Motz Catherine J. sold $998K of WULF

TD Cowen initiated coverage of TeraWulf with a Buy rating, citing its 839-MW data center portfolio and 2.1-GW expansion pipeline. Analyst Michael Elias highlighted customer credit protections and a 9% capitalization rate, lower than peers. TeraWulf's shares fell 1.3% in morning trading.

TD Cowen initiated coverage of TeraWulf (WULF) with a 'Buy' rating and $21 price target, citing undervaluation of its AI data center business. The target implies 52.5% upside from Friday's close. Analyst Michael Elias argues the market undervalues the company's data center leases, noting Google's backing through Fluidstack leases and warrants for an 8% stake. WULF stock traded slightly higher in pre-market hours.

TeraWulf increased its contracted power capacity at Muskie Data Campus from 500 MW to 1 GW, with the second phase now planned for 2029. The project, acquired in 2026, aims to support AI and high-performance computing, with potential for 2 GW capacity. Approval and construction schedules are pending.

Applied Digital (APLD) rose 3% to $25.43 after securing a Finland power agreement for 1 GW, its first international data center. The company plans to market the site to global hyperscale customers. TeraWulf (WULF) and Core Scientific (CORZ) also saw gains. Applied Digital's earnings report is due October 7.

Kentucky Power and TeraWulf Inc. expanded their agreement, doubling power to 1 gigawatt for TeraWulf's data center campus. The deal includes $100M in bill credits for residential customers, subject to regulatory approval. TeraWulf will cover infrastructure costs and accelerate its second phase to 2029.

TeraWulf (WULF) shares fell 5% to $14.77 despite doubling its Muskie campus power contract to 1 gigawatt, awaiting regulatory approval. Core Scientific (CORZ) and Riot (RIOT) also declined 3% and 2%, respectively, reflecting broader sector weakness. The Global X Data Center ETF (DTCR) dropped 0.3%, while the S&P 500 (SPY) rose 0.2%.