Group 1 - TeraWulf Inc. has been upgraded to Outperform by Keefe Bruyette analyst Stephen Glagola, with a new price target of $24, reflecting a significant market underestimation of the company's shift from Bitcoin mining to High-Performance Computing (HPC) [1] - The firm projects a massive 505% CAGR in EBITDA through 2027, driven by existing lease agreements, with HPC expected to generate over two-thirds of TeraWulf's revenue by 2026 [1] - TeraWulf and Fluidstack have successfully priced project-level financing for a 168 MW HPC joint venture, which will develop a next-gen, liquid-cooled AI data center in Texas, set to be commissioned in H2 2026 [2] Group 2 - The financial structure of the joint venture is robust, supported by approximately $1.3 billion in long-term lease-backing commitments from Google, enhancing capital formation efficiency [3] - TeraWulf holds a 51% majority ownership in the joint venture, projected to generate around $9.5 billion in contracted revenue over a 25-year term [3] - By early 2026, TeraWulf's total contracted HPC platform is expected to exceed 510 MW, with plans to deploy an additional 250 MW to 500 MW of capacity annually [3]