TeraWulf Expands with Acquisition of 1+ GW Eastern Kentucky HPC Campus and AI Sites

TeraWulf acquired a Kentucky campus with 1+ GW capacity for high-performance computing (HPC) and another site for AI infrastructure development. Schneider Electric will install AI infrastructure for TeraWulf's campus reaching 750 MW capacity. TeraWulf's stock has seen significant gains after the acquisitions.

WULF announced the acquisition of the Muskie Data Campus, a hyperscale high-performance computing (HPC) development site in Eastern Kentucky, from Industrial Equity Partners. The campus is expected to support more than 1 gigawatt of data center capacity over time, meaningfully expanding TeraWulf's portfolio of large-scale, energy-advantaged digital infrastructure.

The deal advances TeraWulf's strategy of developing shovel-ready AI and HPC sites with long-term power availability and robust transmission infrastructure. Delivery of the initial 500 megawatts is expected to ramp beginning in the second half of 2028, with an additional 500 MW targeted for a subsequent period. The move continues the company's pivot from pure bitcoin mining toward leasing power and infrastructure to AI and HPC tenants.

TeraWulf shares rose as news of the acquisition spread, reflecting investor enthusiasm for crypto miners repositioning around surging AI compute demand. The strategic value, however, hinges on execution: revenue from the new capacity is years out, and TeraWulf will need to secure anchor tenants and financing to bring the site online. Investors will watch for signed leases and power-delivery milestones as the campus develops.

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