No financial terms disclosed — monitor upcoming quarterly filings for capex guidance and any additional details on customer pre-leasing. The site adds long-term optionality but does not contribute revenue until at least H2 2028. The stock may initially react to narrative expansion, but absence of cost or customer commitments limits near-term catalyst intensity.
Price Chart
Executive Summary
TeraWulf acquired a 1+ GW hyperscale development site (Muskie Data Campus) in Eastern Kentucky from Industrial Equity Partners, closed May 22, 2026. The ~285-acre site can support up to 1 GW of AI/HPC capacity, with initial 500 MW delivery expected H2 2028 and another 500 MW in H2 2030. No purchase price or acquisition cost was disclosed. The filing expands TeraWulf's multi-campus development pipeline and aligns with its stated strategy of securing power-advantaged sites, but adds no near-term revenue and requires significant future capital investment.
Key Facts
- Acquired ~285-acre hyperscale development site in Eastern Kentucky (Muskie Data Campus) from Industrial Equity Partners
- Expected to support up to 1 GW of data center capacity — 500 MW initial delivery H2 2028, additional 500 MW H2 2030
- Site includes option for adjacent acres; Kentucky Power building 345 kV substation connected to 765 kV network
- Transmission and energy service agreements executed concurrently; no third-party consents or regulatory approvals required
- No purchase price / dollar amount for acquisition disclosed in this filing
- Site is already zoned with permitting underway — limited site work required
Financial Impact
Acquisition cost not disclosed — no financial details provided in the filing
Risk Factors
- Capital requirements for developing 1 GW of capacity are substantial and not quantified — could lead to future dilution or debt
- Revenue from the site is 2+ years away (H2 2028 at earliest); no customer agreements or lease commitments announced
- Execution risk on construction timelines and power delivery from the new substation
- Acquisition cost undisclosed — potential for overpay without transparency
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001083301-26-000109 |
| Document: wulfeasternkypr5-26x26.htm | 0001083301-26-000109 |
| Document: 0001083301-26-000109-index-headers.html | 0001083301-26-000109 |
| Document: 0001083301-26-000109-index.html | 0001083301-26-000109 |
| Document: 0001083301-26-000109.txt | 0001083301-26-000109 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 1, 2026 4w ago | Insider Cluster | $14.82 $14.80 | ▼ −0.14% | ▲ +0.20% | $15.49 (+4.52%) |
Aug 5, 2026 8w ago | 8-K | $18.07 $14.82 | ▼ −17.99% | ▼ −17.38% | $15.49 (−14.28%) |
May 26, 2026 18w ago | 8-K | $25.18 $26.34 | ▲ +4.59% | ▲ +6.54% | $15.49 (−38.48%) |
May 8, 2026 21w ago | 8-K | $23.39 $24.00 | ▼ −2.61% | ▼ −2.58% | $15.49 (+33.78%) |
May 8, 2026 21w ago | Press Release | $23.39 $24.00 | ▼ −2.61% | ▼ −2.58% | $15.49 (+33.78%) |
Apr 30, 2026 22w ago | Press Release | $21.73 $26.40 | ▲ +21.49% | ▲ +16.52% | $15.49 (−28.72%) |
Apr 16, 2026 24w ago | 8-K | $20.64 $24.17 | ▼ −17.10% | ▼ −11.73% | $15.49 (+24.95%) |
Apr 16, 2026 24w ago | 424B5 | $19.31 $23.12 | ▼ −19.73% | ▼ −13.92% | $15.49 (+19.78%) |
Apr 15, 2026 24w ago | 8-K | $19.67 $22.80 | ▼ −15.91% | ▼ −9.87% | $15.49 (+21.25%) |
Apr 14, 2026 24w ago | 8-K | $19.67 $22.80 | ▼ −15.91% | ▼ −9.87% | $15.49 (+21.25%) |
US Market Status
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