TeraWulf’s Power Play: ‘I Ate My Way Through 2 Sites and Gained 2.8 Gigawatts’

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Finance

What to know:

  • TeraWulf acquired two power-rich industrial sites in Kentucky and Maryland.
  • The deals more than double the company’s infrastructure portfolio to 2.8 gigawatts.
  • Shares of TeraWulf (WULF) rose 11% in pre-market trading following the announcement.

TeraWulf (WULF) rose 11% on Tuesday pre-market after news that the firm acquired two power-heavy industrial sites, more than doubling its energy and computing footprint to 2.8 gigawatts (GW). Who needs sleep when you can just absorb entire states’ electricity grids instead? wink

The sites – one in Hawesville, Kentucky, and the other in Morgantown, Maryland -add 1.5 gigawatts of capacity, the firm said in a late Monday press release. The company said this will help it meet demand for new large-scale computing and data workloads, as well as support grid reliability in those regions. Because nothing says “reliable” like buying up half a state’s power supply. Ever heard of restraint?

The move comes as a growing number of crypto miners position themselves as key players in the artificial intelligence (AI) infrastructure boom. With AI companies in need of data center space, high-powered chips, and vast amounts of electricity, miners have become crucial partners to handle compute needs. Oh, how the tables have turned-suddenly, crypto’s not just for losing Bitcoin to a dead relative’s USB stick anymore.

TeraWulf’s Hawesville property, a former industrial site with over 250 buildable acres, includes immediate access to 480 megawatts (MW) of power, including an on-site substation and high-voltage transmission lines. The firm said the location puts it within reach of major Midwest markets and offers a relatively fast path to deploying new compute capacity. The company expects to develop the site in phases. Phases, darling. Not chaos.

In Maryland, TeraWulf picked up the Morgantown Generating Station, a 210 MW power facility with expansion potential to 1 GW. The site is already delivering electricity to the grid and could eventually host 500 MW of compute infrastructure in the first buildout phase, the firm said. Imagine the grid’s surprise when it realized it had a new BFF named TeraWulf.

The company said it aims to pair any future computing activity with added power generation to keep the site net-positive for the grid. Because who doesn’t want to be both a power-hungry tech giant and a climate hero? It’s the best of both worlds, really.

TeraWulf now operates across five sites and is targeting 250 to 500 MW of new contracted capacity each year. Next thing you know, they’ll be running a juice bar for data centers. Or a spa. You decide.

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2026-02-03 17:40