Analysts at Wall Street brokerage Bernstein have maintained their price target on TeraWulf’s (NASDAQ: $WULF) stock.
Bernstein reiterated a buy-equivalent outperform rating and $36 U.S. price target on TeraWulf’s stock. The price target is 71% higher than where WULF stock currently trades.
The evaluation from Bernstein comes after TeraWulf, a Bitcoin (CRYPTO: $BTC) miner turned artificial intelligence (A.I.) data centre operator, signed a 20-year lease with Anthropic.
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The lease with Anthropic is worth $19 billion U.S. to TeraWulf.
TeraWulf’s A.I. orderbook now stands at $27 billion U.S. in contracted revenue from three tenants, including A.I. startup company Anthropic.
The lease with Anthropic covers 401 megawatts of power at TeraWulf’s Justified Data Centre campus in Kentucky.
Bernstein said the deal with Anthropic should provide TeraWulf with an average annual yield of $2.4 million U.S. per megawatt, compared with the firm’s previous $1.9 million U.S. assumption.
The Anthropic lease is TeraWulf’s third A.I. deal, joining earlier agreements the company struck with Core42 and Alphabet-backed (NASDAQ: $GOOGL) Fluidstack.
Bernstein also noted that the Anthropic contract carries two five-year renewal options that could extend the deal out another decade, which is positive.
WULF stock has gained 343% in the last 12 months to trade at $21.26 U.S. per share.
