TeraWulf Doubles Muskie Power Capacity to 1 GW, Accelerates Phase 2 to 2029
WULF sits 52% above its 52-week low of $10.47.
Summary
TeraWulf doubled contracted power at its Muskie Data Campus to 1 GW and accelerated the second phase to 2029, while also announcing plans to upsize its credit facility and raise more senior secured debt.
Key Events · M&A and Partnerships · WULF
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Muskie Power Capacity Doubled to 1 GW
Amended and restated agreements with Kentucky Power increase contracted power at the Muskie Data Campus from 500 MW to 1 GW, with the second 500 MW phase now targeted for 2029 instead of 2030.
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Financing Upsize Planned
Company intends to increase its existing senior secured revolving credit facility and raise additional senior secured debt to support letter of credit needs for utility partnerships, subject to customary closing conditions.
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Regulatory and Construction Conditions
The accelerated second phase remains subject to Kentucky Public Service Commission approval and Kentucky Power's construction schedule; the first 500 MW phase is still targeted to begin ramping in 2028.
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Strategic Context
Follows the August 2026 Kentucky PSC approval of the separate Justified Data Campus agreement, and builds on TeraWulf's pivot toward AI/HPC leasing, which drove 71% of Q2 2026 revenue.
Analysis · WULF · Crypto Assets
TeraWulf has amended its Kentucky Power agreements to double contracted power at its Muskie Data Campus from 500 MW to 1 GW, and pulled the second 500 MW phase forward from 2030 to 2029. This is a material expansion of its AI/HPC data center pipeline, directly addressing the power-availability bottleneck that has been central to customer conversations. The company also disclosed plans to upsize its revolving credit facility and raise additional senior secured debt to support letter of credit needs for utility partnerships — a financing update that signals continued heavy capital deployment. The expansion is subject to Kentucky Public Service Commission approval and Kentucky Power's construction schedule, so execution risk remains.
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At the time of this filing, WULF was trading at $15.90 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $7.7B. The 52-week trading range was $10.47 to $29.84. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.