Key Takeaways:
Terawulf bought a Kentucky AI campus targeting 1GW of HPC capacity by 2030.Terawulf shares jumped 13.6% as AI revenue surpassed bitcoin mining in Q1 2026.Morgan Stanley and Google backed Terawulf’s $3B AI infrastructure expansion plan.The Nasdaq-listed company said it acquired the “Muskie Data Campus” from Industrial Equity Partners. The site sits inside the 1,000-acre Eastpark Industrial Park in northeastern Kentucky and includes about 285 acres of owned and controlled land.
Terawulf said the campus is expected to support more than 1 gigawatt of AI and high-performance computing capacity. That is roughly enough electricity to power 750,000 homes.
The company plans to bring the first 500 megawatts online in the second half of 2028. A further 500 megawatts is expected to follow by the second half of 2030.
Investors welcomed the move. Terawulf shares rose as much as 13.6% to trade above $26, their strongest level in about three weeks. The stock has more than doubled since Jan. 1, 2026.
“The defining constraint in this market is no longer computing hardware; it is power, transmission infrastructure, and execution certainty,” Chairman and CEO Paul Prager said. He added that Muskie combines scalable power, strong transmission access, and development readiness in a way that is hard to replicate.
The acquisition gives Terawulf a second major digital infrastructure campus in Kentucky. It already operates the 480-megawatt Justified Data campus in Hancock County.
Terawulf Accelerates Shift Toward High-Performance ComputingThe shift has not come cheaply. Terawulf reported a $427 million net loss as spending on infrastructure expansion increased. However, the company’s broader data center buildout is backed by a $3 billion financing package arranged through Morgan Stanley, with Google backstopping the debt.
