New York, Feb 11, 2026, 07:33 ET — Premarket
- TeraWulf shares were down about 0.2% before the bell, holding near recent highs
- Morgan Stanley began coverage with an Overweight rating and a $37 price target, pitching WULF as a data-center lease play
- Investors are watching for updates at March conferences and on the Feb. 26 earnings call
TeraWulf Inc shares were down 0.2% at $16.63 in premarket trading on Wednesday after ending the prior session at about $16.66. Bitcoin fell 2.3% to $67,192, and other U.S.-listed miners were mostly lower, including Marathon Digital down about 5.1%, Riot Platforms off 1.1% and CleanSpark down 1.5%.
The stock has turned into a live test of a wider trade: bitcoin miners as power-and-land owners, not just crypto producers. With AI data centers fighting for electricity and grid access, investors have been paying up for companies that can sell “compute” without leaning on the coin price every day.
Morgan Stanley analyst Stephen Byrd started coverage of TeraWulf with an Overweight rating and a $37 price target, and he framed long-term data-center leases as a different business. Byrd wrote that the natural buyer base shifts to “not among bitcoin investors but among infrastructure investors,” with valuations tied to “long-term, stable cash flow,” while warning of “significant risks to profitability of bitcoin mining” and describing a potential “REIT endgame” for contracted sites (a REIT is a real estate investment trust). (Bitget)
TeraWulf, for its part, has been steering investors toward that narrative. The company said on Tuesday that senior management will appear at a slate of March conferences, including Morgan Stanley’s Energy and Power Conference in New York on March 2 and Nvidia’s GTC 2026 in San Jose from March 16-19. (TeraWulf Inc.)
Those stages matter because they tend to flush out the details traders care about: power availability, build timelines and whether customers are actually signing multi-year deals. In plain terms, that’s the difference between a mining stock that tracks bitcoin and a data-center operator that can sell capacity like rent.
The tape still has its own logic, though. When bitcoin drops, miners usually wobble, and Wednesday’s early slide in the token kept a lid on the group.
That leaves WULF sitting between two stories that don’t always move together. One is the slower grind of winning hosting customers for high-performance computing (HPC) — the heavy-duty computing used for AI workloads — and building out infrastructure. The other is the fast, messy swing in crypto prices.
But the pivot is not free. Data centers cost a lot up front, take time to deliver, and financing can turn expensive if risk appetite fades; a slow quarter for lease signings would drag the stock back toward a bitcoin-only profile.
What investors watch next is the company’s fourth-quarter results on Feb. 26, with a conference call scheduled for 4:30 p.m. ET — the next clear checkpoint on whether TeraWulf can show traction in hosting revenue alongside mining. (TeraWulf Inc.)
