Monitor the Kentucky Public Service Commission's decision on the amended agreement and Kentucky Power's construction progress. The acceleration of the second phase to 2029 and the potential for up to 2 GW total capacity are key catalysts for TeraWulf's HPC/AI growth narrative.
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Executive Summary
TeraWulf amended its electric service agreement with Kentucky Power to increase contracted capacity at the Muskie Data Campus from 500 MW to 1 GW, with the second 500 MW phase accelerated from 2030 to 2029. The amendment is subject to Kentucky Public Service Commission approval and Kentucky Power's construction schedule, and the first 500 MW phase remains targeted for 2028. This expansion signals strong customer demand for HPC/AI infrastructure and de-risks the campus's power supply timeline.
Key Facts
- Contracted power capacity at Muskie Data Campus increased from 500 MW to 1 GW.
- Second 500 MW phase accelerated from 2030 to 2029, subject to KPSC approval and Kentucky Power's construction schedule.
- First 500 MW phase remains targeted to begin ramping in 2028.
- Campus has potential to support up to 2 GW over time, subject to additional utility planning and agreements.
- Kentucky Power is developing a 765-kV / 345-kV substation to serve the site.
- TeraWulf acquired Muskie in May 2026 for phased development as an AI/HPC campus.
Financial Impact
Doubling of contracted power capacity from 500 MW to 1 GW at a large-scale data center campus, with accelerated delivery timeline. No dollar amounts disclosed for the agreement or construction costs.
Risk Factors
- KPSC approval is required and not guaranteed; regulatory or utility delays could push back the 2029 timeline.
- Construction and infrastructure costs may exceed estimates, requiring additional financing.
- Customer demand for HPC/AI capacity may not materialize as expected, leaving capacity unleased.
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3374525 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 3d ago | 8-K | $11.28 | awaiting T+1 | — | $12.49 (+10.77%) |
Oct 19, 2026 8d ago | SC 13G/A | $12.06 $12.01 | ▼ −0.41% | ▼ −0.75% | $12.49 (+3.61%) |
Oct 5, 2026 22d ago | Press Release | $14.79 $14.97 | ▲ +1.22% | ▲ +0.67% | $12.49 (−15.52%) |
Oct 5, 2026 22d ago | 8-K | $14.79 $14.97 | ▲ +1.22% | ▲ +0.67% | $12.49 (−15.52%) |
Oct 5, 2026 22d ago | Press Release | $14.79 $14.97 | ▲ +1.22% | ▲ +0.67% | $12.49 (−15.52%) |
Sep 25, 2026 4w ago | SC 13G | $15.12 $15.09 | ▼ −0.20% | ▼ −0.01% | $12.49 (−17.36%) |
Sep 16, 2026 5w ago | Insider Cluster | $16.47 $17.01 | ▲ +3.28% | ▲ +3.40% | $12.49 (−24.13%) |
Sep 1, 2026 7w ago | Insider Cluster | $14.82 $16.23 | ▲ +9.51% | ▲ +8.47% | $12.49 (−15.69%) |
Aug 5, 2026 11w ago | 8-K | $18.07 $17.62 | ▼ −2.52% | ▼ −2.36% | $12.49 (−30.85%) |
May 26, 2026 22w ago | 8-K | $25.18 $26.74 | ▲ +6.20% | ▲ +6.18% | $12.49 (−50.38%) |
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