Bitcoin miner TeraWulf has acquired a large data center development site in the US state of Kentucky, adding significant capacity to its artificial intelligence and high-performance computing (HPC) business as miners continue to diversify beyond Bitcoin.
TeraWulf said Tuesday that the site could eventually support more than 1 gigawatt of AI and HPC capacity. The company expects the first 500 megawatts to come online in 2028, with another 500 megawatts planned for 2030.
The site includes planned network infrastructure and long-term power agreements, underscoring TeraWulf’s continued shift toward hosting AI and HPC alongside its traditional Bitcoin mining operations.
The acquisition comes as TeraWulf’s HPC-related revenue increased 117% in the most recent quarter, driven largely by its Lake Mariner facility in Western New York, one of the largest HPC campuses in North America. Despite the revenue growth, the company posted a broader quarterly loss as it continues to invest heavily in AI infrastructure.
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Its AI strategy is backed by a $3 billion financing deal arranged through Morgan Stanley and announced last September to support data center expansion. Google is helping to support the debt financing.
TeraWulf is one of several Bitcoin mining companies expanding into artificial intelligence and high-performance computing as margins in the mining sector come under pressure. Others pursuing similar strategies include Hut 8, HIVE Digital, MARA Holdings and IREN.
Related: TeraWulf Misses Q4 2025 Estimates as Bitcoin Mining Revenue Falls
WULF Stock Rises on Data Center Expansion News
News of the Kentucky site acquisition boosted shares of TeraWulf (WULF) on Tuesday, as investors bet the deal would strengthen the company’s AI and high-performance computing expansion strategy.
The stock rose as much as 13.6% in early New York trading, rising to nearly $26 per share, its highest level in nearly three weeks. Shares of industry tracker CoinShares Bitcoin Mining ETF (WGMI) are up 4.5% at last look. TeraWulf is the third-largest holding, at 10.86%, in that exchange-traded fund.
TeraWulf has been among the best-performing crypto mining stocks this year, with shares up nearly 120% since the start of 2026. The rally has been largely driven by investor optimism around the company’s AI infrastructure business, growing HPC-related revenues, and broader demand for data center capacity tied to AI workloads.
Terawulf Securities (WULF). Fountain: Yahoo Finance
Profits have significantly outperformed the broader crypto mining sector, the S&P 500 index, and much of the traditional technology sector.
Related: Crypto Biz: Institutions Tighten Their Control Over Bitcoin, AI, and Prediction Markets
