TeraWulf Stock Rises 9% on Kentucky AI Data Campus Acquisition
In brief
- TeraWulf acquired 285-acre Kentucky site for Muskie Data Campus development
- Facility targets 1+ gigawatt AI data center capacity
- WULF shares rose 9% to $24.78, highest price in 12 months
- First 500 megawatts expected online H2 2028, additional 500 MW in 2030
- Second major Kentucky digital infrastructure site for TeraWulf
The Kentucky Play
TeraWulf acquired the site from Industrial Equity Partners. The property sits within the 1,000-acre EastPark Industrial Park and encompasses approximately 285 acres of owned and controlled land. Critically, the site is already zoned for its intended use, reducing regulatory friction. Kentucky Power is constructing a 345 kilovolt substation tied to an existing 765 kV transmission network to serve the campus, addressing what the company views as the central bottleneck in AI infrastructure buildout.
The Muskie campus is TeraWulf's second major digital infrastructure site in Kentucky, joining its 480-megawatt Justified Data campus in Hancock County. Deployment will be phased: 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.
Market Reaction and Momentum
WULF shares rose as high as $25.92 earlier Tuesday, marking its highest price in the last 12 months. The broader momentum is striking: TeraWulf's stock price has more than doubled since the start of the year. That surge reflects investor appetite for power-constrained AI infrastructure plays.
The company's business mix is shifting. TeraWulf's AI compute revenue outpaced its Bitcoin mining revenue for the first time in Q1. Yet growth comes with near-term losses: the company reported a $427 million net loss for the period.
"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.
For scale: a single gigawatt can power roughly 750,000 homes. The Muskie campus, if fully built as planned, would rank among the largest data center complexes in North America. Kentucky's mix of industrial zoning, existing transmission infrastructure, and economic incentives has become a magnet for data center operators chasing power and land at scale.
