TeraWulf Inc. (NASDAQ: WULF) shares rose 8% on Tuesday after the company disclosed the acquisition of a large-scale development site in Eastern Kentucky intended for hyperscale high-performance computing and AI infrastructure.
The property, named the Muskie Data Campus and purchased from Industrial Equity Partners, is described by TeraWulf as capable of supporting more than 1 gigawatt of data center capacity over time. The company outlined a staged delivery plan: the initial 500 megawatts are expected to begin ramping in the second half of 2028, while an additional 500 megawatts are targeted for delivery in the second half of 2030.
Located inside the 1,000-acre EastPark Industrial Park, the site encompasses approximately 285 acres of owned and controlled land that the company says can support hyperscale AI and HPC deployments. Utility infrastructure work is already in progress: Kentucky Power, an AEP Company, is constructing a 345 kV substation that will connect to the existing 765 kV transmission network.
Paul Prager, Chairman and Chief Executive Officer of TeraWulf, framed the purchase as consistent with the companys stated strategy. "This acquisition further reinforces the strategy we discussed on our first quarter earnings call: securing and developing large-scale, power-advantaged sites capable of supporting the next generation of HPC workloads," he said.
The Muskie Data Campus arrives pre-zoned for its intended use and TeraWulf reports permitting work is underway. According to the company, only limited site work is required to enable data center construction. Transmission infrastructure and energy service agreements were executed at the time of the acquisition pursuant to the applicable Industrial General Service tariff structure for large loads.
This purchase marks TeraWulfs second major digital infrastructure campus in Kentucky. It joins the firms existing 480 MW Justified Data campus in Hancock County.
Context and implications
The transaction adds a sizeable development footprint to TeraWulfs pipeline and pairs planned capacity with high-voltage transmission work already in motion. The company has provided target timing for staged delivery of capacity and completed utility and tariff agreements alongside the acquisition, while noting zoning and permitting are in process.