By Elias Schisgall
Shares of TeraWulf rose after the company said it acquired a data-center development site in Kentucky from Industrial Equity Partners.
Shares were up 10% to $25.20 in late Tuesday morning trading. The stock has more than doubled in value this year.
The Muskie Data Campus, located in Eastern Kentucky, is expected to support upwards of 1 gigawatt in data center capacity over time, with an initial 500 megawatts of capacity expected to ramp in the second half of 2028.
The second 500 megawatts is targeted for delivery in the back half of 2030.
The 285-acre site is already zoned for its intended use, with an option to acquire several adjacent acres for additional expansion opportunities, TeraWulf said. It said that Kentucky Power is building a 345 kilovolt power substation connected to an existing 765 kilovolt transmission network to support the data center's power needs.
"This acquisition further reinforces the strategy we discussed on our first quarter earnings call: securing and developing large-scale, power-advantaged sites capable of supporting the next generation of HPC workloads," Chief Executive Officer Paul Prager said.
TerawWulf did not disclose the terms of the deal.
Write to Elias Schisgall at elias.schisgall@wsj.com
(END) Dow Jones Newswires
May 26, 2026 12:18 ET (16:18 GMT)
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