TeraWulf Inc. (Nasdaq: WULF) he announced On Tuesday it acquired a hyperscale data center in eastern Kentucky, a move that sent shares up 14% at some point today as investors responded to the company’s push for deeper artificial intelligence and advanced computing equipment.
The new Muskie Data Campus, purchased from Industrial Equity Partners, is located within the 1,000-acre EastPark Industrial Park in northeastern Kentucky and includes approximately 285 acres of owned and managed land.
The site is expected to support more than 1 gigawatt of AI and HPC power – enough to power nearly 750,000 homes. The first 500 megawatts are expected to come online in the second half of 2028, with an additional 500 megawatts set to be commissioned by the second half of 2030.
Kentucky Power, an AEP company, is to build a 345 kV substation connected to the existing 765 kV network to serve the campus. Transmission infrastructure and electrical service contracts were carried out in closing, and what was established TeraWulf It is described as a logical way to provide long-term, high-quality energy. The site is slated for use, with permitting pending.
“What’s in this market doesn’t just include computer hardware – it’s power, delivery methods, and reliability,” said Paul Prager, Chairman and CEO of TeraWulf. “Muskie combines extreme power, strong deployment tools, development planning, and local space in a way that’s hard to replicate.”
The acquisition marks TeraWulf’s second large digital campus in Kentucky, joining the 480-megawatt Justified Data campus in Hancock County. The company bills itself as an “electricity company that builds electrical equipment” — a distinction that Prager said hinges on TeraWulf’s ability to keep sites like Muskie ahead of competitors.
TeraWulf’s AI compute is crushing Bitcoin mining costs
The deal comes as TeraWulf’s HPC-related revenue rose 117% in the most recent quarter, led by its Western New York Lake Mariner facility, one of the largest HPC campuses in North America. AI accounted for more revenue than Bitcoin mining for the first time in Q1, even though the company invested $427 million as operating costs rose.
A $3 billion financing package arranged through Morgan Stanley – with Google repaying the loan – is supporting the data center expansion plan announced last September.
Shares of WULF rose as much as 13.6% in early New York trading on Tuesday before setting a profit of 11%, reaching about $26 per share, their highest level in three weeks. Sales have doubled since January 1, 2026. Shares of CoinShares Bitcoin Mining ETF (WGMI) – which holds TeraWulf as its third position at 10.86% – rose 4.5%.
TeraWulf joins a growing field of Bitcoin miners, including Hut 8, HIVE Digital, MARA Holdings, and IREN, looking to AI and HPC technologies as the frontiers of Bitcoin mining. facial problems.
The Muskie campus is expected to generate construction, long-term jobs, and tax revenue for northeastern Kentucky, with the support of the Governor’s office and economic development officials.
