TeraWulf's HPC lease revenue jumps 117% in Q1, driving strong growth and a $34 price target.

TeraWulf (WULF) reported a 117% sequential increase in high-performance computing (HPC) lease revenue in Q1, now making up over 60% of its total revenue. The company benefits from a $13 billion contracted backlog and an 85% segment margin, highlighting its strong market position. With $3.1 billion in cash and secured capital expenditure, TeraWulf is expanding rapidly across multiple sites. Analysts rate the stock a Buy with a $34 price target, expecting continued growth driven by uncontracted capacity and tenant diversification.