TeraWulf buys Kentucky site for 1+ GW AI campus

TeraWulf announced it has acquired the Muskie site in eastern Kentucky, a roughly 285-acre developable parcel inside the 1,000-acre EastPark Industrial Park. The company purchased the property from Industrial Equity Partners for undisclosed terms. Shares of TeraWulf rose about 13% on the news.

The company said the Muskie Data Campus can be developed to support more than 1 gigawatt of power for artificial intelligence and high-performance computing workloads. Kentucky Power is building a 345 kV substation tied into the region’s existing 765 kV transmission network to enable the full campus, and energy service agreements were executed at the time of the acquisition.

TeraWulf has shifted part of its business away from bitcoin mining toward data center infrastructure and HPC services. In the first quarter of 2026 the company’s HPC segment generated about $21 million of the firm’s $34 million in quarterly revenue, surpassing its bitcoin mining unit for the first time.

The company operates data campuses in New York, Texas and Maryland and has been converting some former crypto-focused facilities to support compute-heavy workloads. Muskie will be TeraWulf’s second large site in Kentucky, joining a 480 MW campus in Hancock County.

Paul Prager, TeraWulf’s chief executive, described the company as “fundamentally a power infrastructure company that builds digital infrastructure, not the other way around.” He added that the company will “continue to focus on sites with durable power control, scalable expansion potential, strong utility relationships, and clear pathways to commercialization.”

Data center development has drawn both criticism and support. Some local critics argue that large campuses can strain power supplies and raise electricity costs for residents. Supporters point to job creation, tax revenue and capital investment. TeraWulf noted the Muskie campus is designed to meet demand from AI and HPC operators that require concentrated, reliable power and high-capacity transmission access.