New York, Feb 11, 2026, 07:33 ET — Premarket
- TeraWulf shares dipped roughly 0.2% in pre-market trading, staying close to their recent peak levels
- Morgan Stanley kicked off coverage with an Overweight rating and set a $37 price target, highlighting WULF as a data-center lease opportunity
- Investors are eager for updates during the March conferences and the earnings call on Feb. 26
TeraWulf Inc shares slipped 0.2% to $16.63 in premarket trading Wednesday, following a close near $16.66 the day before. Bitcoin dropped 2.3% to $67,192. Most U.S.-listed miners also fell: Marathon Digital took a 5.1% hit, Riot Platforms lost 1.1%, and CleanSpark dipped 1.5%.
The stock now serves as a real-time experiment in a broader trend: bitcoin miners doubling as power and landholders, not just crypto miners. As AI data centers compete fiercely for electricity and grid capacity, investors are valuing companies that can offer “compute” without depending on daily coin price swings.
Morgan Stanley’s Stephen Byrd kicked off coverage of TeraWulf with an Overweight rating and set a $37 price target. He sees long-term data-center leases as a whole new business angle. Byrd pointed out that the typical buyers here aren’t bitcoin investors but infrastructure investors, valuing the company on “long-term, stable cash flow.” Still, he flagged “significant risks to profitability of bitcoin mining” and floated the idea of a potential “REIT endgame” for the leased sites—REIT meaning real estate investment trust. 1
TeraWulf is clearly pushing that storyline. The company announced Tuesday that its senior management will be attending several March conferences, including Morgan Stanley’s Energy and Power Conference in New York on March 2, plus Nvidia’s GTC 2026 in San Jose from March 16 to 19. 2
These stages are crucial since they reveal key details traders focus on: power availability, construction schedules, and if customers are locking in multi-year contracts. Simply put, that’s what separates a mining stock tied to bitcoin from a data-center operator renting out capacity.
The tape still follows its own rules. When bitcoin dips, miners tend to falter, and Wednesday’s early drop in the token capped the group’s gains.
That puts WULF caught between two very different narratives. On one side, there’s the steady slog of attracting hosting clients for high-performance computing (HPC) — the demanding computing power behind AI tasks — while expanding its infrastructure. On the other, the volatile rollercoaster of crypto prices swings unpredictably.
But this shift comes at a price. Data centers require hefty upfront investments, have lengthy delivery times, and financing can get costly if appetite for risk drops. A weak quarter in lease signings could push the stock back to being bitcoin-focused.
Investors will be eyeing TeraWulf’s fourth-quarter results due Feb. 26, with a conference call set for 4:30 p.m. ET. This will be the next key moment to see if the company can demonstrate growth in hosting revenue alongside its mining operations. 3
