Since compiling Bitcoin Mining Shares final yr, Terawulf (NASDAQ: WULF) inventory worth has doubled, ranging from $4.39 per share to its present $8.98. Throughout this rise, the Maryland-based firm diversified into two core subsidiaries, Wulf Compute and Wulf Mining.
Whereas Wulf Mining continues its Bitcoin mining operations because of the rising worth of BTC, Wulf Compute presents information facilities for prime efficiency computing (HPC) and AI workloads. This twin focus makes Terawulf a gorgeous candidate for traders searching for publicity not solely in Bitcoin’s position as a hedge towards central banks, but additionally within the secular progress of AI/HPC Megatrend.
The latest large-scale know-how funding in WULF shares makes it much more clear. The corporate’s dual-track mannequin of Bitcoin mining and AI/HPC internet hosting has earned validation past the crypto area of interest. In fact, the very best time to disclose Wolf was final yr once we coated it, however what can traders anticipate subsequent?
Terawulf as a beneficiary of Alphabet’s information middle diversification
In 2025 alone, Alphabet (NASDAQ: GOOGL) dedicated about $75 billion to extend the capability of its information facilities. On the Google Cloud Subsequent Convention in April, Alphabet CEO Sundar Pichai stated, “The AI alternatives are so nice that it may be.”
Nevertheless, the Massive Tech big does not simply put money into its personal cloud computing sector to fulfill the demand for AI. In mid-August, concerning income for the second quarter of 2025, Terawulf revealed a $1.8 billion backstop in its Fluidstack lease obligations supplied by Google.
Terawulf’s contract with HPC/AI workload Fluidstack is value $3.7 billion in income on the 10-year phrases of the 2 agreements, with two five-year extension choices, and will doubtlessly improve the worth to $8.7 billion. That is the place Google intervened to fund its debt by buying about 41 million shares, or about 8% of the inventory in Terawulf.
On the bottom, Fluidstack will make the most of the Lake Mariner Information Middle campus in Terawulf in western New York to offer over 200 MW of pc energy.
On condition that Fluidstack is a associate of Nvidia and Dell and Borealis Information Middle for Exascale GPU clusters, Terawulf will turn into an vital secondary beneficiary of AI Growth. By successfully taking up the enterprise, the corporate is making the most of one of many quickest rising demand curves in high-tech by positioning itself as a high-tech adjoining.
Terawulf’s addressable market as a complete
In its Power and AI report, the Worldwide Power Company (IEA) predicted that information middle energy consumption would improve by 70% between 2024 and 2030 as a fundamental case. The US will lead this effort and depart Europe and China. So, President Trump has issued a number of govt orders to tear down bureaucratic hurdles, significantly associated to nuclear vitality.
In response to McKinsey & Firm, this demand would account for $6.7 trillion value of calculation by 2030. Specifically, for AI workloads, the market worth is projected to vary from $3 trillion to $8 trillion Capital Bills (CAPEX). This depends closely on AI optimization and a big discount in AI compilation, because it makes the AI mannequin correct and dependable.
If the latter state of affairs is profitable, enterprise integration expects mass adoption of AI. Nevertheless, even when stalling on this accuracy area, we do not forget that computational calls for fluctuate broadly between textual content, pictures and video technology.
In response to the IEA, textual content technology requires roughly 0.3 WH of per activity vitality by small language mannequin (SLM), whereas picture technology requires 1.7 WH. Video technology is 2 orders of magnitude bigger, exerting roughly 115 WH for six seconds of low high quality video. For comparability, a smartphone requires 15 Wh to cost.
Given the shortage of areas of human exercise that might not embody AI, it’s secure to say that Terawulf sits on the bond between two secular progress curves. It’s a clear vitality infrastructure for AI adoption and Bitcoin mining.
Terawulf’s outlook and worth targets
Within the second quarter of 2025, Terrawolf mined 485 BTC on the aforementioned Lake Mariner facility. This was decrease than 699 BTC within the final quarter, however was anticipated after promoting from Nautila Scriptmin final October.
Nevertheless, given the rarity of Bitcoin and the expansion in institutionalization that drives its worth, Terawulf’s voluntary BTC worth elevated from $46.1 million to $47.6 million over that interval. General, the corporate has elevated its clear BTC mining capability by 45.5% year-on-year to 12.8 EH/s.
After securing the Kayuga Web site with an 80-year lease at Lansing, the corporate added 400 MW of HPC/AI capability. By 2030, the overall whole capability of the Terrawolf ought to be 1,150 MW and be divided between 750 MW at Lake Mariner and 400 MW at Cayuga.
As of the second quarter, Terawulf holds $90 million in money and BTC, however has $500 million accrued debt. Vaneck has maintained its BTC worth forecast from late 2024, forecasting $180,000 per BTC by the tip of the yr. This worth goal is now probability, on condition that the Fed is a sign discount regardless of rising considerations about inflation.
Second, Terawulf’s debt load to extend AI demand have to be manageable. In response to WSJ forecast information, all analysts are within the “purchase” camp, with a median Wulf worth goal of $11.92. The underside outlook is $6.5, with Wolf shares cap worth goal of $14 per share.
Disclaimer: The writer doesn’t or has the place of the securities mentioned within the article. All inventory costs had been quoted on the time of writing.
