TL;DR:
- Strategic acquisition: TeraWulf purchased the Muskie Data Campus in eastern Kentucky to expand its digital infrastructure capacity by 36%.
- Massive energy scale: The complex features 285 zoned acres and is projected to reach a power capacity of over one gigawatt.
- Business transition: The company’s artificial intelligence computing revenues outpaced those from Bitcoin mining in the first quarter of 2026.
This Tuesday, the U.S. company TeraWulf announced the purchase of an extensive tract of land in eastern Kentucky to build one of the state’s largest artificial intelligence data center campuses. The development site was acquired from Industrial Equity Partners. The company stated that it projects the complex will eventually support more than one gigawatt of power capacity.
The new complex, named “Muskie Data Campus”, encompasses approximately 285 acres of controlled land within the EastPark Industrial Park. The company confirmed that the area already has the required industrial zoning.
Following the announcement, the company’s shares reacted positively during Tuesday’s trading session. The stock price settled at $24.78, representing a 9% gain for the day. Yahoo Finance records reveal that the shares reached an intraday high of $25.92, the highest price recorded by the firm in the last 12 months. This increase highlights a positive trend, given that the company’s stock price has doubled its value so far in the year 2026.
The search for land with access to large-scale power grids stands as the primary bottleneck in today’s tech infrastructure expansion. Hardware components are no longer the industry’s only limitation. According to statements from the company’s Chairman and CEO, Paul Prager, transmission infrastructure and execution certainty constitute the defining constraints in this market.
Development phases and grid integration
To supply the campus’s energy needs, the utility Kentucky Power will construct a 345-kilovolt substation connected to a 765-kilovolt transmission network. The technical planning outlines two distinct development phases. Technical reports indicate that the first 500 megawatts will enter commercial operation during the second half of 2028. The additional 500 megawatts are scheduled for the end of 2020.
This is the firm’s second major project in the region. The Muskie complex joins the Justified Data campus located in Hancock County, which possesses an installed capacity of 480 megawatts. With this move, the company aligns itself with the strategies of other Bitcoin miners seeking to diversify their operations toward high-performance computing.
The restructuring of the operating model brought a notable shift in the organization’s revenue stream. At the close of the first quarter of 2026, revenues derived from artificial intelligence surpassed those from Bitcoin mining for the first time in its history. Audited financial data revealed that high-power computing contributed $21 million compared to 13 million from asset mining. However, the balance sheets for this same quarterly period reflected a consolidated net loss of $427 million due to high upfront capital costs.
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