TeraWulf

WULF

Market cap $5.95B

Beyond obvious AI plays like Nvidia, experts see opportunity in shares of infrastructure companies, some of which remain cheap.

Bitcoin miners are undergoing a transformation that could redefine the sector. Companies may shift from cryptocurrency mining to high-performance computing infrastructure.

In 2025, Bitcoin soared to an all-time high of around $126,000 among other wins for the cryptocurrency industry—including easing regulations, new stablecoin legislation, and the impending launch of a flurry of new crypto-focused exchange-traded funds (ETFs). However, the world's largest digital token couldn't keep the rally up and has since plunged to below $94,000.

TeraWulf (WULF) and Cipher Mining (CIFR) are top crypto miners pivoting to AI and HPC workloads, securing major hyperscaler deals. Both TeraWulf and Cipher have landed multi-billion dollar contracts with Alphabet's Google Cloud and Amazon's AWS, driving projected revenue growth of 132% and 66% in 2026, respectively. Valuation multiples for both companies could expand to 21-22x 2026 revenues, implying 45-50% share price upside from current levels.

WULF's pivot to high-performance computing gains traction, but reduced Bitcoin mining and rising costs are creating near-term revenue pressure.

TeraWulf (WULF) is transitioning from a bitcoin miner to a high-density compute infrastructure provider, leveraging macro AI demand and power scarcity tailwinds. WULF's Q3 marks the start of recurring HPC lease revenue, with $7.2M recognized and a contracted pipeline extending into 2026, including major deals with Core42 and Fluidstack. The company secured $3.2B in green financing, backed by Google and robust lease economics, targeting high NOI margins (70–85%) on long-term contracts.

The northeast United States wasn't the only region gripped by bitter cold this month—a new winter has also hit the cryptocurrency market. Weak sentiment and choppy trading threaten Bitcoin with its worst yearly performance since 2022.

New York City-based Aurelius Capital Management bought 450,000 shares in TeraWulf during the third quarter. The shares were worth about $5.1 million at quarter-end.

Riot Platforms' large-scale mining base, AI data-center buildout and lower valuation give it an edge over TeraWulf's higher-risk expansion.

Milestone financing reinforces strategic partnership, expanding AI demand, and continued improvement in market economics Milestone financing reinforces strategic partnership, expanding AI demand, and continued improvement in market economics