WULF Stock Rises 3% Pre-Market After Keefe More Than Doubles Price Target

• Keefe raised its price target on TeraWulf to $24 from $9.50. 
• The analyst said it believes investors are undervaluing the scale of the company’s shift from bitcoin mining to high performance compute (HPC) leasing in 2026 and 2027. 
• The firm also said that TeraWulf’s existing leases are positive for the company’s profitability.

TeraWulf Inc. (WULF) shares climbed over 3% in Wednesday’s premarket trade after Keefe Bruyette upgraded the rating and revised the price target on the stock.

Keefe now holds an ‘Outperform’ rating on WULF stock, up from ‘Market Perform,’ as per TheFly. The analyst also more than doubled its price target on the company to $24, up from $9.50 before.

The firm issued its rating and price target revision, citing optimism on TeraWulf’s high-performance computing transition.

Growth Prospects

Keefe said it believes investors are undervaluing the scale of the company’s shift from bitcoin mining to high performance compute (HPC) leasing in 2026 and 2027.

The analyst highlighted that TeraWulf’s existing leases are positive for the company’s profitability, noting that they can drive 505% annual growth in earnings before interest, tax, depreciation, and amortization (EBITDA) through 2027.

The leases can also add a "positive inflection" in pre-tax return on invested capital, enabling multiple expansion, the analyst said in the note, adding that it sees a "compelling risk/reward asymmetry" at current share levels.

Notable Leases

As of September 30, 2025, TeraWulf has energized 245 megawatts (MW) of Bitcoin-mining capacity and 22.5 MW of HPC capacity and has executed over 520 MW of long-term HPC leases.

Among the most noteworthy partnerships, the company’s subsidiary Akela executed three ten-year leases with Fluidstack, backed by Google, providing 450 MW of capacity that raked in about $6.7 billion in contracted revenue. The leases are scheduled to be delivered in phases in 2026.

TeraWulf’s other subsidiary, Big Country Wulf, also partnered with Fluidstack and Google to set up the Abernathy Joint Venture in Texas, which has a potential capacity of 600 MW. TeraWulf has up to a 51% controlling interest in the venture, which includes a 25-year lease with Fluidstack, backed by a $1.3 billion Google credit enhancement.

How Did Stocktwits Users React?

On Stocktwits, retail sentiment around WULF shares traded in the ‘bearish’ territory, up from ‘extremely bearish’ a day ago. Message volume for the stock was at ‘low’ levels at the time of writing.

WULF stock was also among the top-trending tickers on Stocktwits.

One bullish user said that $WULF was among their top tickers in 2025 and predicted the stock would breach the $30 level in 2026. WULF shares were trading around $11.43 at the time of writing.

Shares of WULF have gained over 104% in the past year.

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