Morgan Stanley Sees 129% Upside in TeraWulf With $37 Target
Morgan Stanley rates TeraWulf as Overweight with a $37 price target implying 129% upside and notes an $8/watt present value tied to unconverted sites. The bitcoin miner and data center operator has grown revenues alongside a 243% stock gain over 12 months across five campuses totaling 2.8GW.
1. Analyst Upgrade and Price Target
Morgan Stanley analyst Stephen Byrd upgraded TeraWulf to Overweight with a $37 price target, implying a 129% upside from current levels. The call is backed by a unanimous Strong Buy consensus among six analysts and an average price target of $24.20, signaling broad Street support.
2. Infrastructure Capacity and Growth Outlook
TeraWulf operates five utility-scale data campuses with a combined 2.8 gigawatts of capacity, including the 750-megawatt Lake Mariner site in New York. Management projects converting uncontracted facilities at a present value of $8 per watt and targets 250 megawatts of annual data center growth through 2028–2032, assuming a 50% success rate.
3. Sustainable Operations and Mining
Approximately 90% of power at Lake Mariner is sourced from zero-carbon energy, reinforcing the company’s green strategy. The facility supports both AI-capable data center contracts and bitcoin mining, utilizing repurposed power plant sites to leverage existing energy infrastructure efficiently.