Overview
- TeraWulf disclosed the Muskie Data Campus purchase on Tuesday and said the roughly 285‑acre EastPark site can support more than 1 gigawatt of high‑performance computing capacity with an initial 500 MW targeted for delivery in the second half of 2028 and the balance by the second half of 2030.
- The acquisition includes pre‑signed transmission and energy service agreements and a dedicated 345 kV substation being built by Kentucky Power that will tie into an existing 765 kV line, which the company says is the critical path to timely power delivery for large AI builds.
- TeraWulf reported fiscal Q1 2026 revenue of $34.0 million, including $21.0 million from HPC leasing, and held about $3.1 billion of cash and restricted cash at quarter end, signaling strong near‑term liquidity to fund development.
- Investors responded positively with the stock jumping more than 10% after the Muskie announcement and Morgan Stanley recently raising its price target while keeping an Overweight rating on the shares.
- Execution risks remain: the projects are capital intensive and multi‑year, and they still face permitting, financing, interconnection and regional grid concentration challenges that could delay timelines or raise costs, so the next milestones to watch are final permits, interconnection studies and construction of the substation.