Bitcoin Miner TeraWulf Leads Early HPC Market Entry, Analyst Projects $610M Revenue By 2026
Bitcoin Miner TeraWulf Leads Early HPC Market Entry, Analyst Projects $610M Revenue By 2026
Todaro noted that TeraWulf will be early to market in bringing a 100MW+ site online for HPC. Additionally, the analyst expects lower capex versus peers as TeraWulf's sites are more suitable for near-term HPC designs.Needham analyst John Todaro initiated coverage on TeraWulf Inc (NASDAQ:WULF) with a Buy rating and a price target of $6.
Needham分析師約翰·託達羅（John Todaro）以買入評級和目標價格6美元啓動對TeraWulf Inc（納斯達克：WULF）的研究覆蓋。
Todaro noted that TeraWulf is one of the best miners for converting data center capacity to High-Performance Computing (HPC).
託達羅指出，TeraWulf是將數據中心容量轉化爲高性能計算（HPC）的最佳挖掘者之一。
HPC represents a high-margin, large, and growing revenue opportunity with long-term contracts that provide revenue and margin transparency longer term.
HPC表示高利潤率、規模大且不斷增長的收入機會，長期合同爲長期提供收入和利潤透明度。
Todaro noted that TeraWulf will be early to market in bringing a 100MW+ site online for HPC. Additionally, the analyst expects lower capex versus peers as TeraWulf's sites are more suitable for near-term HPC designs.
託達羅指出，TeraWulf將成爲市場上最早將一個100MW+的站點用於HPC的公司。此外，分析師預計TeraWulf的建設支出將較同行更低，因爲TeraWulf的站點更適合近期的HPC設計。
He expects HPC to be a fast-growing, attractive, and stable margin business for miners with available power capacity.
他預計，對於那些可用功率容量的挖掘者來說，HPC將成爲一個快速增長、有吸引力且穩定的利潤率業務。
Todaro forecasts TeraWulf will generate ~$610 million in revenue in 2026, with $350 million coming from HPC.
託達羅預測，TeraWulf將在2026年產生約6100萬美元的營業收入，其中3,500萬美元來自HPC。
The analyst project the company will operate at an attractive 56% adjusted EBITDA margin.
分析師預計該公司將以56%的有吸引力的調整後息稅折舊及攤銷前利潤率運營。
The price target reflects 12.5x EV/EBITDA Todaro's discounted 2026 estimate, which is at a premium to pure-play bitcoin miners Riot Platforms, Inc (NASDAQ:RIOT), Iris Energy Limited (NASDAQ:IREN), which the analyst noted is warranted given its near term HPC plans, but at a modest discount to Core Scientific, Inc (NASDAQ:CORZ) which he said is currently more de-risked given CORZ has a customer in place.
目標價格反映了12.5倍EV/EBITDA託達羅預測的2026年折現估值，該估值溢價於純比特幣挖掘者Riot Platforms, Inc（納斯達克：RIOT）、Iris Energy Limited（納斯達克：IREN），其中託達羅指出這一溢價合理的原因是其近期HPC計劃，但相對於Core Scientific, Inc（納斯達克：CORZ），目標價格則稍有折現，原因是CORZ目前存在客戶關係。
Price Action: WULF stock is up 2.36% at $3.91 at the last check on Wednesday.
價格走勢：在週三最新檢查時，WULF股票漲幅爲2.36%，報收於3.91美元。
Image via Shutterstock
圖片來自shutterstock。
