Shares of TeraWulf (NASDAQ:WULF) gained 4.7% in premarket trading on Tuesday after the company announced the acquisition of a hyperscale high-performance computing development site in eastern Kentucky.
New Muskie Data Campus expected to exceed 1GW capacity
The acquisition establishes the Muskie Data Campus, which TeraWulf said is expected to support more than one gigawatt of data centre capacity over time.
The company acquired the site from Industrial Equity Partners.
TeraWulf expects the initial 500 megawatts of capacity to begin ramping in the second half of 2028, with an additional 500 megawatts targeted for delivery during the second half of 2030.
The campus is located within the 1,000-acre EastPark Industrial Park and includes approximately 285 acres of owned and controlled land.
Power infrastructure designed for large-scale AI and HPC demand
Kentucky Power, an AEP company, is currently constructing a 345-kilovolt substation connected to an existing 765-kilovolt transmission network.
The infrastructure is designed to provide redundant utility-scale power capacity capable of supporting the full 1GW-plus campus.
TeraWulf said transmission infrastructure agreements and energy service arrangements were finalized alongside the acquisition.
CEO says project supports next-generation computing 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,” said Paul Prager, Chairman and Chief Executive Officer of TeraWulf.
Site already zoned as company expands Kentucky footprint
The company said the site is already appropriately zoned for development, while permitting work is underway and only limited preparation work is needed before construction of the data centre facilities begins.
The Muskie Data Campus becomes TeraWulf’s second major digital infrastructure project in Kentucky, alongside the company’s 480-megawatt Justified Data campus in Hancock County.
Local officials highlight economic impact
Regional economic development officials reportedly described the project as one of the most significant economic development opportunities for northeastern Kentucky in decades.