TeraWulf Inc. has announced the acquisition of a hyperscale high-performance computing development site in Eastern Kentucky, a move the Nasdaq-listed digital infrastructure company says will establish one of the largest scalable AI and HPC development sites in the state.

The new facility, named the Muskie Data Campus, was acquired from Industrial Equity Partners and is expected to support more than one gigawatt of data center capacity over time.

Site Details and Power Infrastructure

The Muskie Data Campus is located within the 1,000-acre EastPark Industrial Park in Eastern Kentucky and encompasses approximately 285 acres of owned and controlled land.

The site includes optional adjacent acreage to support future expansion. It is already zoned for its intended use, with permitting activities underway and limited site work required before data center construction can begin. Kentucky Power, an AEP Company, is constructing a 345-kilovolt substation connected to the existing 765 kV transmission network.

TeraWulf says this provides redundant, utility-scale power infrastructure designed to support the full one-gigawatt-plus campus.

Transmission infrastructure and energy service agreements were executed concurrently with the acquisition under the applicable Industrial General Service tariff structure for large loads.

The company says the combination of existing zoning, active permitting, minimal required site preparation, and secured transmission agreements provides a clear pathway to near-term construction commencement and what it describes as accelerated time-to-power relative to many competing development opportunities.

Phased Delivery Timeline

TeraWulf has outlined a phased delivery schedule for the campus.

Delivery of the initial 500 megawatts is expected to begin ramping in the second half of 2028, with an additional 500 megawatts targeted for delivery in the second half of 2030.

The company framed this timeline as consistent with its broader strategy of developing sites with long-term power availability, robust transmission infrastructure, and strong community alignment.

Strategic Rationale and Executive Commentary

Paul Prager, Chairman and Chief Executive Officer of TeraWulf, said the acquisition reinforces a strategy the company discussed during its first quarter earnings call, centered on securing and developing large-scale, power-advantaged sites capable of supporting next-generation HPC workloads.

Prager pointed to power availability and transmission infrastructure as the defining constraints in the current market rather than computing hardware.

"TeraWulf is fundamentally a power infrastructure company that builds digital infrastructure, not the other way around," Prager said in the announcement. "Our ability to identify, secure, and develop sites like Muskie reflects the advantages of our integrated approach and deep experience operating complex energy infrastructure assets."

Prager also characterized the acquisition as an example of what he called disciplined growth, emphasizing the company's focus on sites with durable power control, scalable expansion potential, strong utility relationships, and clear pathways to commercialization.

Jake Bronstein and Michael MacDougall, speaking on behalf of seller Industrial Equity Partners, said the firm had long believed the Muskie Data Campus represented a compelling opportunity for large-scale digital infrastructure development in the region and expressed confidence in TeraWulf's infrastructure expertise and execution capabilities.

Kentucky's Growing Role in TeraWulf's Portfolio

The Muskie Data Campus represents TeraWulf's second major digital infrastructure campus in Kentucky. The company already operates the 480 megawatt Justified Data campus in Hancock County.

TeraWulf described Kentucky as an increasingly attractive market for large-scale AI and HPC development, citing the state's energy infrastructure, business environment, and engagement from state and local stakeholders.

The company said the Muskie project has received support from the Governor's office, local county leadership, and regional economic development authorities.

Regional economic development leaders have identified the project as one of the most significant economic development opportunities in northeastern Kentucky in decades, according to the announcement.

Workforce and Economic Development Commitments

TeraWulf stated its intention to work with regional educational and workforce development institutions to support training and long-term economic development initiatives associated with the campus.

The company expects the project to generate substantial construction activity, long-term skilled employment opportunities, infrastructure investment, and incremental tax revenue over time.

Multi-Campus Pipeline Expansion

TeraWulf described the Muskie acquisition as a further expansion of its multi-campus development pipeline and said it strengthens the company's ability to serve large-scale AI and HPC customers across multiple regions and power markets.

The company, headquartered in Easton, Maryland, develops, owns, and operates what it describes as environmentally sustainable, industrial-scale data center infrastructure in the United States.