11:00 AM EDT, 08/13/2026 (MT Newswires) -- Riot Platforms ( RIOT ) , TeraWulf ( WULF ) , and Mara (MARA) are positioned to benefit from continued demand for compute, with recent deals supporting the broader powered shell provider, or PSP, space, Morgan Stanley said in a Thursday research note.

The firm said Mara management remains confident it can secure a high-performance computing, or HPC, deal by year-end. Through its Starwood joint venture, Mara is also progressing lease discussions across multiple sites, with management saying it remains confident it can sign at least two leases before year-end.

Morgan Stanley said the recent TeraWulf ( WULF ) transaction validates the progression it expected for the sector, with long-duration contracted cash flows, attractive revenue per watt, improving counterparty quality, and a valuation framework that increasingly looks more like infrastructure than Bitcoin mining.

The investment firm said the new Rockdale agreement represents the transaction that underpinned its Riot Platforms ( RIOT ) thesis at initiation, with the company converting a large block of controlled power into a long-duration HPC lease with economics near the high end of powered-shell precedents.

Morgan Stanley adjusted Mara's price target to $6 from $5.50, TeraWulf's ( WULF ) to $62.50 from $72, and Riot Platforms' ( RIOT ) to $43 from $36.

Price: 20.36, Change: +0.04, Percent Change: +0.21