TeraWulf Expands Contracted Power Capacity at its Muskie Data Campus to 1 GW
The second 500 MW phase is now planned for 2029 rather than 2030, subject to regulatory approval and the utility’s construction schedule.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
TeraWulf (Nasdaq: WULF) signed an amended electric service agreement with Kentucky Power, increasing contracted capacity at its Muskie Data Campus to 1 GW. Capacity previously stood at 500 MW. Planned delivery of the second 500 MW phase moves from 2030 to 2029, subject to Kentucky Public Service Commission approval and Kentucky Power’s construction schedule. The first 500 MW phase remains targeted to begin ramping in 2028.
TeraWulf continues to evaluate potential capacity of up to 2 GW, subject to additional utility planning, infrastructure and agreements. Development will follow Governor Beshear’s Executive Order on Data Center Development. Kentucky Power is developing a substation connected to the regional transmission network to serve the campus, which TeraWulf acquired in May 2026 for phased AI and high-performance computing development.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointContracted Muskie power capacity increases from 500 MW to 1 GW under the amended Kentucky Power agreement.
- Minor point. Forward-looking: it has not happened yet and may not happen.Second 500 MW phase planned delivery advances from 2030 to 2029.
- Minor point. Forward-looking: it has not happened yet and may not happen.First 500 MW phase remains targeted to begin ramping in 2028.
- Minor pointUp to 2 GW of potential campus capacity remains under TeraWulf’s evaluation.
- Minor point. Forward-looking: it has not happened yet and may not happen.Kentucky Power substation development will connect Muskie to the regional transmission network.
- Minor pointSeparate Justified campus agreement received Kentucky Public Service Commission approval in August.
Negative
- Minor point. Forward-looking: it has not happened yet and may not happen.Second-phase delivery is subject to Kentucky Public Service Commission approval and Kentucky Power’s construction schedule.
- Minor point. Forward-looking: it has not happened yet and may not happen.Potential expansion to up to 2 GW depends on additional utility planning, infrastructure and agreements.
Details
Market move: WULF +3.29% vs previous close. 1 GW power agreement
On Oct 5, the day this news came out, the latest delayed price for WULF is 3.29% above the previous close. Our momentum scanner has recorded 7 alerts for this stock so far that day. The latest delayed price is $16.00. Relative volume is very high at 4.8x the average.
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Key Figures
- Contracted power capacity
- 1 GW (from 500 MW)
- Amended Kentucky Power agreement for Muskie Data Campus
- Second-phase planned delivery
- 2029 (from 2030)
- Subject to Kentucky Public Service Commission approval and Kentucky Power's construction schedule
- First-phase ramp target
- 2028
- First 500 MW phase at Muskie
- Potential campus capacity
- Up to 2 GW
- Under evaluation; subject to additional utility planning, infrastructure and agreements
Historical Context
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Kentucky PSC approved a separate Justified campus agreement with customer-protection and cost-allocation terms.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Amended Kentucky Power agreement advances the second 500 MW phase into 2029 amid strong customer interest
EASTON, Md., Oct. 05, 2026 (GLOBE NEWSWIRE) -- TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), a vertically integrated owner, developer and operator of large-scale digital infrastructure, today announced that it has executed an amended and restated electric service agreement with Kentucky Power, an American Electric Power (“AEP”) company, increasing contracted power capacity at its Muskie Data Campus in eastern Kentucky from 500 megawatts (“MW”) to 1 gigawatt (“GW”).
The amendment advances planned delivery of Muskie’s second 500 MW phase from 2030 to 2029, subject to Kentucky Public Service Commission approval and Kentucky Power’s construction schedule. Development will proceed consistent with the requirements of Governor Beshear’s Executive Order on Data Center Development (2026-494). The first 500 MW phase remains targeted to begin ramping in 2028.
“Customer interest in Muskie has been tremendous, and power availability is central to those conversations,” said Paul Prager, Chairman and Chief Executive Officer of TeraWulf. “Securing the next 500 MW and moving its planned delivery into 2029 gives us greater flexibility to meet prospective customers’ deployment needs. It also builds on the progress our teams have made with Kentucky Power since we acquired the site.” Additionally, the Company continues to evaluate the campus’s potential to support up to 2 GW over time, subject to additional utility planning, infrastructure and agreements.
