Terawulf Adds 1.5 GW to AI Power Portfolio With Kentucky, Maryland Site Acquisitions
Terawulf has agreed to acquire two brownfield energy and infrastructure sites, adding 1.5 gigawatts of potential capacity as the bitcoin miner deepens its expansion into AI data center colocation.
The company said Monday that it has purchased a former industrial site in Hawesville, Kentucky, and the Morgantown Generating Station in Charles County, Maryland. Combined, the two assets lift Terawulf’s total infrastructure portfolio to roughly 2.8 GW across five sites, according to the company.
In Kentucky, the Hawesville site offers about 480 megawatts of existing power availability, with room for expansion over time. Terawulf said the property includes more than 250 buildable acres, an energized substation and multiple high-voltage transmission lines, allowing phased development tied to customer demand. The site sits within several hundred miles of major Midwestern metro areas, positioning it for latency-sensitive compute workloads as well as large-scale power consumption.
In Maryland, Terawulf is acquiring the Morgantown Generating Station, a grid-connected facility with roughly 210 MW of operational generation capacity today and the ability to scale to as much as 1 GW. The site provides Terawulf with a foothold in the PJM power market and immediate generation feeding into the regional grid. The company said it is targeting an initial development phase of about 500 MW, with future load paired alongside incremental generation and battery storage to keep the site a net supplier of electricity.
The Maryland transaction remains subject to customary approvals, including consent from the Federal Energy Regulatory Commission.
The acquisitions come as Terawulf deepens its push beyond pure bitcoin mining into HPC and AI-focused data center infrastructure. Over the past year, the company has highlighted colocation as a key growth avenue as demand for power-dense compute rises and competition for grid capacity intensifies. That strategy includes an ongoing project with Fluidstack, under which Terawulf is developing infrastructure to support AI and cloud workloads alongside its existing mining operations.
Management has framed the shift as a way to leverage its experience securing and operating large power assets while diversifying revenue away from bitcoin-only exposure. Terawulf said it is targeting 250 to 500 MW of new contracted capacity per year, aligned with customer demand and regional grid conditions.
With the Kentucky and Maryland additions, Terawulf now reports 642.5 MW of contracted capacity and about 2.2 GW of owned pipeline capacity, underscoring its ambition to compete for both bitcoin mining and HPC colocation demand as energy-constrained data center markets tighten.
