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.
TeraWulf’s HPC leasing revenue up 52% QoQ to $31.9M, driving a shift toward long-term contracted revenue amid large AI-data center leases (Anthropic) and regulatory headwinds in New York.
Public bitcoin miners are pivoting to AI/HPC data centers, securing multiyear AI contracts worth billions while repurposing facilities, with profitability pressures from halving and Bitcoin price declines.
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