TeraWulf Stock Pops as Bitcoin Miner Acquires Kentucky Site to Meet AI Power Demands

In brief

• TeraWulf acquired an eastern Kentucky site capable of supporting more than 1 gigawatt of AI and high-performance computing data center capacity.
• The first 500 MW is set to come online in 2028 with another 500 MW planned by 2030.
• The acquisition reflects TeraWulf's broader strategy of securing large, power-advantaged sites as electricity becomes the key constraint in the AI infrastructure race.

TeraWulf, a Maryland-based Bitcoin mining firm and data center operator, announced Tuesday that it has acquired a sprawling development site in eastern Kentucky it plans to build into one of the largest artificial intelligence data campuses in the state—a move that underscores how the race to power AI is reshaping industrial land use across the American heartland.

The new "Muskie Data Campus," acquired from Industrial Equity Partners, is expected to ultimately support more than one gigawatt of data center capacity. For context, a single gigawatt can power roughly 750,000 homes.

The site sits within the 1,000-acre EastPark Industrial Park and encompasses approximately 285 acres of owned and controlled land, with optional adjacent acreage available for future expansion. The company said it is already zoned for its intended use.

TeraWulf’s stock popped Tuesday following the morning announcement, with shares currently up about 9% on the day at a recent price of $24.78. WULF shares rose as high as $25.92 earlier Tuesday, marking its highest price in the last 12 months, per Yahoo Finance. TeraWulf’s stock price has more than doubled since the start of this year.

The deal reflects a broader scramble among tech and infrastructure firms to lock up land with access to reliable, large-scale power—a resource that has become the central bottleneck in the AI buildout.

"The defining constraint in this market is no longer computing hardware—it is power, transmission infrastructure, and execution certainty," said TeraWulf Chairman and CEO Paul Prager, in a statement.

Kentucky Power is constructing a 345 kilovolt substation tied to an existing 765 kV transmission network to serve the campus. The first 500 megawatts of capacity is expected to come online beginning in the second half of 2028, with an additional 500 megawatts targeted for 2030.

The Muskie campus is TeraWulf's second major digital infrastructure site in Kentucky, joining its 480-megawatt Justified Data campus in Hancock County.

Like other major Bitcoin mining firms including IREN, MARA Holdings, and Hive Digital Technologies, TeraWulf has embraced the growing demand for AI computing power thanks to its existing infrastructure. The firm’s AI compute revenue outpaced its Bitcoin mining revenue for the first time in Q1, though the company reported a $427 million net loss for the period.

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