TeraWulf Buys entucky Site for 1 GW AI Data Center Expansion

Bitcoin miner TeraWulf has acquired a large data center development site in the US state of Kentucky, adding significant capacity to its artificial intelligence and high-performance computing (HPC) business as miners continue diversifying beyond Bitcoin.

TeraWulf said Tuesday the site could eventually support more than 1 gigawatt of AI and HPC capacity. The company expects the first 500 megawatts to come online in 2028, with another 500 megawatts targeted by 2030.

The site includes planned grid infrastructure and long-term power agreements, underscoring TeraWulf’s ongoing shift toward AI and HPC hosting alongside its traditional Bitcoin mining operations.

The acquisition comes as TeraWulf’s HPC-related revenue jumped 117% in the most recent quarter, driven largely by its Western New York Lake Mariner facility, one of North America’s largest HPC campuses. Despite revenue growth, the company posted a wider quarterly loss as it continues to invest heavily in AI infrastructure.

Source: Rittenhouse Research

Its AI strategy is backed by a $3 billion financing deal arranged through Morgan Stanley and announced last September to support data center expansion. Google is helping backstop the debt financing.

TeraWulf is among several Bitcoin mining companies expanding into AI and high-performance computing as margins in the mining sector come under pressure. Others pursuing similar strategies include Hut 8, HIVE Digital, MARA Holdings and IREN.

Related: TeraWulf misses Q4 2025 estimates as Bitcoin mining revenue falls

WULF stock rises on data center expansion news

News of the Kentucky site acquisition boosted TeraWulf (WULF) shares on Tuesday, as investors bet the deal would strengthen the company’s AI and high-performance computing expansion strategy.

The stock rose as much as 13.6% in early New York trading, climbing to nearly $26 per share, its highest level in almost three weeks. Shares of industry tracker CoinShares Bitcoin Mining ETF (WGMI) were up 4.5% at last look. TeraWulf is the third-largest holding, at 10.86%, in that exchange-traded fund.

TeraWulf has been among the best-performing crypto mining stocks this year, with shares up nearly 120% since the start of 2026. The rally has been driven largely by investor optimism around the company’s AI infrastructure business, growing HPC-related revenue and broader demand for data center capacity tied to artificial intelligence workloads.

Terawulf (WULF) stock. Source: Yahoo Finance

The gains have significantly outpaced the broader crypto mining sector, the S&P 500 index and much of the traditional technology sector.

Related: Crypto Biz: Institutions tighten their grip on Bitcoin, AI and prediction markets

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