TeraWulf Buys Kentucky Site for 1 GW AI Campus
TeraWulf acquired 285 acres in eastern Kentucky for the Muskie Data Campus with more than 1 GW of AI capacity; first 500 MW expected in 2H 2028 and shares rose about 9%.
TeraWulf acquired a 285-acre parcel inside EastPark Industrial Park in eastern Kentucky from Industrial Equity Partners to develop the Muskie Data Campus with capacity exceeding one gigawatt for AI and high-performance computing. The company plans to bring the first 500 megawatts online in the second half of 2028 and add another 500 megawatts by 2030. TeraWulf’s shares rose about 9% on the announcement.
The site sits on controlled land within a 1,000-acre industrial park and includes optional adjacent acreage for future expansion. The property is already zoned for data center use. Kentucky Power is building a 345-kilovolt substation that will tie into an existing 765 kV transmission network to serve the campus. TeraWulf has noted that one gigawatt of capacity is roughly equivalent to the electricity used by 750,000 homes.
TeraWulf, a Maryland-based bitcoin miner and data center operator, said the Muskie campus will complement its existing 480-megawatt Justified Data campus in Hancock County, Kentucky. The company did not disclose the purchase price.
In its first quarter of 2026, TeraWulf reported a net loss of more than $427 million, compared with a $61.4 million loss a year earlier. Revenue for the quarter was $34 million, about $21 million of which came from AI compute services, representing a 117% increase from the prior quarter. Revenue from bitcoin mining fell about 50% over the same period. The stock has more than doubled since the start of the year, trading around $24.78 after the announcement and reaching $25.92 earlier in the day, its highest level in 12 months.
Paul Prager, the company chairman and chief executive, described power, transmission infrastructure and execution certainty as the defining constraint in the market in a company statement.
TeraWulf and other mining and data center operators have been shifting focus to AI compute in part because they control or can secure electrical and cooling infrastructure required for high-density workloads. The Muskie project is planned as a phased buildout with tied transmission upgrades to support the initial 500 MW target in 2028 and the second 500 MW by 2030.
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