Artificial intelligence infrastructure expansion continued Tuesday after TeraWulf Inc. (NASDAQ: WULF) acquired a large industrial site in eastern Kentucky for a planned gigawatt-scale data campus.
The Maryland-based Bitcoin miner and data center operator said the new Muskie Data Campus could eventually support more than one gigawatt of computing capacity. That amount of electricity could power roughly 750,000 homes.
Additionally, the project marks another step in the growing shift among cryptocurrency mining companies toward AI infrastructure and high-performance computing services.
TeraWulf purchased the site from Industrial Equity Partners inside the 1,000-acre EastPark Industrial Park. The company controls about 285 acres at the location and also secured options on nearby land for future growth.
Furthermore, TeraWulf said the property already carries industrial zoning approvals for large-scale data center development.
Shares of the company climbed sharply following the announcement, climbing about 9 per cent Tuesday to a recent price of USD$24.78 per share.
The stock also reached USD$25.92 earlier in the trading session. That represented its highest price during the past 12 months.
Meanwhile, TeraWulf shares have more than doubled since the beginning of 2026 as investor interest in AI infrastructure accelerated.
The acquisition reflects a broader industry race for industrial land tied to major power infrastructure. Large technology companies now require enormous amounts of electricity to support AI models, cloud computing systems and advanced data processing.
Consequently, access to transmission capacity and utility partnerships has become one of the industry’s most important competitive advantages.
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TeraWulf intends to add another 500 megawatts by 2030
TeraWulf chief executive Paul Prager said computing hardware no longer represents the industry’s main challenge. Instead, he said companies now compete for power access, transmission systems and the ability to execute projects quickly.
Kentucky Power is currently building a 345-kilovolt substation connected to an existing 765-kV transmission network for the campus.
Additionally, the company expects the first 500 megawatts of capacity to come online during the second half of 2028.
TeraWulf plans to add another 500 megawatts by 2030 as development continues across the property.
The Muskie project becomes TeraWulf’s second major Kentucky digital infrastructure site. The company also operates the 480-megawatt Justified Data campus in Hancock County.
Like IREN Ltd. (NASDAQ: IREN), MARA Holdings Inc. (NASDAQ: MARA) and Hive Digital Technologies Ltd. (NASDAQ: HIVE) (TSE: HIVE), TeraWulf has increasingly shifted toward AI computing services alongside Bitcoin mining operations.
Further, the company said AI compute revenue exceeded Bitcoin mining revenue for the first time during the first quarter. However, TeraWulf still reported a net loss of USD$427 million for the period.
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