Core Insights - Bitcoin miners are facing shrinking margins due to a decline in Bitcoin prices, with hashprice around $47 per petahash per day and a forecasted difficulty adjustment increase of 4.7% [2] Group 1: Financial Developments - TeraWulf has raised $3.2 billion through a senior secured note due 2030 at 7.75%, marking the largest debt issuance in Bitcoin mining history, with proceeds aimed at funding AI and high-performance computing expansion [3] - BitFarms has successfully raised $588 million through an upsized convertible note, netting $568 million at a 1.375% coupon, indicating a trend towards structured debt for financing AI transitions [4][5] Group 2: Industry Trends - Data-center operators are increasingly utilizing repurposed aircraft jet engines to meet the rising power demands of AI workloads, with each turbine capable of delivering up to 48 MW [6] - An "arms race" for generators and transformers is confirmed by industry executives, highlighting the strain on supply chains due to AI build-outs, with energy scarcity influencing valuations in digital infrastructure [7] Group 3: Company Initiatives - CleanSpark has appointed Jeffrey Thomas as Senior VP of AI Data Centers to lead its HPC expansion strategy, focusing on integrating AI workloads with Bitcoin mining [8]

Core Insights - TeraWulf (WULF) shares are currently overvalued with a Value Score of F, trading at a price/book ratio of 31.18X compared to the industry average of 3.55X and the finance sector's 4.24X [1][8] - Year-to-date, TeraWulf shares have appreciated 122.9%, significantly outperforming the industry and sector returns of 3.2% and 12.8%, respectively [4][5] Valuation and Performance - TeraWulf's valuation is stretched, trading at a steep 31.18X book value, which is considerably higher than peers like Riot Platforms (2.13X) and Cleanspark (2.21X) [8] - The company has self-mined 485 bitcoin in Q2 2025, with mining capacity increasing by 45.5% year-over-year to 12.8 EH/s [9] Revenue Potential - TeraWulf's new deals with Fluidstack and Core42 are expected to add billions in potential revenue, with the Fluidstack deal alone representing approximately $6.7 billion in contracted revenues [10][11] - The company is on track to deliver 72.5 MW of HPC colocation capacity, with revenue generation expected to start in Q3 2025 [9][10] Competitive Landscape - TeraWulf faces stiff competition from Riot Platforms and Cleanspark, which hold significant bitcoin reserves [13] - The company is also impacted by volatility in bitcoin prices due to macroeconomic challenges and uncertainty regarding the U.S. government shutdown [15] Financial Outlook - The Zacks Consensus Estimate for TeraWulf's loss for Q3 2025 has widened to 7 cents per share, with expected revenues of $55.4 million, indicating 104.6% growth year-over-year [17] - For 2025, the consensus estimate for losses has widened to 33 cents per share, with projected revenues of $204.1 million, reflecting a 45.7% increase from 2024 [19] Investment Sentiment - Despite potential revenue growth from new leases and Alphabet's investment, TeraWulf's stretched valuation and increasing losses make it a risky investment [20] - The company currently holds a Zacks Rank 4 (Sell), indicating that investors should avoid the stock at this time [21]

Core Insights - TeraWulf Inc. is a significant player in the cryptocurrency mining industry, emphasizing sustainable and efficient operations [1][2] - Greg Miller from JMP Securities has set a bullish price target of $18 for WULF, indicating a potential upside of approximately 30% from its current trading price of $13.85 [2][6] Market Performance - WULF's stock has shown volatility, with a pre-market decline of 0.57%, bringing the price down to $13.85, and a daily trading range between $13.74 and $14.74 [3][6] - The market capitalization of WULF is around $5.42 billion, with a trading volume of 23.06 million shares, indicating strong investor interest [4][6] Industry Context - The broader cryptocurrency mining market has seen declines in other stocks, such as Bitfarms Ltd, which dropped by 9.5%, and American Battery Technology Co, which fell by 19.8% [5]

