Terawulf Inc. (WULF) · Oct 5, 2026 · Material agreement
1 GW power agreement — Contracted capacity rises from 500 MW to 1 GW; second 500 MW moves from 2030 to 2029
TeraWulf’s new power agreement doubles Muskie to 1 GW and advances the second phase to 2029, but financing and approvals remain open.
TeraWulf is shifting from bitcoin mining toward contracted, power-backed AI and high-performance computing infrastructure; HPC already represented more than 70% of Q2 2026 revenue, while Muskie was acquired as a phased 1 GW development platform. This strengthens the power-and-land story. TeraWulf has now amended its Kentucky Power agreement to double Muskie’s contracted capacity from 500 MW to 1 GW. 〔0〕 The second 500 MW phase is also targeted for 2029 rather than 2030, while the initial phase remains aimed at ramping in 2028. 〔1〕 The key improvement is earlier optionality, not immediate revenue. The agreement gives TeraWulf more power availability to match prospective AI/HPC customers, but the filing does not announce a customer lease, operating revenue, or a completed buildout. The first phase is still a future project, and its schedule depends on utility construction and regulatory approval. The capital requirement becomes more visible. TeraWulf says it intends to enlarge its senior secured revolver and raise additional senior secured debt for construction and utility-related letters of credit, while explicitly warning that financing may not be obtained. That makes the expansion strategically useful but still execution- and funding-dependent. Bottom line: This is a meaningful step forward for Muskie’s development pipeline and improves its timing, but it converts power access—not yet customer demand or cash flow—into the company’s next execution obligation.
Kentucky PSC approval for Muskie power agreements
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