Research and financial brokerage firm Rosenblatt raised its price target for TeraWulf (Nasdaq: WULF) to $24.00, reiterating its Buy rating in its latest report issued Tuesday.
The bitcoin miner-turned HPC host’s target price implies a potential upside of over 67 percent compared to the most recent closing price. Rosenblatt’s report cited improved profitability supported by higher gross margins and surging adjusted EBITDA from a durable shift to HPC hosting.
Despite the reallocation from bitcoin miner to HPC compute reducing effective mining uptime to 70% and dropped the average operating hashrate to 8.5 EH/s, the launch of HPC hosting in the same quarter added $7.2 million in revenue and lifted the company’s total to $50.6 million, coming in slightly above Rosenblatt’s projection.
The research firm has progressively raised its price target throughout 2025, moving from $12.00 in August to $14.50 in October before most recently lifting it to $24.00. In the October update, Rosenblatt highlighted TeraWulf’s underappreciated HPC hosting pipeline and capacity expansions, including the Lake Cayuga acquisition.
Rosenblatt estimated annual HPC revenues to exceed $200 million by 2026 and $1.1 billion by 2027. The company’s disclosure of a 1 GW potential power pipeline was described as a key foundation for future growth.
The research and financial brokerage company has continuously described TeraWulf as undervalued relative to its contracted and expansion-ready HPC pipeline. The firm highlighted the company’s capacity expansion, unique infrastructure, and ability to host both Bitcoin miners and HPC clusters.
Current analyst rankings show strong consensus for TeraWulf, with the majority of research firms issuing Buy or Outperform ratings.
