TeraWulf expands development pipeline 36% with Muskie Data Campus acquisition

TeraWulf just made another big bet that its future lies in powering AI, not mining Bitcoin. The company closed its acquisition of the Muskie Data Campus on May 22, a sprawling site in Eastern Kentucky designed to host more than 1 GW of high-performance computing capacity.

The deal expands TeraWulf’s total development pipeline by roughly 36%, pushing its controlled capacity to 3.8 GW across six sites.

What TeraWulf is actually buying

The Muskie Data Campus sits on approximately 285 acres within the 1,000-acre EastPark Industrial Park.

The development plan calls for more than 1 GW of total AI and HPC capacity. The first phase targets 500 MW and is scheduled to come online in the second half of 2028.

Muskie also marks TeraWulf’s second major campus in Kentucky, joining the 480 MW Justified Data site already in operation.

The bigger strategic picture

Earlier in February 2026, TeraWulf acquired brownfield sites in Kentucky’s Hawesville area and in Maryland, adding 1.5 GW to its pipeline. Combined with the Muskie deal, the company has assembled 3.8 GW of total capacity across six development sites.

Wall Street appears to approve. TeraWulf’s stock price jumped 8-12% following the announcement.

What this means for investors

The 500 MW first phase at Muskie, targeted for the second half of 2028, will be a critical proof point.

TeraWulf’s concentration in Kentucky is worth watching closely, as the company now has multiple gigawatt-scale developments in one region, creating concentration risk from both a grid reliability perspective and from potential shifts in state energy policy.