Group 1: Cipher Mining (CIFR) - Cipher Mining's stock remains stable after modest cuts to Q3 and full-year 2025 revenue and EBITDA forecasts, with strong execution on its Fluidstack/Google lease and potential follow-on deals noted, although much of the 2027 development pipeline is already priced in, trading at about 87% of estimated pipeline equity value versus a 61% coverage average [2] Group 2: IREN Ltd. (IREN) - IREN's Hold rating reflects downward revisions to near-term production and cost assumptions, partially offset by raised 2026 estimates due to plans to expand its Canadian AI cloud build-out to 60,000 GPUs, but the firm's bare-metal focus is seen as lacking the necessary software depth and enterprise integration for durable returns, with an elevated valuation amid execution and dilution risks [3] Group 3: Mara Holdings (MARA) - Mara remains on Hold after reductions to Q3 and 2025 revenue and EBITDA estimates, with skepticism around its ability to monetize power-management services for AI inference and advance off-grid mining growth, compounded by uncertainty over a proposed 64% acquisition of EDF's Exaion, which is under review on sovereignty grounds [4] Group 4: CleanSpark (CLSK) - CleanSpark's Hold rating follows reductions to Q3 and 2025 estimates due to lower mining uptime, despite management's appointment of Matt Schultz and renewed optimism around AI/HPC optionality, with shares rallying 94% since the leadership change, but the company is preferred to await clearer updates on the scale and timing of its AI/HPC pipeline before any upgrade [5] Group 5: Hut 8 (HUT) - Hut 8 earns a Buy rating with a raised price target to $67, reflecting full value for an estimated 530 MW gross AI/HPC leasing pipeline across River Bend, Batavia, and Texas Site 03, valued at $5.85 billion at a 5.5% cap rate, with American Bitcoin's mining operations dominating results and presenting dilution risk, while exposure to AI/HPC colocation supports long-term upside [6] Group 6: TeraWulf (WULF) - TeraWulf retains a Buy rating with an increased price target of $24, supported by a sum-of-the-parts valuation of its 886 MW AI/HPC pipeline through 2027, spanning Core42/Fluidstack, Lake Mariner, and Cayuga Lake, valued at $13.85 billion at a 5.5% cap rate, along with modestly raised Q3 revenue and EBITDA forecasts on higher hashprice trends [7]

Core Insights - JonesResearch raised its price target on TeraWulf Inc. to $24 from $12, maintaining a Buy rating based on updated business developments and hashprice trends [1] - The firm noted that TeraWulf's management is on track with its HPC and AI hosting strategy, supported by a recent $3.2 billion senior secured notes issuance [1] Financial Estimates - JonesResearch increased its Q3 2025 revenue estimate to $58.5 million and EBITDA to $14.2 million, up from $57.3 million and $13.0 million, respectively, due to a stronger average hashprice of $0.056 per terahash [2] Valuation Analysis - TeraWulf's announced and planned turnkey colocation leases totaling 886 MW were valued at $13.85 billion using a 5.5% cap rate on projected NOI per megawatt, leading to a residual equity value of $12.35 billion after accounting for $1.5 billion of incremental debt [3] - On a pro forma share count of 517.9 million, this results in a target price of $23.85 per share, rounded to $24 [3] Market Position - TeraWulf's current market capitalization represents about 52% of its estimated NAV, compared to a 66% peer average, indicating it remains significantly undervalued relative to its contracted and expansion-ready AI/HPC pipeline [4] - The $24 price target implies a 72% upside from WULF's closing price of $13.93 [4]

Core Insights - TeraWulf Inc.'s subsidiary WULF Compute has priced a $3.2 billion private placement of 7.75% senior secured notes due 2030, expected to close on October 23, 2025 [1][2] - The proceeds from the offering will be used to fund part of the planned data center expansion at the Lake Mariner campus in Barker, New York, aimed at enhancing high-density computing capacity for HPC and AI workloads [2] - The notes will be fully guaranteed by WULF Compute's subsidiaries and secured by first-priority liens on all assets of WULF Compute and the guarantors [3] Financial and Operational Context - TeraWulf recently upsized a convertible notes offering to $850 million following a 10-year lease agreement with Fluidstack and Google [3] - At the time of publication, TeraWulf's stock was down 3.3% from the previous day's close [3]

