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]