Citigroup initiated coverage of TeraWulf with a Buy/High-Risk rating and $36 price target, forecasting enterprise AI data center demand of 14.5 GW in 2026 rising to 20 GW annually through 2030. The bank also highlighted surging open-source AI adoption amid computing-power constraints and outlined its own AI deployment plan to cut costs and improve efficiency ratios.
Citigroup launched coverage of TeraWulf with a Buy/High-Risk rating and set a $36 price target, citing rising enterprise adoption of agentic AI workloads as a catalyst for demand in high-performance computing infrastructure.
The bank projects annual US data center demand of 14.5 GW in 2026, increasing to an average of 20 GW between 2027 and 2030, and noted TeraWulf’s plan to develop 250-500 MW of capacity per year represents only a small share of the total market opportunity.
Analysts flagged accelerating momentum in open-weight AI models as proprietary frontier access tightens, pointing to a compressed performance gap and ongoing computing-power shortages that favor established infrastructure providers.
Citigroup itself is ramping up AI technologies to enhance customer experience, cut costs and target significant improvements in its efficiency ratio, positioning the bank to benefit from the same AI trends it highlights in research.
Finance
