NEW YORK, Feb 3, 2026, 15:25 ET — Regular session
- TeraWulf shares climbed roughly 6% in afternoon trading following the announcement of two U.S. site acquisitions related to power supply.
- The company said the deals boost its capacity by roughly 1.5 gigawatts, more than doubling its infrastructure portfolio.
- One transaction remains pending third-party consents and U.S. regulatory approvals.
TeraWulf Inc shares climbed Tuesday following the bitcoin miner-turned-data-center developer’s announcement that it acquired a former industrial site in Kentucky and agreed to buy a power plant in Maryland, expanding its electricity and land holdings.
The stock climbed roughly 6.2% to $14.27 in afternoon trading, having reached as high as $15.60 earlier in the session.
This shift is crucial today as power limits new computing projects—be it bitcoin mining or high-performance computing (HPC) tasks. These large-scale data centers demand reliable, affordable electricity and fast grid hookups.
TeraWulf announced that its two “brownfield” assets—older industrial sites being repurposed—contribute about 1.5 gigawatts (GW) of capacity, pushing its total portfolio to roughly 2.8 GW across five locations. The company noted the Maryland site has potential for expansion with additional generation and battery storage. CEO Paul Prager described the move as a way to reinvest in energy infrastructure while “also delivering critically needed surplus electricity.” TeraWulf Inc.
A regulatory filing added detail on the Kentucky deal: the seller took a 6.8% minority stake in TeraWulf’s Hawesville development entity and can seek redemption starting one year after the data center goes live. The Hawesville purchase closed Feb. 2, but the Maryland deal still awaits consents and approvals, including from the Federal Energy Regulatory Commission (FERC).
Century Aluminum announced it has sold its Hawesville, Kentucky plant to TeraWulf but will retain a non-controlling minority stake. The company hailed the redevelopment as a significant boost for jobs and investment in the area. “We are very pleased to see the Hawesville site transition to productive use,” said Century CEO Jesse Gary. Century Aluminum
TeraWulf’s shares rose despite bitcoin slipping roughly 4% that day. Other U.S.-listed miners weren’t as fortunate: Marathon Digital dropped around 4%, while Riot Platforms declined about 1%.
A gigawatt equals 1,000 megawatts (MW). To put that in perspective, the Morgantown Generating Station in Maryland currently operates at roughly 210 MW of generation capacity. FERC is the federal agency overseeing interstate electricity transmission and wholesale power markets in the U.S.
The market still has gaps to fill in. In these disclosures, TeraWulf hasn’t provided a full price tag for the assets or a clear timetable for turning land and power into contracted computing revenue.
Execution risk is another factor. The Maryland closing hinges on securing approvals and consents, while expanding power and data center capacity could face permitting delays, equipment shortages, and costs that exceed estimates. If bitcoin prices weaken, miners’ cash flow may tighten right as capital demands increase.
Investors are closely tracking updates on the Morgantown closing process, with particular focus on the necessary FERC approval. They’re also looking for more details in upcoming filings regarding purchase terms, financing, and how quickly contracted capacity will ramp up.
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