Bitcoin miner TeraWulf has bought a major data center development site in the US state of Kentucky, adding significant capacity to its artificial intelligence and high-performance computing (HPC) business as the miner continues to diversify beyond Bitcoin.
TeraWulf said on Tuesday that the site could support more than 1 gigawatt of AI and HPC capacity. The company expects the first 500 megawatts to be online in 2028, with another 500 megawatts planned by 2030.
The site includes planned network infrastructure and long-term power contracts, highlighting TeraWulf’s ongoing shift towards AI and HPC hosting alongside its traditional Bitcoin mining operations.
The acquisition comes after TeraWulf’s HPC-related revenue jumped 117% in the most recent quarter, driven largely by its Western New York Lake Mariner facility, one of the largest HPC campuses in North America. Despite the revenue growth, the company posted a wider quarterly loss as it continues to invest heavily in AI infrastructure.
Source: Rittenhouse Research
Its AI strategy is backed by a $3 billion financing deal from Morgan Stanley announced last September to support data center expansion. Google helps stop debt financing.
TeraWulf is among 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 shares rise on news of data center expansion
News of the acquisition of the Kentucky location boosted TeraWulf ( WULF ) shares on Tuesday, as investors bet the deal would bolster the company’s AI and high-performance computing expansion strategy.
Shares rose as much as 13.6% in early New York trading, climbing to nearly $26 a share, the highest level in nearly three weeks. Shares of industry tracker CoinShares Bitcoin Mining ETF ( WGMI ) are up 4.5% as of last seen. TeraWulf is the third largest shareholder in this exchange-traded fund with 10.86 percent.
TeraWulf is among the best-performing crypto mining stocks this year, with shares up nearly 120% since the start of 2026. The rally has been fueled largely by investor optimism about the company’s AI infrastructure business, rising HPC-related revenues, and broader demand for data center capacity associated with AI workloads.
stock Terawulf (WULF). Source: Yahoo Finance
Gains significantly outperformed the broader crypto mining sector, the S&P 500 and much of the traditional tech sector.
Related: Crypto Biz: Institutions tighten grip on Bitcoin, AI and prediction markets
