Bank of America Securities has initiated coverage on TeraWulf with a Buy rating and a $34 price target, adding another bullish voice to a growing Wall Street chorus that sees the company’s transformation from Bitcoin miner to AI data center operator as the real deal.
The call lands at an interesting moment. TeraWulf, which trades on the Nasdaq under the ticker WULF, just crossed a milestone that makes the pivot look less like corporate aspiration and more like corporate reality: HPC revenue has officially overtaken Bitcoin mining revenue for the first time.
From pickaxes to processors
In Q1 2026, the company reported total revenue of $34 million. Of that, $21 million came from high-performance computing workloads. In English: more than 60% of TeraWulf’s revenue now comes from something other than Bitcoin mining.
The company’s flagship operation is the Lake Mariner facility in New York, which specializes in providing low-cost, predominantly zero-carbon power for both Bitcoin mining and HPC workloads.
