Muskie Campus

Bernstein reiterates Outperform on TeraWulf after Q2 HPC revenue hits $32M (71% of total), with Muskie Campus earmarked as the next growth site.

Bernstein maintains an Outperform rating on TeraWulf as Q2 HPC revenue hits $32M (71% of total), underscoring a material shift to AI infrastructure with a large contracted backlog and higher per-MW capex, set against regulatory risk from a New York data-center moratorium.