US bank Upgrades TeraWulf Price Target, Offers Bullish Mining Prediction

Investment banking company Keefe, Bruyette & Woods has turned more bullish on Bitcoin miner TeraWulf, citing what it sees as a looming shift in the company’s business mix that investors have yet to fully price in.

In a Wednesday report, KBW said it upgraded TeraWulf (WULF) to “outperform” from “market perform” and raised the company’s share price target to $24 from $9.50. 

According to the bank, the reassessment was based on investors “underappreciat[ing] the magnitude of the BTC mining to HPC [high-performance computing] leasing mix shift in 2026-2027 and robust growth catalysts on 646MW net of visible HPC leasing pipeline through 2027.” 

At time of writing, TeraWulf shares were trading at $11.46, having risen about 2.8% in the previous 24 hours. Shares of MARA Holdings (MARA), another significant Bitcoin (BTC) miner, dropped about 2.4% over the same period, while Riot Platforms (RIOT) rose 0.8%.

Related: Bitcoin mining’s 2026 reckoning: AI pivots, margin pressure and a fight to survive

Securing financing for build-outs driving bullish views?

In addition to BTC mining, KBW said TeraWulf’s joint AI-HPC strategy had been driving the company’s operating profitability.

“We estimate existing leases drive a +505% 2025-2027 EBITDA [Earnings Before Interest, Taxes, Depreciation, and Amortization] CAGR [Compound Annual Growth Rate] and positive inflection in pre-tax ROIC [Return on Invested Capital], enabling multiple expansion on the current 3.8x EV/EBITDA multiple on our street high 2027 estimate,” said KBW, adding:

“We think the primary culprit of WULF’s -34.6% decline from its 52-week high on 10/28 has been the largely indiscriminate selling of Bitcoin mining stocks […] against weakening Bitcoin mining fundamentals.”

In October, TeraWulf reported a $3.2 billion deal as part of a data center expansion for one of its New York facilities. The company also secured three lease agreements with AI infrastructure provider Fluidstack, worth a combined $6.7 billion.