TLDR
- TeraWulf shares jumped 11% in pre-market trading after announcing two power infrastructure deals
- The bitcoin miner purchased brownfield sites in Kentucky and Maryland totaling 1.5 gigawatts
- Company’s total infrastructure capacity now reaches 2.8 gigawatts across five facilities
- Hawesville, Kentucky site includes 480 megawatts of power and 250+ acres for development
- Morgantown, Maryland generating station provides 210 megawatts with 1 GW expansion capacity
TeraWulf stock rose 11% during pre-market hours Tuesday after the company revealed two infrastructure acquisitions. Shares peaked at $15.58 in morning trading.
The bitcoin mining operation purchased two brownfield industrial sites Monday evening. One facility is located in Hawesville, Kentucky, while the other sits in Morgantown, Maryland.
Together, these properties deliver 1.5 gigawatts of additional capacity. The acquisitions more than double TeraWulf’s existing infrastructure footprint to 2.8 gigawatts total.
The company now operates across five separate locations. TeraWulf stated the deals advance its strategy of developing energy-advantaged sites with near-term power availability.
Both facilities offer immediate deployment opportunities. The properties also provide long-term scalability for computing infrastructure growth.
Kentucky Property Delivers Immediate Power Capacity
The Hawesville site covers more than 250 buildable acres. It provides immediate access to 480 megawatts of electrical power.
Existing infrastructure includes an on-site substation and high-voltage transmission lines. The location sits within reach of major Midwest markets.
TeraWulf plans to develop the Kentucky property in multiple phases. The site formerly served as an industrial facility before this acquisition.
Maryland Generating Station Offers Grid-Connected Power
TeraWulf’s Maryland acquisition involves an active power generation facility. The Morgantown Generating Station currently produces 210 megawatts of electricity for the grid.
The site carries expansion potential up to 1 gigawatt of total capacity. TeraWulf estimates the first buildout phase could accommodate 500 megawatts of computing operations.
The company plans to pair computing activity with additional power generation. This approach maintains net-positive contributions to the electrical grid.
TeraWulf Chairman and CEO Paul Prager addressed the strategic rationale. “These acquisitions reflect our strategy of reinvesting in existing energy infrastructure to support grid reliability, long-term economic activity, and responsible growth,” Prager stated.
He emphasized geographic diversification benefits. “Regional diversity has become increasingly important as grid congestion, permitting timelines, and weather and policy considerations vary by market,” Prager explained.
Targeting Computing Infrastructure Demand
The deals position TeraWulf to serve growing computing and data workload requirements. Crypto mining companies have become key infrastructure providers for AI applications.
AI operations demand substantial data center space, computing chips, and electrical power. Miners with existing power infrastructure can fulfill these needs.
TeraWulf targets 250 to 500 megawatts of new contracted capacity each year. The company operates five total facilities following these acquisitions.
In October, TeraWulf announced plans for $900 million in convertible senior notes. The financing supports a transition from core bitcoin mining toward AI data facility development.
The Kentucky and Maryland sites align with this strategic shift. Both locations provide power advantages and deployment speed.
The acquisitions expand TeraWulf’s ability to meet customer computing demands. The company stated the properties will also support regional grid reliability.
Both sites offer existing power infrastructure for faster capacity deployment. The locations provide scalability as computing infrastructure needs continue expanding.
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