Terawulf (WULF) Stock Forecast & Price Target

TeraWulf is positioned for a fundamental re-rating because it is converting cheap, power-rich brownfield sites into contracted AI/HPC infrastructure faster and more efficiently than greenfield developers, with 71% of last quarter’s revenue already coming from HPC. Its backlog is anchored by a $19B, 20-year Anthropic lease and about $27B in contracted revenue, while management targets 250 MW–500 MW of new contracted critical IT capacity per year and a buildout from roughly 100 MW of billable capacity today toward nearly 2 GW by 2030. Financially, the company’s adjusted EBITDA was -$23M in 2025, but analysts expect roughly $1B by 2028 and see liquidity strengthened by $2.6B of unrestricted cash and a $530M Abernathy JV sale, supporting disciplined execution and growth.

TeraWulf is viewed pessimistically because the company is still early in converting contracted backlog into recurring cash flow, while 2Q26 results showed only $44.8 million of revenue, $31.9 million from HPC leasing, and a -$18.3 million adjusted EBITDA loss. Its financial profile is further weakened by $5.2 billion of debt, a share count that rose 27% to 499.0 million by July 31, 2026, and GAAP volatility from a $755.7 million non-cash warrant loss that produced a $939.9 million net loss. The outlook is also burdened by execution, regulatory, customer-concentration, and governance risks, including construction delays, separate approvals still needed for Chesapeake/Morgantown, revenue concentrated in just a few counterparties, and related-party lease arrangements tied to the CEO.