TeraWulf (WULF) 주가가 회사의 AI 인프라 및 전력 발전 거래 약정에 대한 Wall Street의 지지로 급등했다

TeraWulf Inc. stock traded up 4.74 percent on September 11, 2026, reflecting renewed investor confidence in the company's shift from cryptocurrency mining toward contracted artificial intelligence and high-performance computing infrastructure.

**Analyst Coverage and Price Targets**

William Blair initiated coverage of WULF with an Outperform rating and a $31 fair value, characterizing the recent pullback as an attractive entry point as the company's backlog converts to contracted revenue. Freedom Capital launched coverage with a Buy rating and a $19 target price, identifying a potential valuation floor near $14. Morgan Stanley and Citi trimmed their price targets to $62.50 and $31, respectively, but maintained Overweight and Buy ratings. The broader analyst consensus sits near $36.61.

**The Strategic Pivot**

TeraWulf is transitioning from high-beta bitcoin mining to leveraged AI and data-center operations. The company repurposed a former aluminum smelter with existing power infrastructure into a large AI data campus and secured a 20-year lease with Anthropic for approximately 401 megawatts. That contract alone underpins an estimated $19 billion in contracted revenue, positioning WULF as a play on hyperscale AI demand rather than cryptocurrency pricing.

**Power Approval and Capacity**

Kentucky's Public Service Commission approved a Retail Electric Service Agreement delivering up to 482 megawatts to TeraWulf's Justified Data Campus, providing the power capacity necessary to scale AI and HPC infrastructure. This approval positions WULF to support a potential $4.0–$4.5 billion AI and HPC campus build-out, though it also places market, infrastructure, and transmission risk squarely on the company.

**Financial Position**

Revenue stands at approximately $168.5 million, but margins are deeply negative and free cash flow was roughly negative $992 million in the latest quarter as the company invests heavily in power infrastructure and data centers. The balance sheet carries about $4.0 billion in long-term debt against modest equity. Price-to-sales ratios above 50 reflect the market's view that substantial future growth is already priced into the stock. For traders, WULF remains fundamentally a story stock where contract pipeline and technical momentum outweigh trailing earnings.

**Technical Action and Momentum**

WULF has traded between approximately $14.20 and $18.00 in recent weeks, with the latest close near $16.90 showing steady upward grind following sharp swings. The intraday pattern on Friday—opening near $16.30, reclaiming $16.60, and stair-stepping into the low $17s with shallow pullbacks—signals dip buying and strong technical support. The stock exhibits the liquidity and volatility typical of names closely tied to headline-driven catalysts.

**Investment Thesis and Risks**

Wall Street broadly supports WULF's infrastructure positioning, emphasizing the company's evolution toward long-duration, infrastructure-like cash flows anchored by the Anthropic contract. The combination of large long-term contracts, supportive power deals, and positive analyst sentiment explains why WULF typically rallies on contract news and funding announcements.

However, execution risk is substantial. TeraWulf is burning cash, carries heavy debt, and operates in a sector now subject to tighter regulation, exemplified by Massachusetts' new requirement that data centers provide their own clean energy. Delays in construction timelines, financing complications, or customer delivery failures could materially harm the stock, and the elevated price-to-sales multiple leaves little room for execution missteps.

For short-term traders, the $14–$18 range and intraday stair-step patterns offer technical opportunity. For longer-term swing positions, key catalysts include new contracts, power agreements, and regulatory developments that either validate or threaten WULF's AI infrastructure thesis.