Bernstein is holding firm on its $36 price target for TeraWulf. The catalyst? A massive $19 billion lease deal with Anthropic and a $530 million JV stake sale.
The 20-year lease with Anthropic is the headline grabber. It effectively turns TeraWulf’s mining infrastructure into AI compute capacity — an increasingly common pivot as crypto miners repurpose their power assets for the AI boom. The $530 million sale of its Abernathy joint venture stake gives the company more financial flexibility.
Bernstein’s analysts see this as a validation of TeraWulf’s hybrid strategy. Mining crypto alone is volatile. Adding long-term AI compute contracts provides revenue stability that investors can model around. The $36 target suggests they think there’s meaningful upside from current levels.
The question is whether other miners will follow the same playbook. If AI demand keeps growing, the ones with the power infrastructure to support it could find themselves in a very different business than the one they started in.
