TeraWulf has doubled contracted power at its Muskie Data Campus in Eastern Kentucky to 1 gigawatt, the Nasdaq-listed company (WULF) announced on October 5, 2026. The site, acquired in May, is now positioned as one of the firm's largest scalable developments for AI and high-performance computing workloads.

The contracted figure stands at twice the prior level. Management has also floated scaling the campus to as much as 2 GW, though that target remains aspirational and does not reflect signed power commitments.

What does the announcement actually cover?

The October 5 update confirms commitments for 1 GW of power at Muskie. The property spans 285 acres and sits inside a larger 1,000-acre industrial park. The campus is purpose-built for AI and HPC workloads — the heavy-duty processing used to train and run large models.

Contracted power and live capacity are distinct metrics. TeraWulf plans to bring Muskie online in phases rather than all at once:

• Phase 1: 500 MW of capacity targeted for the second half of 2028
• Phase 2: an additional 500 MW slated for the second half of 2030

Together, the two stages account for the full gigawatt now under contract.

How did TeraWulf get here?

Muskie is a recent addition to the company's portfolio. TeraWulf acquired the campus from Industrial Equity Partners on May 22, 2026. At the time of the deal, the site was described as adding more than 1 GW of planned AI/HPC capacity and was positioned as one of TeraWulf's largest scalable development sites in Kentucky.

The 2 GW ambition surfaced months later. On the company's Q2 2026 earnings call on August 5, CEO Paul Prager expressed optimism about scaling the site to as much as 2 GW. His reasoning centered on power: abundant near-term power availability and existing infrastructure around the campus made a larger build look achievable.

The company has not contracted that much power. It has only stated its intent to work toward it.

What does this mean for the business?

The most direct read is that TeraWulf treats electricity as its primary competitive asset. Doubling contracted capacity at a single site gives the company a larger, more marketable block of future capacity to sell to customers running large AI and HPC workloads — a shift from its origins in Bitcoin mining toward energy-intensive compute infrastructure.

The risks are equally concrete. The first meaningful capacity will not arrive until the second half of 2028, so revenue from this campus sits years out. Scaling beyond the current 1 GW contract requires additional power commitments and additional capital, neither of which is locked in.

What comes next?

The milestones to watch are customer agreements for Muskie, construction progress toward the 2028 phase, and any new power contracts that would convert the 2 GW goal from aspiration into a signed commitment. Until then, the October 5 figure — 1 GW across two phases through 2030 — remains the binding constraint on what TeraWulf can actually deliver.