Terawolf Corporation (NASDAQ: WULF) Announce A large-scale data center development site in eastern Kentucky was acquired Tuesday, a move that sent shares soaring 14% at times today as investors responded to the company’s deeper push into artificial intelligence and high-performance computing infrastructure.
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 controlled land.
The site is expected to support more than 1 gigawatt of AI and high-performance computing capacity, enough to power nearly 750,000 homes. The first 500 MW is targeted to be operational in the second half of 2028, and an additional 500 MW is scheduled to be delivered by the second half of 2030.
Kentucky Power, an AEP company, is building A 345 kV substation is connected to an existing 765 kV transmission grid to serve the campus. Transport infrastructure and energy services agreements were implemented at the close, setting what Terawolf It has been described as a clear path to long-term, large-scale energy delivery. The Site is intended for its intended use, with permission.
“The defining constraint in this market is no longer computing hardware – it is power, transportation infrastructure, and certainty in execution,” said Paul Prager, Chairman and CEO of TeraWulf. “Musky combines scalable strength, strong transportation infrastructure, readiness to develop and a strategic regional location in a way that is difficult to replicate.”
This acquisition marks TeraWulf’s second major digital infrastructure park in Kentucky, joining its 480-megawatt data-grade park in Hancock County. The company describes itself as “an energy infrastructure company that builds digital infrastructure” — a distinction that Prager said lies behind TeraWulf’s ability to secure sites like Muskie before competitors.
TeraWulf AI computing beats Bitcoin mining revenue
The deal comes as TeraWulf’s HPC-related revenues rose 117% last quarter, driven by its Western New York Lake Mariner facility, one of the largest HPC parks in North America. AI computing revenue surpassed Bitcoin mining revenue for the first time in the first quarter, although the company posted a net loss of $427 million as infrastructure investment spending rose.
A $3 billion financing package arranged through Morgan Stanley — with Google backing the debt — is financing a data center expansion strategy announced last September.
WULF shares rose as much as 13.6% in early New York trading on Tuesday before settling for an 11% gain, reaching nearly $26 a share, their highest level in nearly three weeks. The stock has more than doubled since January 1, 2026. Shares of the CoinShares Bitcoin Mining ETF (WGMI) — which has TeraWulf as its third-largest position at 10.86% — are up 4.5%.
TeraWulf joins a growing field of Bitcoin miners, including Hut 8, HIVE Digital, MARA Holdings and IREN, focusing on AI and HPC infrastructure as Bitcoin mining margins. Facial pressure.
The Muskie campus is expected to generate construction jobs, long-term skilled labor, and tax revenue for Northeastern Kentucky, with support from the Governor’s Office and local economic development authorities.
