Rosenblatt reiterates Terawulf stock rating on HPC execution

Rosenblatt reiterated a Buy rating and $23.00 price target on Terawulf Inc. (NASDAQ:WULF) following the company’s preliminary first-quarter 2026 results. The stock currently trades at $20.95, near its 52-week high of $20.98, reflecting a remarkable 815% gain over the past year.

The firm said the results were positive, with better-than-expected revenue and earnings driven by execution of Terawulf’s high-performance computing strategy. The company completed a sizable equity raise alongside the results.

Rosenblatt said the equity raise will pre-fund a significant portion of Terawulf’s HPC pipeline, which exceeds 1.7 gigawatts. The majority of the company’s revenues are already driven by HPC, with further scaling planned.

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