TeraWulf acquired Muskie in May 2026 for phased development as an AI and high-performance computing campus. Kentucky Power is developing a 765-kV / 345-kV substation connected to the regional transmission network to serve the site.
The Muskie amendment follows TeraWulf’s approach to large-scale development in Kentucky: coordinate with the utility on the infrastructure needed to serve the campus, provide financial protections for utility investment and structure the agreement to benefit existing customers. In August, the Kentucky Public Service Commission approved the separate electric service agreement for TeraWulf’s Justified Data Campus in Hawesville, finding that its terms adequately protected existing customers and appropriately allocated the costs and risks of serving that project.
About TeraWulf
TeraWulf develops, owns and operates large-scale, power-backed digital infrastructure in the United States, purpose-built for high-performance computing and artificial intelligence workloads. The Company combines long-term control of land, power and interconnection infrastructure with deep in-house expertise in energy markets, infrastructure development and data center operations. TeraWulf operates the Lake Mariner Data Campus in New York and is developing and pursuing additional large-scale campuses in Kentucky, New York and Maryland. The Company also operates existing bitcoin-mining infrastructure at Lake Mariner, portions of which are being repurposed to support contracted HPC development.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements concerning anticipated future events and expectations that are not historical facts. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. In addition, forward-looking statements are typically identified by words such as “plan,” “believe,” “goal,” “target,” “aim,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “seek,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “strategy,” “opportunity,” “predict,” “should,” “would” and other similar words and expressions, although the absence of these words or expressions does not mean that a statement is not forward-looking. Forward-looking statements are based on the current expectations and beliefs of TeraWulf’s management and are inherently subject to a number of factors, risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be those that have been anticipated. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including, among others: (1) TeraWulf’s ability to attract additional customers to lease its HPC data centers; (2) TeraWulf’s ability to complete its data center campuses and future strategic growth initiatives in a timely manner or within anticipated cost estimates; (3) operational risks associated with its data centers and TeraWulf’s ability to perform under its existing data center lease agreements; (4) changes in applicable laws, regulations and/or permits affecting TeraWulf’s operations or the industries in which it operates; (5) failure to obtain adequate financing on a timely basis and/or on acceptable terms with regard to expansion or existing operations; (6) adverse geopolitical or economic conditions, including a high inflationary environment, the implementation of new tariffs and more restrictive trade regulations; (7) the potential of cybercrime, money-laundering, malware infections and phishing and/or loss and interference as a result of equipment malfunction or break-down, physical disaster, data security breach, computer malfunction or sabotage (and the costs associated with any of the foregoing); (8) the availability and cost of power as well as electrical infrastructure equipment necessary to maintain and grow the business and operations of TeraWulf; and (9) other risks and uncertainties detailed from time to time in TeraWulf’s filings with the Securities and Exchange Commission (“SEC”). Potential investors, stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. TeraWulf does not assume any obligation to publicly update any forward-looking statement after it was made, whether as a result of new information, future events or otherwise, except as required by law or regulation. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s filings with the SEC, which are available at www.sec.gov.
Investors:
Investors@terawulf.com
Media:
media@terawulf.com
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much contracted power capacity does TeraWulf’s Muskie campus now have?
Muskie now has 1 GW of contracted power capacity, increased from 500 MW through an amended electric service agreement with Kentucky Power.
When does TeraWulf plan to bring Muskie’s power phases online?
The first 500 MW phase remains targeted to begin ramping in 2028, while planned delivery of the second 500 MW phase has moved from 2030 to 2029. The second-phase timing is subject to Kentucky Public Service Commission approval and Kentucky Power’s construction schedule.
How does TeraWulf’s Kentucky development approach address existing utility customers?
TeraWulf’s approach provides financial protections for utility investment and structures agreements to benefit existing customers. In August, the Kentucky Public Service Commission approved the separate Justified campus agreement, finding that its terms adequately protected existing customers and appropriately allocated that project’s costs and risks.