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.
尼德姆分析师约翰·托达罗开始对TeraWulf Inc（纳斯达克股票代码：WULF）进行报道，评级为买入，目标股价为6美元。
Todaro noted that TeraWulf is one of the best miners for converting data center capacity to High-Performance Computing (HPC).
托达罗指出，TeraWulf是将数据中心容量转换为高性能计算（HPC）的最佳矿机之一。
HPC represents a high-margin, large, and growing revenue opportunity with long-term contracts that provide revenue and margin transparency longer term.
HPC 代表着利润率高、规模大且不断增长的收入机会，其长期合同可长期提供收入和利润透明度。
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.
托达罗指出，TeraWulf将一个超过100兆瓦的HPC网站上线将为时过早。此外，该分析师预计，由于TeraWulf的站点更适合短期HPC设计，因此与同行相比，资本支出较低。
He expects HPC to be a fast-growing, attractive, and stable margin business for miners with available power capacity.
他预计，对于拥有可用电力容量的矿商来说，HPC将成为一项快速增长、有吸引力且利润稳定的业务。
Todaro forecasts TeraWulf will generate ~$610 million in revenue in 2026, with $350 million coming from HPC.
Todaro预测，TeraWulf将在2026年创造约6.1亿美元的收入，其中3.5亿美元来自高性能计算。
The analyst project the company will operate at an attractive 56% adjusted EBITDA margin.
分析师预计，该公司的调整后息税折旧摊销前利润率将达到56％，具有吸引力。
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.
目标股价反映了Todaro对2026年EV/EBITDA的12.5倍折扣估计，这比纯比特币矿商Riot Platforms, Inc（纳斯达克股票代码：RIOT）、Iris Energy Limited（纳斯达克股票代码：IREN）溢价，分析师指出，鉴于其短期HPC计划，这是有保障的，但与Core Scientific, Inc（纳斯达克股票代码：CORZ）相比略有折扣，他说目前风险更低鉴于 CORZ 有客户。
Price Action: WULF stock is up 2.36% at $3.91 at the last check on Wednesday.
价格走势：在周三的最后一次支票中，WULF股价上涨2.36％，至3.91美元。
Image via Shutterstock
图片来自 Shutterstock
