TeraWulf (WULF) Stock Surges as Bitcoin Miner Makes Big Bet on AI Computing Power

TLDR

• TeraWulf acquired two power-rich industrial sites in Kentucky and Maryland, adding 1.5 gigawatts of capacity
• The deals more than double the company’s infrastructure portfolio to 2.8 gigawatts total
• WULF stock jumped 11-12% in pre-market and early trading on Tuesday
• The Kentucky site includes 480 megawatts of immediate power access with over 250 buildable acres
• The Maryland facility is a 210 MW power plant with expansion potential to 1 gigawatts

TeraWulf stock rose 11% in pre-market trading Tuesday after announcing two major infrastructure acquisitions late Monday. The company’s shares hit a morning high of $15.58.

TeraWulf Inc., WULF

The bitcoin miner acquired brownfield industrial sites in Hawesville, Kentucky, and Morgantown, Maryland. Together, these properties add approximately 1.5 gigawatts of capacity to TeraWulf’s energy portfolio.

The acquisitions more than double the company’s infrastructure footprint. TeraWulf now controls 2.8 gigawatts of capacity across five sites.

The Kentucky property is a former industrial site spanning over 250 buildable acres. It comes with immediate access to 480 megawatts of power.

The site includes an on-site substation and high-voltage transmission lines. TeraWulf said the location provides reach to major Midwest markets. The company plans to develop the property in phases.

Strategic Infrastructure Expansion

In Maryland, TeraWulf acquired the Morgantown Generating Station. The facility currently provides 210 megawatts of power to the grid.

The site has expansion potential up to 1 gigawatt. TeraWulf expects the location could host 500 megawatts of compute infrastructure in its first buildout phase.

The company stated it will pair future computing activity with added power generation. This approach aims to keep the site net-positive for the grid.

Power-Hungry Computing Demand

The move positions TeraWulf to supply growing demand for large-scale computing and data workloads. Crypto miners have become key players in the AI infrastructure space.

AI companies need massive amounts of data center space, high-powered chips, and electricity. Miners with power infrastructure have emerged as partners to handle these compute needs.

TeraWulf now targets 250 to 500 megawatts of new contracted capacity each year. The company operates facilities across five locations.

Last October, TeraWulf announced plans to raise $900 million from privately offered convertible senior notes. The capital supports the company’s pivot from core bitcoin mining operations to building AI data facilities.

The Kentucky site’s connection to transmission infrastructure allows for relatively fast deployment of new compute capacity. The Maryland generating station already delivers electricity to the regional grid.

Both sites provide TeraWulf with power-advantaged locations for near-term deployment. The properties offer long-term scalability as computing infrastructure demands continue growing.

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