Bernstein has kicked off coverage of TeraWulf and Cipher Mining with Outperform ratings, slapping $36 and $32 price targets on them respectively. The thesis is straightforward: these former Bitcoin miners are sitting on exactly what the AI industry desperately needs, which is massive, grid-connected power infrastructure.
The investment bank projects that aggregate AI revenue within its coverage universe will balloon from $1.2 billion in 2026 to $10.7 billion by 2030. Bernstein projects TeraWulf will generate $1.7 billion in AI revenue, while Cipher Mining is expected to pull in $1.2 billion.
From hash rates to hyperscalers
TeraWulf’s transformation is already well underway. The company reported Q1 2026 revenue of $34 million, with 60% of that coming from HPC leases rather than Bitcoin mining. TeraWulf has amassed over $12 billion in long-term contracted HPC revenue, giving it the kind of revenue visibility that Bitcoin mining, with its halving cycles and hash rate competition, never could.
Bernstein joins a growing chorus
