TeraWulf acquires 1GW AI data center land in Kentucky, stock price rises about 8% in pre-market trading

According to TheEnergyMag, TeraWulf (NASDAQ: WULF) announced the acquisition of the Muskie Data Campus located in eastern Kentucky, which is expected to support over 1 GW of data center capacity. The first phase of 500 MW is scheduled to begin delivery in the second half of 2028, with the second phase of 500 MW targeted for completion in the second half of 2030.

The parcel was acquired from Industrial Equity Partners, covering approximately 285 acres, located within a 1000-acre industrial park in eastern Kentucky. Kentucky Power (a subsidiary of AEP) has initiated the construction of a 345 kV substation, connecting to the 765 kV transmission network, and the transmission infrastructure and energy service agreements have been signed simultaneously.

TeraWulf stated that the project has completed zoning planning, and the permitting work is progressing, with limited preliminary site preparation work. Following the completion of this acquisition, TeraWulf's footprint in Kentucky will expand to two major digital infrastructure projects, with a total platform capacity exceeding 2.8 GW. The company reported revenue of $34 million in the first quarter, including $21 million from HPC leasing.