New York, Feb 3, 2026, 07:17 ET — Premarket
- TeraWulf shares edged up before the open following the company’s announcement of two U.S. infrastructure acquisitions
- The deals bring extra power capacity and land focused on bitcoin mining and high-performance computing
- Filings detail deal terms and regulatory challenges, highlighting a mandatory federal review for the Maryland asset
Shares of TeraWulf Inc edged up roughly 0.5% to $13.44 in premarket trading Tuesday, following a $13.38 close the day before. The bitcoin miner announced plans to broaden its U.S. power and data-center presence with new deals linked to sites at Hawesville and the Morgantown Generating Station. markets.businessinsider.com
This shift is significant as power now acts as the main constraint. Crypto miners who secure electricity and land are pivoting to offer high-performance computing (HPC) capacity—data centers handling intense tasks like artificial intelligence—either alongside or in place of traditional bitcoin mining.
Investors are zeroing in on whether miners can convert “power-forward” assets into locked-in revenue. Simply put, securing power and grid hookups can rival the importance of snapping up servers.
TeraWulf revealed its two “brownfield” sites—previously industrial locations—add roughly 1.5 gigawatts of load capacity, pushing its total infrastructure portfolio to about 2.8 GW spread over five sites. The Kentucky property offers around 480 megawatts of existing power, while the Maryland facility is a grid-connected power plant with roughly 210 MW of operational generation capacity and room to grow. Chairman and CEO Paul Prager emphasized the company’s strategy to align new compute buildouts with surplus electricity, highlighting their ability to provide “critically needed surplus electricity” alongside end-user demand. TeraWulf Inc.
A regulatory filing revealed the Hawesville acquisition closed on Feb. 2, with the seller taking a 6.8% minority equity stake in the development entity set to build an HPC/AI data center there. The Morgantown acquisition remains contingent on third-party consents and approvals, including clearance from the Federal Energy Regulatory Commission. Securities and Exchange Commission
Century Aluminum Company, the previous owner of the Hawesville site, revealed in its 8-K filing that Justified DataPower LLC paid $200 million in cash for the property. The deal also included a 6.8% non-dilutive minority equity stake in Raylan Data Holdings LLC, the affiliate set up to develop and operate the data center. Century added it has the right to force Raylan to buy back that stake starting one year after the data center goes live. Securities and Exchange Commission
Century CEO Jesse Gary said the deal lets the company “remain connected to the project” while the site undergoes redevelopment. centuryaluminum.com
Bitcoin hovered near $78,111, showing little movement. Meanwhile, shares of mining companies Riot Platforms and Marathon Digital Holdings slipped in premarket trading.
The Maryland asset would also provide TeraWulf with a foothold in PJM, the wholesale power market covering parts of the Mid-Atlantic and Midwest. It’s closer to the Washington, D.C. corridor, a crucial hub for data-center demand.
Yet the expansion comes with execution risks. Morgantown still awaits approvals, and the buildout might demand significant capital outlay. Timelines could slip if interconnection equipment is in short supply, remediation drags on, or bitcoin prices fall, tightening miner cash flow.
Traders will be focused this week on whether the stock can maintain its gains during regular trading hours. They’ll also be looking for updates on financing and the timing of the Morgantown closing, particularly any movement in the federal review process.
