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Power move
TeraWulf is basically telling the market: “We have more demand than power.” The company said it doubled contracted capacity at its Muskie Data Campus in eastern Kentucky to 1 gigawatt from 500 megawatts, a pretty loud signal that customers are circling the AI/data-center buffet line.
Why investors should care
The new setup comes through an amended electric service agreement with Kentucky Power, a unit of American Electric Power, and it pulls the second 500 MW phase forward to 2029 from 2030. The first 500 MW chunk is still slated to start ramping in 2028, so this isn’t a lights-on-tomorrow moment — but it does move the project a little closer to the finish line.
The catch, because there’s always a catch
This still needs Kentucky Public Service Commission approval, and Kentucky Power has to keep building out the transmission plumbing. TeraWulf also says it could eventually push Muskie all the way to 2 GW, which is basically the data-center version of saying, “We bought the bigger house and might add a wing.”
Big picture
Even with the stock down about 5% on the day, the message is pretty clear: power availability is becoming the scarce commodity in AI infrastructure. If TeraWulf can keep converting “tremendous” interest into actual contracts, this expansion could matter a lot more than the tape action did today.