TeraWulf acquires Muskie Data Campus, pushing AI infrastructure portfolio past 2.8 GW

TeraWulf Inc. just picked up a massive piece of real estate in eastern Kentucky. The company acquired the Muskie Data Campus, a hyperscale site designed to support more than 1 GW of data center capacity for AI and high-performance computing workloads.

What TeraWulf is building in Kentucky

The Muskie Data Campus will be developed in two phases, each delivering 500 MW of capacity. Phase one is expected to come online in the second half of 2028, with the second phase following by the second half of 2030.

A portfolio that grew by 1.5 GW in months

In early 2026, TeraWulf added approximately 1.5 GW of potential capacity through brownfield acquisitions in Kentucky and Maryland alone. Those deals pushed the company’s total portfolio to roughly 2.8 GW spread across five sites.

Beyond Kentucky and Maryland, TeraWulf secured an 80-year ground lease for its Cayuga site in New York. That facility is designed to support up to 400 MW of infrastructure capacity, with 138 MW of low-cost power expected to be operational in 2026.

The company also completed the acquisition of Beowulf Electricity & Data in May 2025, a deal that strengthened TeraWulf’s direct control over its power generation and infrastructure capabilities.

The bigger picture: miners becoming landlords

TeraWulf has been one of the more aggressive movers in this space, building out a portfolio that emphasizes what it describes as predominantly zero-carbon energy resources.

What investors should watch

TeraWulf’s 2028 target for the first 500 MW phase at Muskie is aggressive but not unreasonable if power infrastructure and permitting are already in motion.

The competitive landscape is also intensifying. TeraWulf isn’t the only former miner chasing AI infrastructure dollars. Core Scientific, Hut 8, and others are making similar moves, while established data center operators like Equinix and Digital Realty have far deeper pockets and longer customer relationships.

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