JMP Securities Lifts Terawulf Price Target to $13 on Google-Backed Fluidstack Deal and Strong Q2 Earnings
With a 200 MW hosting agreement from Fluidstack and a surprise profit in Q2 2025, WULF stock soars 73% in a week
Terawulf (NASDAQ: WULF) surges 73% as JMP Securities raises target to $13. Google-backed Fluidstack inks 200 MW hosting deal; Q2 earnings beat expectations.
A Big Bet on Terawulf
Terawulf Inc. (NASDAQ: WULF), a rising player in the tech-driven hosting and crypto infrastructure space, is gaining even more confidence from Wall Street. On Friday, JMP Securities raised its price target from $7 to $13 while maintaining a Market Outperform rating.
This upgrade comes after an explosive week for the stock, which jumped 73% to close at $8.71, giving the company a market capitalization of $3.4 billion.
Google-Backed Fluidstack Joins the Roster
The biggest catalyst for this surge is Terawulf’s new deal with Fluidstack — a company backed by Google. Under the agreement, Fluidstack will lease 200 MW of capacity at Terawulf’s Lake Mariner facility, with an option to secure an additional 160 MW within the next 30 days.
According to JMP Securities, while previous client Core42 let its expansion option lapse, having two large customers scaling in the same facility increases the odds that the remaining space will be filled “in short order.”
Blowout Q2 2025 Earnings
Terawulf also surprised the market with strong Q2 results. The company reported earnings per share (EPS) of $0.05, smashing expectations of -$0.06 — a 183% positive earnings surprise. Revenue came in at $47.6 million, slightly ahead of the expected $46.97 million.
Interestingly, Terawulf delayed its earnings call until after the Fluidstack deal announcement, signaling just how important management believes this partnership could be for the company’s growth trajectory.
The Road Ahead
With two major customers on board — one of them Google-backed — Terawulf now has the potential to ramp up revenue and facility utilization much faster. If Fluidstack or another client exercises the additional 160 MW option, Terawulf’s growth could accelerate significantly.
Given the rising demand for AI processing, high-performance computing (HPC), and scalable data hosting, the company appears well-positioned for long-term expansion.
However, risks remain — including market volatility, heavy reliance on large clients, and the uncertain outlook for crypto-mining infrastructure. Analysts and investors will be watching closely over the next 1–2 quarters to see if Terawulf can execute on its expansion plans.
