TeraWulf Stock Gets Major Lift as Wall Street Recognizes Mining-to-HPC Pivot

Investment bank Keefe, Bruyette & Woods (KBW) has raised its stance on Bitcoin miner TeraWulf (WULF), lifting the rating from ‘market perform’ to ‘outperform’ in a significant show of confidence. The analyst upgrade reflects a reassessment of the company’s strategic direction, with the price target climbing from $9.5 to $24—more than doubling previous expectations.

The core driver behind this upgrade centers on the company’s ambitious transition strategy. KBW believes Wall Street has systematically undervalued the scale of TeraWulf’s shift from traditional Bitcoin mining operations toward high-performance computing (HPC) leasing services. This transformation, expected to accelerate between 2026 and 2027, opens an entirely new revenue stream as demand for AI infrastructure intensifies.

The numbers paint a compelling picture for investors watching this transition unfold. The bank projects a net 646-megawatt HPC leasing capacity to come online by 2027—a substantial infrastructure deployment that positions TeraWulf at the intersection of two booming sectors. Rather than remaining confined to Bitcoin mining economics alone, the company is positioning itself as a broader computational infrastructure provider.

This pivot represents a fundamental shift in how the market should evaluate Bitcoin mining companies. As the industry evolves beyond pure crypto mining, firms with diversified computing assets and the ability to capture high-margin HPC revenue face significantly different growth trajectories. KBW’s upgraded outlook suggests the investment community may finally be waking up to this new reality, with TeraWulf positioned as an early mover in this transition.