TeraWulf Inc. announced the acquisition of two brownfield infrastructure sites that together add roughly 1.5 GW of load capacity to its portfolio. The Kentucky acquisition, completed on February 2, 2026, involves a former industrial site in Hawesville with 480 MW of existing power availability and more than 250 buildable acres. Century Aluminum, the seller, will retain a 6.8 % minority equity stake in the property.
The Maryland transaction, announced on February 2, 2026, brings the Morgantown Generating Station in Charles County into TeraWulf’s holdings. The station currently operates at 210 MW and has the potential to scale up to 1 GW, but the closing is contingent on third‑party consents and Federal Energy Regulatory Commission approval.
With the new sites, TeraWulf’s total digital and power infrastructure expands to about 2.8 GW across five locations, including 642.5 MW of contracted capacity and 2.2 GW of owned pipeline capacity. The combined portfolio now supports the company’s target of adding 250–500 MW of new contracted capacity each year and accelerates the build‑out of high‑performance computing (HPC) campuses.
The acquisitions reinforce TeraWulf’s strategy of leveraging low‑carbon, energy‑efficient sites to power both its Bitcoin mining operations and its growing HPC business. By securing immediate power availability and scalable development potential, the company positions itself to meet rising demand for AI and compute‑intensive workloads while maintaining low operating costs and long‑term grid reliability.
Paul Prager, Chairman and CEO, emphasized that the deals represent a reinvestment in existing energy infrastructure that supports grid reliability and economic activity. He noted that Hawesville provides immediate access to scalable power, while Morgantown allows the company to expand generation capacity in a net‑positive way for the grid. Prager highlighted the importance of regional diversity, citing varying grid congestion, permitting timelines, and policy considerations as factors that enable accelerated execution and risk management.
Investors welcomed the announcement, citing the near‑doubling of TeraWulf’s owned capacity and the company’s strategic pivot toward AI‑driven data centers. The move places TeraWulf in the PJM market through the Morgantown station and strengthens its position as a power provider for the rapidly expanding AI and HPC sectors.
The acquisitions provide a foundation for future growth, allowing TeraWulf to scale its infrastructure in line with the accelerating demand for low‑carbon, high‑density computing. The company’s focus on brownfield redevelopment, grid reliability, and regional diversification positions it to capture new revenue streams while mitigating regulatory and operational risks.
Overall, the transaction marks a significant milestone in TeraWulf’s evolution from a Bitcoin‑centric energy provider to a diversified power and computing infrastructure company, setting the stage for continued expansion in the AI and HPC markets.
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