Added to YB: 2026-03-27
Pitch date: 2026-03-26
WULF [bullish]
TeraWulf Inc.
+54.49%
current return
Author Info
No bio for this author
Company Info
TeraWulf Inc., together with its subsidiaries, owns, develops, operates digital infrastructure in the United States.
Market Cap
$11.5B
Pitch Price
$15.14
Price Target
63.25 (+170%)
Dividend
N/A
EV/EBITDA
-91.97
P/E
-9.28
EV/Sales
84.54
Sector
Software
Category
growth
TeraWulf Investment Thesis - Rittenhouse Research - WULF
WULF: AI data center developer w/ 522MW contracted (Core42, Fluidstack/Google/Anthropic), $675M run-rate NOI by YE26, fully financed via $6.4B debt raised. Kentucky 384MW lease imminent per mgmt ('term sheets in hand, will land customer by Q2'), would add $522M NOI. Brownfield expertise converting coal plants/smelters solves power timing for hyperscalers. Trading 4.6% cap vs peers 5-6%, implies heavy execution discount. 2027E $1.1B EBITDA at 22.5x = $24.55 (+51%); 2030E $3.3B EBITDA = $63.25 (+290%). Risks: execution, Fluidstack concentration (mitigated by Google backstop), leverage.
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