The 1 GW contracted capacity and accelerated timeline signal strong customer demand and utility alignment, but the financing update (credit facility upsize and new debt) introduces execution risk. Watch for Kentucky PSC approval and any subsequent debt offering details.
Price Chart
Executive Summary
TeraWulf announced it has amended its power agreements with Kentucky Power, doubling contracted capacity at its Muskie Data Campus from 500 MW to 1 GW and accelerating the second phase's planned delivery from 2030 to 2029. The company also disclosed plans to upsize its existing revolving credit facility and seek additional senior secured debt to support letter of credit needs for utility partnerships. No financial figures (costs, pricing, or revenue impact) were disclosed.
Key Facts
- Contracted power capacity at Muskie Data Campus increased from 500 MW to 1 GW via amended agreements with Kentucky Power (an AEP company).
- Second 500 MW phase delivery accelerated from 2030 to 2029, subject to Kentucky Public Service Commission approval and Kentucky Power's construction schedule.
- First 500 MW phase remains targeted to begin ramping in 2028.
- Company intends to upsize its existing senior secured revolving credit facility and seek additional senior secured debt for letter of credit needs.
- Muskie campus potential evaluated for up to 2 GW over time, subject to additional utility planning and agreements.
- TeraWulf acquired the Muskie site in May 2026 for phased AI/HPC campus development.
Financial Impact
No dollar amounts disclosed; capacity doubled from 500 MW to 1 GW with phase acceleration by one year.
Risk Factors
- Financing upsize and new debt are subject to customary closing conditions and market conditions — no assurance of completion.
- Second phase acceleration is contingent on Kentucky PSC approval and Kentucky Power's construction schedule.
- No customer leases or revenue commitments disclosed — capacity does not guarantee revenue.
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-064757 |
| Document: muskieexpansionpr.htm | 0001628280-26-064757 |
| Document: 0001628280-26-064757-index-headers.html | 0001628280-26-064757 |
| Document: 0001628280-26-064757-index.html | 0001628280-26-064757 |
| Document: 0001628280-26-064757.txt | 0001628280-26-064757 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 4d ago | 8-K | $11.98 $12.66 | ▲ +5.68% | ▲ +5.12% | $12.66 (+5.68%) |
Oct 19, 2026 8d ago | SC 13G/A | $12.06 $12.01 | ▼ −0.41% | ▼ −0.75% | $12.66 (+4.98%) |
Oct 5, 2026 22d ago | Press Release | $14.79 $14.97 | ▲ +1.22% | ▲ +0.67% | $12.66 (−14.40%) |
Oct 5, 2026 22d ago | 8-K | $14.79 $14.97 | ▲ +1.22% | ▲ +0.67% | $12.66 (−14.40%) |
Oct 5, 2026 22d ago | Press Release | $14.79 $14.97 | ▲ +1.22% | ▲ +0.67% | $12.66 (−14.40%) |
Sep 25, 2026 4w ago | SC 13G | $15.12 $15.09 | ▼ −0.20% | ▼ −0.01% | $12.66 (−16.27%) |
Sep 16, 2026 5w ago | Insider Cluster | $16.47 $17.01 | ▲ +3.28% | ▲ +3.40% | $12.66 (−23.13%) |
Sep 1, 2026 8w ago | Insider Cluster | $14.82 $16.23 | ▲ +9.51% | ▲ +8.47% | $12.66 (−14.57%) |
Aug 5, 2026 11w ago | 8-K | $18.07 $17.62 | ▼ −2.52% | ▼ −2.36% | $12.66 (−29.94%) |
May 26, 2026 22w ago | 8-K | $25.18 $26.74 | ▲ +6.20% | ▲ +6.18% | $12.66 (−49.72%) |
US Market Status
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