TeraWulf Buys Kentucky Site for 1GW AI Data Center
TeraWulf bought a Kentucky site that could host more than 1 GW of AI and HPC capacity; the first 500 MW is expected in 2028 and backed by $3 billion in financing.
TeraWulf acquired a development site in Kentucky that could support more than 1 gigawatt of artificial intelligence and high-performance computing capacity. The company expects the first 500 megawatts to be operational in 2028 and a second 500 megawatts by 2030.
The site includes planned grid upgrades and long-term power agreements intended to supply the high-density computing load. TeraWulf said the property and power arrangements are intended to support large-scale AI and HPC builds while the company continues to operate its bitcoin mining assets.
The project is financed in part by a $3 billion financing package arranged by Morgan Stanley and announced last September. Google is helping to backstop the debt financing.
TeraWulf reported a 117% increase in HPC-related revenue in its most recent quarter, driven mainly by activity at the Lake Mariner campus in western New York. The company posted a wider quarterly loss as it invested in AI infrastructure and data center expansion.
Investors reacted to the Kentucky acquisition. Shares rose as much as 13.6% in early trading, reaching nearly $26 per share, the highest level in almost three weeks. The stock has gained about 120% since the start of 2026. TeraWulf is a major holding in the CoinShares Bitcoin Mining ETF.
The deal follows a broader industry trend of bitcoin miners expanding into AI hosting and high-performance computing as mining margins face pressure. Other mining companies pursuing similar strategies include Hut 8, HIVE Digital, MARA Holdings and IREN.
TeraWulf plans to bring the first 500 megawatts online by 2028 and to exceed 1 gigawatt of AI and HPC capacity by 2030 while continuing to operate its existing mining facilities and scale its HPC revenue streams.
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