Market Overview - U.S. stock futures are lower, with Dow futures dropping over 200 points on Friday [1] Company-Specific Movements - Bitfarms Ltd (NASDAQ:BITF) shares fell 9.5% to $4.78 in pre-market trading after announcing the pricing of upsized $500 million convertible senior notes [1] - American Battery Technology Co (NASDAQ:ABAT) shares tumbled 19.8% to $4.55 in pre-market trading, following a 37% decline on Thursday due to the termination of a Department of Energy grant [3] - HIVE Digital Technologies Ltd (NASDAQ:HIVE) shares dipped 18.2% to $4.78 in pre-market trading after a 14% decline on Thursday [3] - Standard Lithium Ltd (NYSE:SLI) shares declined 17.3% to $4.45 in pre-market trading after pricing a $130 million underwritten public offering [3] - Almonty Industries Inc (NASDAQ:ALM) slipped 16.4% to $7.11 in pre-market trading after a 12% dip on Thursday [3] - Mesoblast Ltd (NASDAQ:MESO) declined 13.7% to $15.63 in pre-market trading [3] - Jumia Technologies AG – ADR (NYSE:JMIA) shares fell 13.2% to $10.31 in pre-market trading [3] - Terawulf Inc (NASDAQ:WULF) shares fell 13.1% to $12.05 after reporting the pricing of $3.2 billion of senior secured notes [3] - Diginex Ltd (NASDAQ:DGNX) shares slipped 13.1% to $14.45 after an 18% decline on Thursday [3] - Aeluma Inc (NASDAQ:ALMU) shares fell 12.1% to $16.46 in pre-market trading [3] - Compass Diversified Holdings (NYSE:CODI) declined 11.7% to $6.60 in pre-market trading after an 8% gain on Thursday [3] - Integra Resources Corp (NYSE:ITRG) fell 11.3% to $2.89 in pre-market trading [3] - Forward Industries Inc (NASDAQ:FORD) fell 10.8% to $22.00 in pre-market trading [3] - Bruker Corp (NASDAQ:BRKR) declined 10.3% to $34.25 in pre-market trading [3] - Inter & Co Inc (NASDAQ:INTR) fell 10% to $8.04 in pre-market trading [3] - Hut 8 Corp (NASDAQ:HUT) fell 8.5% to $44.59 in pre-market trading after a 10% dip on Thursday [3] - Bitdeer Technologies Group (NASDAQ:BTDR) fell 8.2% to $23.75 in pre-market trading [3] - CleanSpark Inc (NASDAQ:CLSK) fell 7.5% to $18.49 in pre-market trading [3] - Kratos Defense & Security Solutions Inc (NASDAQ:KTOS) fell 5.3% to $83.96 in pre-market trading [3]

