On Tuesday, TeraWulf announced a significant shift in its corporate strategy, marking a transition from its traditional role as a Bitcoin miner to a more diversified focus on data center operations. The announcement was met with enthusiasm from investors, leading to a notable surge in the company’s stock, which climbed over 10% during the trading session.
In a pre-market disclosure, TeraWulf revealed that it has acquired the Muskie Data Campus, a state-of-the-art hyperscale high-performance computing (HPC) site located in Kentucky. This expansive property is situated within the 1,000-acre EastPark Industrial Park and encompasses approximately 285 acres of land. The company indicated that the facility is well-equipped to support infrastructure necessary for advanced AI applications and HPC.
The acquisition entails additional acreage that may facilitate future expansion of these capabilities. TeraWulf purchased the site from Industrial Equity Partners, a firm specializing in real estate and infrastructure development; however, the financial details of the transaction were not disclosed.
TeraWulf anticipates that the site will ultimately support over 1 gigawatt of data center capacity, with plans to deliver an initial 500 megawatts in the latter half of 2028, followed by the remaining capacity coming online around the same time in 2030.
CEO Paul Prager expressed optimism about the acquisition, stating it aligns perfectly with the company’s strategic goals. He emphasized that the new site would enable TeraWulf to secure and develop large-scale, power-efficient facilities designed for next-generation HPC workloads.
Investors were particularly encouraged by the prospect of the Muskie Data Campus being connected to crucial pre-signed utility agreements. The data center will be supported by a 345 kV substation currently under construction by Kentucky Power, which connects directly to an existing 765 kV transmission grid. This infrastructure is expected to enhance the facility’s operational efficiency and reliability, further solidifying TeraWulf’s position in the rapidly evolving data center market.
