Terawulf, once known primarily as a Bitcoin miner, has acquired a 1GW AI-focused data campus in Kentucky with $3 billion in backing. The company announced the deal this week, marking its most aggressive move yet into high-performance computing. Terawulf's AI revenue has already overtaken its Bitcoin mining income, underscoring the speed of the pivot.
Why the pivot now
Bitcoin mining margins have been under pressure for months. Terawulf's leadership decided to chase the surging demand for AI compute capacity rather than ride out the volatility. The Kentucky campus is built for large-scale AI workloads — training and inference — not hashboards. With $3 billion in funding behind it, the company is making a bet that infrastructure, not mining, is where the growth is.
The Kentucky site
The 1GW campus puts Terawulf in a different league among AI infrastructure players. It's a purpose-built facility, not a retrofitted mining barn. The company says the location offers cheap power and fiber connectivity — two things AI data centers need in bulk. Terawulf didn't disclose the seller or the exact location beyond Kentucky, but the scale alone signals ambition.
Wall Street's reaction
Shares jumped 13% on the news. Investors clearly see the logic: Terawulf's revenue mix has flipped. AI now brings in more than Bitcoin. That's a dramatic change from a year ago, when the company was still primarily a mining operation. The stock move suggests the market is betting the pivot will keep paying off.
Construction on the campus is expected to start later this year, with initial capacity online by early 2027. Terawulf will need to line up customers and additional financing. If the plan works, it could become a template for other miners looking to trade bitcoin volatility for steadier AI compute contracts. For now, the Kentucky site is Terawulf's biggest bet yet — and the market is watching closely.
