TeraWulf Acquires Muskie Data Campus in Eastern Kentucky for 1 GW AI and HPC Capacity

TeraWulf Inc. announced Tuesday it acquired a hyperscale high-performance computing development site in eastern Kentucky called the “Muskie Data Campus,” purchased from Industrial Equity Partners, and the deal sent shares climbing as investors responded to its push into artificial intelligence and HPC infrastructure.

The site sits within the 1,000-acre EastPark Industrial Park in northeastern Kentucky and encompasses roughly 285 acres of owned and controlled land, with the project expected to support more than 1 gigawatt of AI and HPC capacity.

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TeraWulf said the first 500 megawatts is targeted to come online in the second half of 2028, with an additional 500 megawatts set for delivery by the second half of 2030.

The company tied the campus to major power upgrades, with Kentucky Power, an AEP company, constructing a 345 kilovolt substation connected to an existing 765 kV transmission network to serve the campus.

In its statement, TeraWulf Chairman and CEO Paul Prager framed the acquisition around power and execution, saying, “The defining constraint in this market is no longer computing hardware — it is power, transmission infrastructure, and execution certainty.”

WKYT described the Muskie Data Campus as a plan by the bitcoin mining company TeraWulf to expand in eastern Kentucky, saying the campus could support more than one gigawatt of data center capacity over time.

WKYT reported that an initial 500 megawatts is expected to begin ramping up in the second half of 2028, with another 500 megawatts targeted for 2030, and it placed the site on about 1,000 acres at Eastpark Industrial Park with roughly 285 acres controlled for hyperscale development.

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The reporting also emphasized that the project is tied to a 345-kilovolt substation connecting into the 765-kilovolt transmission network, aimed at delivering redundant, utility-scale power.

In the company’s own announcement, TeraWulf said Kentucky Power is constructing a 345 kV substation connected to the existing 765 kV transmission network, and it described transmission infrastructure and energy service agreements executed concurrently with the acquisition.

TeraWulf added that the site is already zoned for its intended use, with permitting activities underway and limited site work required to support data center construction, and it said the acquisition “establishes a clear pathway to long-term, large-scale power delivery.”

TeraWulf said the Muskie Data Campus is expected to support more than 1 gigawatt of data center capacity over time, with delivery of the initial 500 megawatts expected to ramp beginning in the second half of 2028 and an additional 500 megawatts targeted for delivery in the second half of 2030.

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The Courier-Journal reported that the hyperscale Muskie Data Campus will occupy about 285 acres in northeast Kentucky’s EastPark industrial park near Ashland and Grayson off Interstate 64, and it said the project is expected to scale up to more than 1 gigawatt of data center capacity by 2030.

The Courier-Journal also quoted a TeraWulf release saying, “The site is already zoned for its intended use, with permitting activities underway and limited site work required to support data center construction,” and it said Kentucky Power Co. will serve the data center campus.

In communications with Gov. Andy Beshear’s administration, the Courier-Journal reported that TeraWulf “agreed to pay for all of its own power; to ensure no detrimental impacts to rate payers or the environment; to pay significant school and local taxes; and to create short- and long-term employment for Kentuckians,” according to Scottie Ellis, a spokesperson for the governor’s office.

The Courier-Journal further quoted Boyd County Judge-Executive Eric Chaney saying, “We were able to bring a large industrial project to a space that was created for industry and has sat vacant for 28 years,” as he described the local deal-making around the project.