Cantor Daily Research Highlights

Research evidence excerpt

Cantor Daily Research Highlights

July 15, 2026

U.S. Equity Research July 14

GLOBAL HEAD OF Adani Energy Solutions Ltd. (ADANIENS.IN, INR1,690.30, Overweight, Price Target: INR1,819.00)EQUITY RESEARCH

David Siffringer Manish A. Somaiya (212-915-1051, Manish.Somaiya@Cantor.com)

212-829-7091 AESL: Key Discussion Topics for Mgmt Ahead of the Virtual NDR and F1Q27 Earnings

David.Siffringer@cantor.com Quick Take

July 14

TeraWulf Inc. (WULF, $19.41, Overweight, Price Target: $37.00)

Brett Knoblauch, CFA (212-610-2221, Brett.Knoblauch@cantor.com)

Moratorium-Induced Sell-Off a Buying Opportunity

Quick Take

CleanSpark, Inc. (CLSK, $13.45, Overweight, Price Target: $26.00)

First Lease Done, More to Come; Reiterate OW

We believe this lease is the start of a new era of CLSK, which makes risk/reward at current

levels attractive. We are reiterating our OW rating and increasing our PT to $26 from $17 as

we account for the Sandersville lease.

This morning (07/14), CLSK signed a 20-year lease with a high investment-grade tenant for its

Sandersville site (our quick take here). This is a pivotal step for the company, as it looks to

transition its business away from Bitcoin mining (which it has not spent any capex on for several

quarters) and towards AI data center colocation. In our view, getting the first lease signed is

the hardest, and now that this lease is signed, we expect CLSK to follow suit with additional

leases over the coming quarters and years.

To that extent, the tenant has an LOI on all of CLSK's Texas capacity. This totals 885 MW

(gross) across its Sealy and Brazoria campuses. While there is some ERCOT-related risk - this

only pertains to about a third of CLSK's power in Texas, and even with that, management is

confident that their site will be considered a Batch 0 Firm.