Terawulf Ditches Bitcoin for AI: $3B Says “Bye, Crypto, Hi, Future!”

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Terawulf is officially over its Bitcoin fling and has swiped right on AI, dropping $3B on a Kentucky data campus that’s basically the prom queen of high-performance computing. Investors are swooning harder than Liz Lemon at a muffin sale.

  • Key Takeaways (because who has time to read the whole thing?):

  • Terawulf bought a Kentucky AI campus that’s aiming for 1GW of HPC by 2030. That’s a lot of power-enough to make even Jack Donaghy blush.
  • Shares jumped 13.6% because AI revenue finally outshined Bitcoin mining in Q1 2026. Bitcoin who?
  • Morgan Stanley and Google are backing this $3B party. Google’s like, “Yeah, we’ll vouch for you.”

Terawulf Shares Pop Like a Champagne Cork as AI Revenue Leaves Bitcoin in the Dust

Terawulf Inc. is trading in its Bitcoin miner hat for a sleek AI headset, snagging a massive data center site in eastern Kentucky. It’s like when you finally upgrade from a flip phone to a smartphone-except this upgrade costs $3B and powers 750,000 homes. Casual.

The “Muskie Data Campus” (yes, that’s its real name) is nestled in the 1,000-acre Eastpark Industrial Park, which sounds like the setting for a dystopian novel but is actually just a lot of land in Kentucky. Terawulf plans to bring 500 megawatts online by 2028 and another 500 by 2030. That’s a lot of megawatts. I’m pretty sure my toaster uses like, two.

Investors are eating this up like Tracy Jordan eats night cheese. Shares soared 13.6% to over $26, which is their highest in three weeks. Since Jan. 1, 2026, the stock has doubled. Someone call CNBC-this is a moment.

“The real bottleneck here isn’t the hardware-it’s power, transmission, and actually getting stuff done,” said Chairman and CEO Paul Prager, who clearly hasn’t lost his flair for the dramatic. “Muskie’s got it all, and it’s harder to find than a good man in New York City.”

This isn’t Terawulf’s first rodeo in Kentucky. They’re already running the 480-megawatt Justified Data campus in Hancock County. Kentucky’s basically their second home now. Someone get them a Derby hat.

Terawulf’s Midlife Crisis: From Bitcoin to AI

Terawulf’s been having an identity crisis lately, rebranding from a Bitcoin miner to a power infrastructure company. It’s like when your friend suddenly starts CrossFit and won’t stop talking about it. But hey, it’s working-AI compute revenue just surpassed Bitcoin mining for the first time in Q1.

Of course, this transformation isn’t cheap. Terawulf reported a $427 million net loss because, you know, infrastructure doesn’t build itself. But Morgan Stanley and Google are here to save the day with a $3B financing package. Google’s basically the cool older sibling who always bails you out.

Terawulf’s not alone in this AI gold rush. Hut 8, HIVE Digital, MARA Holdings, and IREN are all jumping on the bandwagon as Bitcoin mining margins shrink. It’s like everyone suddenly realized AI is the new black. The race is now about power contracts, transmission access, and not missing deadlines. Basically, adulting but with data centers.

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2026-05-29 08:58