TeraWulf Shares Rise as Bitcoin Miner Acquires Kentucky Site for 1 GW AI Campus
TeraWulf, a bitcoin miner turned high-performance computing developer, acquired a site in eastern Kentucky to build the Muskie Data Campus, targeting more than one gigawatt of AI data center capacity. Its shares rose about 9% to 13% on the announcement, though reports differ on the exact gain.
Written by CoinArticle’s AI Newsroom · from 2 cited sources. How we work
The Acquisition and Its Scale
TeraWulf, a Maryland-based bitcoin miner and data center operator, said Tuesday it acquired a development site in eastern Kentucky from Industrial Equity Partners. The company plans to build the Muskie Data Campus on the site, which it expects to eventually support more than one gigawatt of data center capacity. Decrypt notes that a single gigawatt can power roughly 750,000 homes.
The campus sits within the 1,000-acre EastPark Industrial Park and includes about 285 acres of owned and controlled land, with optional adjacent acreage for later expansion. TeraWulf said the site is already zoned for its intended use. The Muskie campus is the company's second major digital infrastructure site in Kentucky, after its 480-megawatt Justified Data campus in Hancock County.
Power Timeline and Infrastructure
Kentucky Power is building a 345 kilovolt substation tied to an existing 765 kV transmission network to serve the campus. According to Decrypt, the first 500 megawatts is expected to come online beginning in the second half of 2028, with another 500 megawatts targeted for 2030. TeraWulf Chairman and CEO Paul Prager said in a statement that "the defining constraint in this market is no longer computing hardware—it is power, transmission infrastructure, and execution certainty."
Market Reaction and Share Price
The two sources differ on the size of the share move. CoinDesk reported that TeraWulf stock rose 13% on the news, while Decrypt, citing a recent price of $24.78, put the gain at about 9% on the day. Decrypt also reported an intraday high of $25.92, per Yahoo Finance, its highest level in the past 12 months, and said the stock has more than doubled since the start of the year. The discrepancy likely reflects different measurement times during the session, though neither source specifies the timestamp behind its figure.
Pivot From Mining to AI Compute
TeraWulf is one of several bitcoin miners, alongside IREN, MARA Holdings, and Hive Digital Technologies, that have shifted part of their infrastructure toward AI computing. Decrypt reports that the company's AI compute revenue exceeded its bitcoin mining revenue for the first time in the first quarter. The same quarter included a $427 million net loss, which Decrypt cites without further breakdown.
Why It Matters
For Traders
The share move reported by the two sources varies between 9% and 13%, so position sizing should rest on confirmed closing prices rather than intraday figures from this announcement.
For Investors
The project's power timeline runs to 2028 and 2030, so any revenue from the campus is a multi-year proposition dependent on substation and transmission delivery.
For Builders
Power access and transmission timing, not hardware, are now the binding constraint for miners converting to AI compute, which affects how infrastructure plans get sequenced.
This article is for information only and is not financial advice. Read the full disclaimer.
