TeraWulf just placed a massive bet on AI infrastructure. The Bitcoin miner acquired a 1 GW data center site in Kentucky, sending shares up 11%. This isn't just another miner pivot — it's a signal that power, not chips, is the new bottleneck.
The Signal
TeraWulf Inc. (Nasdaq: WULF) announced Tuesday the acquisition of the "Muskie Data Campus," a 285-acre site within the 1,000-acre EastPark Industrial Park in northeastern Kentucky. The campus is expected to support over 1 gigawatt of AI and high-performance computing (HPC) capacity — enough to power roughly 750,000 homes. The first 500 MW is targeted for the second half of 2028, with the remaining 500 MW by the second half of 2030. Kentucky Power, an AEP company, is building a 345 kV substation connected to an existing 765 kV transmission network. This high-voltage access is crucial for AI workloads that require massive, reliable power with low latency. The site also benefits from Kentucky's business-friendly tax incentives and streamlined permitting for industrial projects.
This marks TeraWulf's second major digital infrastructure campus in Kentucky, joining its 480 MW Justified Data campus in Hancock County. The company brands itself as a "power infrastructure company that builds digital infrastructure," a distinction CEO Paul Prager says is key to securing sites like Muskie. "The defining constraint in this market is no longer computing hardware — it is power, transmission infrastructure, and execution certainty," Prager said. The site is zoned for its intended use, with permitting already underway. TeraWulf's track record with Lake Mariner — where AI revenue surpassed mining revenue in Q1 — gives credibility to its expansion plans.
