Rothschild Redburn initiates TeraWulf at Neutral with $15 price target

TeraWulf has spent the last two years quietly rewriting its own job description. The company that once made its name as a Bitcoin miner now generates the majority of its revenue from leasing high-performance computing capacity to AI companies. Rothschild Redburn took notice, initiating coverage of TeraWulf (NASDAQ: WULF) with a Neutral rating and a $15 price target in August 2026. From mining rig to AI landlord TeraWulf controls power-advantaged sites in New York, Kentucky, and beyond, and has retooled those assets to serve hyperscalers and AI labs hungry for reliable, large-scale compute capacity. The numbers from Q2 2026 tell the story plainly. Total revenue came in at $44.8 million, up from $34.0 million in Q1. The more important figure sits inside that headline: HPC lease revenue reached $31.9 million, representing 71% of total quarterly revenue and a 52% jump over the prior quarter. The crown jewel of TeraWulf’s portfolio is a 20-year lease signed with Anthropic, the AI safety company backed by Amazon and Google. The deal covers 401 megawatts of critical IT capacity at the Justified Data Campus in Kentucky and carries a projected revenue value of roughly $19 billion over the l...