TeraWulf jumps 11% after buying power-rich Kentucky and Maryland sites

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).

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.

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.

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.

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.

The company said it aims to pair any future computing activity with added power generation to keep the site net-positive for the grid.

TeraWulf now operates across five sites and is targeting 250 to 500 MW of new contracted capacity each year.