WULF

The stock was bid up all day due to the Texas governor's race, as AI bulls hoped for a victory by Abbott, who is perceived as more favorable to data centers than his challenger.

The stock held onto a significant portion of its bounce, indicating stronger performance compared to other neoclouds.

The company's stock outperformed as investors processed the implications of the SPCX print for the space.

heard is that GPU rental prices rose ~37.5% across two increases in 3Q, so asset-backed financing rates would need to top ~20% (vs. ~9.5% last time) to break the math, and CRWV needs ~$30-40B of new funding against ~$130B of backlog vs. ~$35B raised over th...

The company has approximately 839MW of contracted data-center capacity with leading AI labs, Fluidstack/Google, and Core42, representing approximately $27B of contracted revenue.

The company trades at an implied approximately 9% cap rate compared to approximately 5% for hyperscale peers, suggesting potential for cap-rate compression as a long-term rerating driver.

The next major catalyst is leasing approximately 800MW at Muskie, expected to enter the leasability window in mid-2027, with a broader expansion pipeline totaling approximately 2.1GW.

Google's Fluidstack backstop reduces credit risk.

The company opened green after Goldman Sachs raised its year-end 2026 US data center capacity forecast by 5GW to 64GW.

The company announced a Kentucky Power agreement that doubles its contracted power at Muskie to 1GW.

data-center capacity forecast by 5GW to 64GW, and WULF even announced a Kentucky Power agreement doubling contracted power at Muskie to 1GW. K asked in Slack here whether it was regulatory news or rotation into the hyperscalers; AG415 floated the SPCX...

The stock opened green after Goldman Sachs raised its year-end 2026 US data center capacity forecast by 5GW to 64GW, indicating a positive outlook for data center infrastructure.

The company announced a Kentucky Power agreement that doubles its contracted power at Muskie to 1GW, signaling significant expansion and operational capacity.

data-center capacity forecast by 5GW to 64GW, and WULF even announced a Kentucky Power agreement doubling contracted power at Muskie to 1GW. K asked in Slack here whether it was regulatory news or rotation into the hyperscalers; AG415 floated the SPCX...

UBS initiated a Buy rating on Miners, noting that the five AI-colocation names already control approximately 50GW of leased capacity, representing about $125 billion of contracted revenue, with an additional 12GW of expansion opportunity.

UBS models approximately 80% average EBITDA growth from 2027–29, with 2029 estimates about 10% above Street, and sees approximately 36% average upside as companies convert power pipelines into long-term contracted cash flows.

HUT/WULF/APLD/CORZ/CIFR: UBS initiates Buy on Miners, sees time-to-power driving multi-year contracted growth

Freedom Capital initiated coverage with a Buy rating and a $19 price target, noting a defensible floor of ~$14 per share.

The $19 price target is noted to be only about half the Street consensus, suggesting potential for further upside.

New York's data-center moratorium is expected to have minimal impact on near-term development, with the stock trading below its contracted-paper value.

Needham argues that recent weakness in neocloud and co-location stocks reflects overstated fears about excess compute and rising competition.

Power availability remains the binding constraint, limiting near-term revenue disruption.

Contracted GPU pricing, which constitutes a large portion of neocloud revenue, remains robust despite softening spot rates for older-generation GPUs, suggesting a normal product transition rather than structural oversupply.

The company stands to benefit as new entrants compete for scarce powered capacity, and recent lease economics point to improving pricing.

Longer term, software differentiation should matter more for CRWV and IREN, while WULF, HUT, CIFR and APLD stand to benefit as new entrants compete for scarce powered capacity and recent lease economics point to improving pricing.

Citi defended the stock, stating that proposed New York restrictions should not impact existing Lake Mariner construction as it does not require DEC permits and its expansion timeline extends beyond the next 12 months.

Progress at the Cayuga site is primarily dependent on local building approvals, and more permanent state restrictions could accelerate an on-site generation strategy.

The price target rises to $72 (+224% upside) on the record $19/watt Anthropic deal, an 8% discount rate, and $530M of Abernathy JV proceeds.

The stock performed strongly after an analyst raised its price target.

NBIS/CRWV +8-11% presumably strong off the semi analysis Anthropic note saying Anthropic/OpenAI compute demand is forecast at 100GW+ by 2030 vs ~6GW of access today and also (reportedly) positive commentary around GPU spot pricing from Jensen in meetings ea...

The 20-year, 401 MW lease with Anthropic establishes sector-leading economics at $2.37M per IT MW annually, leading to a raised price target.

The ~$530M sale of its 50.1% stake in the Abernathy JV simplifies the balance sheet and sharpens the focus on the Kentucky AI campus, which management expects to finance without issuing equity.

The divestiture, while lowering near-term revenue estimates, is structurally positive, with the long-term, escalating Anthropic contract supporting a step-change in earnings power as capacity ramps through 2028.

Anthropic signed a 20-year lease to use a TeraWulf data center in Kentucky, which is initially expected to generate approximately $19 billion in revenue.

BofA initiated WULF with a Buy rating and a $34 price target, believing the market underappreciates the company's transformation into an AI-focused digital infrastructure provider.

The firm expects capacity to scale significantly, driving substantial revenue and EBITDA growth as WULF transitions from Bitcoin mining to AI infrastructure.

BofA believes accelerating AI training and inference demand, combined with industry power constraints, positions WULF's power-rich sites to attract hyperscale customers under long-duration contracts.

Despite execution and financing debates, BofA sees a favorable risk/reward as WULF shifts away from Bitcoin exposure toward contracted AI infrastructure revenue streams.

BofA initiated coverage with a buy rating, expecting capacity to scale significantly from 60MW today to over 1GW by 2028.

This capacity scaling is projected to drive revenue from $226M in 2026 to $1.8B in 2028 and EBITDA from $63M to $1.25B over the same period, indicating substantial financial growth.

Morgan Stanley raised its price target to $66.50 from $42, driven by newly added sites and a more favorable valuation methodology.

The firm now values unsigned pipeline MWs at 80% of hyperscaler-backed economics, reflecting increased confidence in the company’s ability to secure hyperscaler-quality contracts.

The company added a 1GW Kentucky campus, expanding its pipeline to 2,550MW from 1,750MW.

The stock still trades below recent approximately $15/watt transaction benchmarks, with an implied value of roughly $11.50/watt.

WULF/CIFR: Morgan Stanley Raises PTs on Expanded Pipelines and Higher Valuation Framework

The stock showed strength, aligning with the overall positive trend in neoclouds/miner companies.

Arete initiated WULF with a Buy rating and $30 price target, citing its energy infrastructure as a key differentiator enabling behind-the-meter expansion and significant megawatt growth over time.

The firm expects a transition away from bitcoin mining by end-2026, repositioning the business toward higher-value data center opportunities.

Arete added that valuation appears attractive at current levels given the long-term power and capacity upside.

The stock was up in sympathy with other neoclouds.

The company is part of the "Neoclouds" group, which is showing strong performance.

Neoclouds CRWV/NBIS +7- 8%；WULF +16%；HUT +7%；IREN