Is TeraWulf (NASDAQ:WULF) a buy right now?

ATB Capital Markets analyst Martin Toner says TeraWulf’s (TeraWulf  Stock Quote, Chart, News, Analysts, Financials NASDAQ:WULF) contract base and development pipeline are not fully reflected in its share price.

In a July 20 preview, Toner maintained his “Outperform” rating and $51.00 target on TeraWulf.

“Much to our surprise WULF is a teenwulf again,” Toner said. “We believe the value of WULF’s contracts with Fluidstack alone are worth over $20.00, meaning investors are paying $0 for ~2.5GW of high-quality pipeline.”

Toner said TeraWulf’s 20-year lease agreement with Anthropic at its 401-megawatt Justified Data campus in Hawesville, Ky., validates the company’s shift into AI data centres. He said the deal is expected to generate about $19-billion of contracted revenue over its initial term, with capacity beginning to phase in during the second half of 2027 and reaching full scale by early 2028.

The analyst said Q2 results should show continued momentum at TeraWulf’s wholly owned Lake Mariner campus in New York, where high-performance computing lease revenue already exceeded legacy digital asset mining revenue in Q1. Toner said investors will focus on the construction timeline for the 168-megawatt CB-4 facility, with energization expected in Q3 2026.

Toner said the company’s balance sheet should also look cleaner after the sale of its 50.1% stake in the Abernathy joint venture to Fluidstack for about $450-million. He said the sale allows TeraWulf to recycle capital into higher-margin, wholly owned projects.

“We will review how this fresh cash injection combines with the existing $3,100MM liquidity cushion and the newly secured $250MM revolving credit facility to fund the early phases of the company’s multi-gigawatt development pipeline,” Toner said.

He also expects management to provide more detail on sequencing for its newly acquired one-gigawatt-plus Eastern Kentucky campus.

Toner lowered his estimates to reflect a weaker Bitcoin forecast and higher operating costs tied to ongoing development projects.

He now expects TeraWulf to generate Adjusted EBITDA of $102.4-million in fiscal 2026 and $672.2-million in fiscal 2027, on fiscal 2027 revenue of $1.06-billion.

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