TerraWolf (WULF) rose 11% in premarket Tuesday on news that the company acquired two power-intensive industrial sites, more than doubling its energy and computing footprint to 2.8 gigawatts (GW).
The company said in a press release late Monday that 1.5 gigawatts of capacity will be added at two sites: one in Hawesville, Kentucky, and one in Morgantown, Maryland. The company said this will help meet the demands of new large-scale computing and data workloads while supporting grid reliability in these regions.
The move comes as a growing number of crypto miners are positioning themselves as central players in the artificial intelligence (AI) infrastructure boom. As AI companies require data center space, high-performance chips, and vast amounts of power, miners have become a critical partner in meeting their computing needs.
TeraWulf's Hawesville site is over 250 buildable acres of former industrial land and includes immediate access to 480 megawatts (MW) of power, including an on-site substation and high-voltage transmission lines. The company said the location gives it access to key markets in the Midwest and allows it to introduce new computing capacity relatively quickly. The company plans to develop the site in stages.
In Maryland, TeraWulf has picked up the Morgantown Power Plant, a 210 MW generation facility with expansion potential to 1 GW. The site already powers the grid and could eventually host 500 MW of computing infrastructure during the first phase of construction, the company said.
The company said it aims to combine future computing activity with additional power generation to keep the site grid-positive.
TeraWulf currently operates from five sites and is targeting 250-500 MW of new contracted capacity each year.
