The upside case is a successful shift from BTC volatility to contracted AI infrastructure rents, with execution and leverage the gating items. We underwrite meaningful growth while assuming a more conservative long-term multiple than pure-play AI infra hype.

WULF is converting scarce, power-rich campuses into long-duration, credit-enhanced AI data-center cash flows; if the 2026–2028 delivery slate lands on-time, equity can compound ~2–3x by 2030 despite heavy leverage.

Compute becomes the bottleneck; WULF’s edge is turning grid access + cooling into contracted capacity, with upside from “infrastructure as a financial product” (project debt, recycling, yield structures).

WULF’s non-linear upside comes from an identity shift: from BTC-linked spot economics to multi-year, credit-supported AI infrastructure rents. If management keeps executing the “contract MW → finance → build → deliver” loop, revenue scales faster than overhead and the market increasingly prices the business like contracted digital infrastructure (with cyclicality relegated to the mining residual). The multiple can still compress from today’s speculative levels while equity rises materially as revenue ramps and execution risk declines.

The core risks are (1) execution timing on 2026–2028 AI hall deliveries, (2) financing/refinancing under a levered project-debt stack, and (3) tenant concentration/contract repricing risk if the AI infra cycle cools or GPU economics shift.

$21.48