TeraWulf Stock Surges 12% After Kentucky AI Data Center Acquisition

TeraWulf Inc. shares jumped more than 12% after the company announced the acquisition of a new data center site in Eastern Kentucky aimed at supporting artificial intelligence and high performance computing (HPC) workloads.

The company acquired the planned Muskie Data Campus from Industrial Equity Partners for undisclosed terms. Located inside the 1,000-acre EastPark Industrial Park, the site includes around 285 acres available for development and is expected to support more than 1 gigawatt of power capacity.

Kentucky power deal strengthens TeraWulf expansion plans

Alongside the acquisition, TeraWulf secured energy service agreements with Kentucky Power. A new 345 kV substation is being built and linked to an existing 765 kV transmission network to support the full campus power needs.

CEO Paul Prager said TeraWulf sees itself as a power infrastructure company focused on building digital infrastructure. He added that securing sites like Muskie reflects the company’s experience in managing large energy assets and its long-term growth strategy.

AI and HPC revenue now leading business growth

TeraWulf has been shifting beyond bitcoin mining as demand for AI computing grows. In the first quarter of 2026, its HPC business generated about $21 million of the company’s $34 million quarterly revenue, overtaking bitcoin mining for the first time.

Muskie will become TeraWulf’s second major Kentucky campus, joining its 480 MW Hancock County site as the company expands its AI infrastructure footprint.