TeraWulf Acquires 285-Acre Kentucky Site for 1GW Data Center Campus
TeraWulf closed the acquisition of approximately 285 acres in Eastern Kentucky on May 22, 2026, to develop a 1GW+ AI and high-performance computing data center campus. The company announced the deal on May 26. The site, branded the Muskie Data Campus, sits within EastPark Industrial Park and is already zoned for its intended use.
The project will roll out in two phases: 500MW beginning in the second half of 2028, with another 500MW targeted for H2 2030. TeraWulf acquired the land from Industrial Equity Partners through a membership interest purchase agreement. The acquisition price was not disclosed.
What This Means for the Site
The 285-acre parcel sits within a roughly 1,000-acre industrial park. TeraWulf controls optional adjacent acreage for future expansion. Permitting is underway, and the company said limited site work is required, allowing it to move toward construction relatively quickly.
The site's zoning and permitting status matter for the development timeline. No third-party consents or regulatory approvals were required to close the transaction.
Power Infrastructure
Kentucky Power, a subsidiary of American Electric Power (AEP), is constructing a 345kV substation at the site. The substation connects to the existing 765kV transmission network - one of the highest-voltage transmission tiers in the Eastern Interconnection.
TeraWulf executed long-term transmission and energy service agreements under Kentucky Power's Industrial General Service tariff alongside the land acquisition. The 765kV backbone was originally built for coal-fired generation that has since been retired or reduced, providing grid capacity that is increasingly scarce in saturated markets.
TeraWulf's Kentucky Footprint
The Muskie campus is TeraWulf's second major data center project in Kentucky. The company already operates the 480MW Justified Data campus in Hancock County. Together, the two sites will give TeraWulf approximately 1.5GW of planned capacity in the state.
TeraWulf pivoted from Bitcoin mining operations in New York and Pennsylvania to focus on AI and HPC data center infrastructure. CEO Paul Prager has described the company as "fundamentally a power infrastructure company that builds digital infrastructure, not the other way around."
The company has not disclosed tenants or customers for either Kentucky campus.
Stock Performance
WULF shares have risen approximately 133% year-to-date and traded at $26.74 as of May 28, near a 52-week high of $26.86. The stock gained about 6% on the day of the announcement, with trading volume of 36.2 million shares exceeding the 30.7 million average. The company's market capitalization stands at approximately $13.3 billion.
Kentucky's Data Center Market
Kentucky has become an increasingly attractive destination for large-scale data center development. Available transmission capacity, competitive industrial power rates, and a business-friendly regulatory environment have drawn operators to the state.
TeraWulf's combined 1.5GW footprint positions it among the largest data center operators in Kentucky. The strategy of targeting power-rich, transmission-connected industrial sites mirrors moves by other former cryptocurrency miners pivoting to AI infrastructure.
For real estate and construction professionals tracking data center development, see our guide on AI for Real Estate & Construction.
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