TeraWulf shifts from bitcoin mining to AI data centers, aiming for $1B EBITDA by 2027 amid growth and risks.

TeraWulf Inc. is transitioning from bitcoin mining to operating AI data centers, entering a crucial phase of execution. The company holds over $17 billion in contracts with potential IT load of 2.3 GW but currently has only 522 MW under contract, indicating significant growth potential. However, risks remain as TeraWulf must convert contracts into cash flow while managing high spending and increasing debt. The outlook is bullish, with key growth drivers including a new facility in Kentucky and the potential to exceed $1 billion in EBITDA by the end of 2027.