Overview
- TeraWulf closed the Muskie Data Campus purchase from Industrial Equity Partners effective May 22, with executed transmission and energy service agreements filed in its Form 8-K.
- The site sits on about 285 acres inside EastPark Industrial Park and is planned to support over 1 gigawatt of data center capacity in two phases, with 500 MW targeted to ramp beginning in the second half of 2028 and another 500 MW targeted for the second half of 2030.
- Kentucky Power, an AEP company, is building a 345 kV substation tied into the existing 765 kV network to provide redundant, utility-scale power, which the company and industry sources cite as the critical path to commercial AI/HPC builds.
- TeraWulf’s recent results show the strategic shift is already underway: Q1 2026 revenue totaled $34 million with $21 million from HPC leasing versus under $13 million from Bitcoin mining, though the company reported a large net loss tied to non-cash charges and heavy investment.
- The acquisition expands TeraWulf’s multi‑GW pipeline and pushed shares higher, but reporting varies on total pipeline size (roughly 2.8–3.8 GW) and the project remains a multi‑year, capital‑intensive build with execution, financing, permitting and regional grid‑concentration risks.