Market Overview - U.S. stock futures are lower, with Dow futures dropping over 200 points on Friday [1] Company-Specific Movements - Bitfarms Ltd (NASDAQ:BITF) shares fell 9.5% to $4.78 in pre-market trading after announcing the pricing of upsized $500 million convertible senior notes [1] - American Battery Technology Co (NASDAQ:ABAT) shares tumbled 19.8% to $4.55 in pre-market trading, following a 37% decline on Thursday due to the termination of a Department of Energy grant [3] - HIVE Digital Technologies Ltd (NASDAQ:HIVE) shares dipped 18.2% to $4.78 in pre-market trading after a 14% decline on Thursday [3] - Standard Lithium Ltd (NYSE:SLI) shares declined 17.3% to $4.45 in pre-market trading after pricing a $130 million underwritten public offering [3] - Almonty Industries Inc (NASDAQ:ALM) slipped 16.4% to $7.11 in pre-market trading after a 12% dip on Thursday [3] - Mesoblast Ltd (NASDAQ:MESO) declined 13.7% to $15.63 in pre-market trading [3] - Jumia Technologies AG – ADR (NYSE:JMIA) shares fell 13.2% to $10.31 in pre-market trading [3] - Terawulf Inc (NASDAQ:WULF) shares fell 13.1% to $12.05 after reporting the pricing of $3.2 billion of senior secured notes [3] - Diginex Ltd (NASDAQ:DGNX) shares slipped 13.1% to $14.45 after an 18% decline on Thursday [3] - Aeluma Inc (NASDAQ:ALMU) shares fell 12.1% to $16.46 in pre-market trading [3] - Compass Diversified Holdings (NYSE:CODI) declined 11.7% to $6.60 in pre-market trading after an 8% gain on Thursday [3] - Integra Resources Corp (NYSE:ITRG) fell 11.3% to $2.89 in pre-market trading [3] - Forward Industries Inc (NASDAQ:FORD) fell 10.8% to $22.00 in pre-market trading [3] - Bruker Corp (NASDAQ:BRKR) declined 10.3% to $34.25 in pre-market trading [3] - Inter & Co Inc (NASDAQ:INTR) fell 10% to $8.04 in pre-market trading [3] - Hut 8 Corp (NASDAQ:HUT) fell 8.5% to $44.59 after a 10% dip on Thursday [3] - Bitdeer Technologies Group (NASDAQ:BTDR) fell 8.2% to $23.75 in pre-market trading [3] - CleanSpark Inc (NASDAQ:CLSK) fell 7.5% to $18.49 in pre-market trading [3] - Kratos Defense & Security Solutions Inc (NASDAQ:KTOS) fell 5.3% to $83.96 in pre-market trading [3]

Core Viewpoint - TeraWulf Inc. has announced a $3.2 billion offering of senior secured notes to finance the expansion of its data center at the Lake Mariner campus in New York, with the offering expected to close on October 23, 2025, subject to market conditions [1][2]. Group 1: Offering Details - The offering consists of 7.750% senior secured notes due in 2030, priced at par, and will be sold privately to qualified institutional buyers under Rule 144A of the Securities Act [1][5]. - The notes will be fully guaranteed by WULF Compute's subsidiaries and secured by first-priority liens on substantially all assets of WULF Compute and the Guarantors [3][4]. Group 2: Use of Proceeds - The net proceeds from the offering will be utilized to finance a portion of the data center expansion at the Lake Mariner campus [2]. Group 3: Guarantees and Conditions - TeraWulf will provide customary completion guarantees to ensure the timely completion of the data center buildings involved in the expansion [4]. - The offering is subject to market and other conditions, with no assurance on the completion timeline or terms [4].

Core Insights - Bitcoin mining stock prices have surged recently, driven by market enthusiasm for miners engaging in AI ventures [1][7] Company Performance - Major bitcoin miners such as Bitdeer, Bitfarms, Hut 8, CleanSpark, and Core Scientific have seen significant price increases, with Bitdeer leading at a 27% rise [2] - Over the past week, Bitfarms has outperformed with a 66% increase, followed by Bitdeer at 29.5%, TeraWulf at 23.2%, Hut 8 at 21.4%, CleanSpark at 20.4%, and Cipher at 17.5% [3] - IREN has shown a remarkable performance, up 1,100% over the last six months, despite lagging behind peers in the weekly timeframe [4] Financial Developments - IREN has closed a $1 billion convertible note to support its AI business, with Cantor Fitzgerald setting a $100 price target based on its neocloud business and the potential of its Sweetwater campus [5] - Bitdeer announced plans to have 200 MW of critical IT load operational in Southeast Asia by the end of 2026, projecting an estimated annual recurring revenue of $2 billion [6] Market Trends - The bitcoin mining sector has been experiencing a strong upward trend since summer, largely due to the AI investment wave, leaving miners without AI or high-performance computing initiatives at a disadvantage [7]