TeraWulf Acquires 285-Acre Kentucky Site, AI Revenue Surges 117%
WULF•TeraWulf acquired the 285-acre Muskie Data Campus in Kentucky to build over 1 GW of AI data center capacity, with 500 MW online by 2028 and 500 MW by 2030. In Q1 2026, AI compute revenues jumped 117% to $21 M, comprising 60% of total revenues as Bitcoin mining fell 50%.
1. Acquisition and Capacity Plans
TeraWulf acquired the 285-acre Muskie Data Campus in eastern Kentucky’s EastPark Industrial Park, securing rights to develop 500 MW of AI data center capacity by late 2028 and an additional 500 MW by 2030. This marks the company’s second Kentucky footprint alongside its existing 480 MW Justified Data campus in Hancock County.
2. Revenue Mix Shift
In Q1 2026, AI compute revenues surged 117% quarter-over-quarter to $21 M, accounting for 60% of total revenues, while Bitcoin mining income plunged 50% year-over-year. This represented the first quarter in which AI services outpaced mining operations in TeraWulf’s financial results.
3. Strategic Partnerships and Infrastructure Developments
TeraWulf has secured a $3.7 B contract with AI cloud provider FluidStack, potentially rising to $8.7 B over 20 years, and benefits from a $1.3 B Google lease commitment for its Texas AI campus. Meanwhile, Kentucky Power is constructing a 345-kV substation tied to a 765-kV transmission network to support the Muskie Data Campus, highlighting the importance of grid infrastructure for future expansion.
