clear Street lifted its price target to $36 from $32, B. Riley raised to $32 from $27, and Oppenheimer went to $35 from $25 — all within the past week . Across 13 analysts polled by S&P Global, the consensus is "Strong Buy" with an average target of $30.85 . At $27.30, the stock is approaching those marks, which pressures analysts to either upgrade again or admit the easy upside is gone.
• The Balance Sheet Tells a Different Story Than the Stock Chart. Q1 2026 revenue came in at just $30–35 million, with adjusted EBITDA near breakeven . Meanwhile, total debt stands at $5.8 billion against $3.1 billion in cash . The stock carries a beta of 3.7 — meaning it swings nearly four times as violently as the broad market — and trades at roughly 18× trailing revenue with a bottom-tier value score .
• The Pivot Away From Crypto Is Real, but Unfinished. Q1 generated $21 million in stable computing-lease revenue, and management is emphasizing contracted, credit-backed growth over volatile mining income . Still, some analysts flag execution risk: transitioning from crypto mining to large-scale data center operator is an entirely different business . Investors buying today are betting that Terawulf's cheap-power advantage translates into AI-era landlord profits — a thesis that won't be tested until those Kentucky megawatts actually come online.