TeraWulf의 AI 전환이 모멘텀을 얻고 있습니다; Bernstein은 neocloud 확장에 대해 100% 상향 목표를 유지합니다.

Bernstein has reaffirmed its Outperform rating and $36 price target on TeraWulf Inc. (NASDAQ: WULF), noting the company’s rapid transformation from a Bitcoin (CRYPTO: BTC) miner into an AI infrastructure provider.

“Power Landlord Of AI,” the firm declared. Bernstein analysts led by Gautam Chhugani stated that TeraWulf’s latest earnings offered the clearest evidence yet that its AI infrastructure strategy is translating into concrete financial results. During the second quarter, the company generated $32 million in high-performance computing (HPC) revenue, accounting for 71% of total revenue—a decisive shift away from its legacy Bitcoin mining business.

As reported by The Block, the brokerage said the results validate its June investment thesis that TeraWulf is evolving into a "power landlord of AI" by monetizing large-scale power infrastructure for hyperscalers and AI companies. Based on its contracted backlog, TeraWulf expects to generate more than $1.8 billion in average annual revenue and over $1.5 billion in annual net operating income.

Bernstein also highlighted the company’s one-gigawatt Muskie campus in Kentucky as its next major growth driver. The first 500-megawatt phase is expected to come online in the fourth quarter of 2028, with full buildout targeted by 2030.

Despite maintaining a bullish stance, Bernstein cautioned that development costs are rising. The firm now estimates construction costs of $10 million to $12 million per IT megawatt, up from its previous estimate of $8 million to $10 million. TeraWulf’s flagship Lake Mariner campus similarly experienced increasing development costs during the quarter.

In separate corporate developments, the company amended its Fluidstack lease, increasing total contracted revenue by roughly $300 million to $7.2 billion over 10 years.

On valuation, Bernstein values TeraWulf at 21x forward EV/EBITDA based on steady-state 2030 earnings and expects the company’s Bitcoin mining operations to be fully phased out by 2028. The brokerage identified customer concentration risk as the primary downside to its investment thesis, given the company’s reliance on a limited number of hyperscale AI clients.