Summary
Terawulf shares rose 3.6% in pre-open trading after Citi launched coverage with a Buy rating and a $36 price target. The research note adds another institutional voice to a list of bullish analysts that already included 15 Buy ratings and no Hold or Sell opinions. Investors have been responding to the company’s strategic reorientation toward leased AI and HPC data center capacity and to its infrastructure investments and financing moves.
Citi initiation and analyst backdrop
Citi’s decision to initiate coverage at Buy with a $36 target came as the stock was trading near the top of its 52-week range of $4.23 to $29.84, highlighting the sharp rerating Terawulf has experienced over the past year. The new coverage is the latest positive analyst action amid a landscape where 15 Buy ratings and zero Hold or Sell ratings already stood on the record. Firms including Morgan Stanley, Bernstein and Clear Street previously lifted their price targets, reflecting growing conviction among Wall Street analysts.
Strategic shift driving investor interest
Central to the bullish narrative is the company’s pivot away from volatile bitcoin mining operations toward contracted, recurring-revenue leasing of AI and HPC data center capacity. Terawulf has been assembling a multi-gigawatt pipeline of infrastructure to support that transition. A flagship element of that buildout is the Muskie Data Campus in Eastern Kentucky, a 285-acre site the company says can support more than one gigawatt of AI and HPC capacity.
To help finance further expansion, Terawulf completed a $3.2 billion high-yield bond issuance intended to fund work at its Lake Mariner campus in New York. That bond sale includes a provision in which Google will act as a guarantor once the Lake Mariner facility is operational, a detail that the company has highlighted in its funding plan.
Market context and investor reaction
With the S&P 500 and the Nasdaq essentially flat in pre-market trading, Terawulf’s uptick appears company-specific rather than driven by broader market moves. The combination of a high-profile Buy initiation, unanimous analyst sentiment and a visible infrastructure growth story has continued to draw investor attention and kept the stock well above the lows it traded at roughly twelve months ago.
What it means
In the near term, the Citi initiation reinforces an already bullish analyst consensus and underscores investor focus on Terawulf’s transition into AI and HPC infrastructure leasing. The company’s multi-gigawatt pipeline, Muskie site acquisition and large-scale bond financing are central to that narrative and remain the primary factors shaping market sentiment around the stock.