TeraWulf Muskie Data Campus · Data center profile

From orbit

The site from above

Satellite overview — Satellite image, June 29, 2022.

From orbit

The site

Latest clear satellite view, Oct. 18, 2025.

Power

Power and the grid

500 MW contracted

Kentucky Power grid service, original agreementContracted, in effect

500 MW

500 MW electric service agreement signed May 22, 2026 under the large-load tariff; stays in effect until the amendment is approved SEC filing · May 2026

Kentucky Power grid service, amended agreementSigned, approval pending

1,000 MW

1 GW; second 500 MW phase moved from 2030 to 2029; Kentucky PSC approval required SEC filing · Oct. 2026

ContractedApproved

Getting on the grid

Who supplies what, what it costs, and what is still not public.

March 18, 2025
State sets rules for large loads
The commission approves a tariff with a 20-year minimum term, a 90% minimum bill and collateral for customers adding 150 MW or more. see Permits
May 22, 2026
Original agreements signed
A 500 MW service agreement and a 1,000 MW letter of agreement for a new 345 kV substation are signed with the land deal. SEC filing · May 2026
Oct. 1, 2026
Amended agreements doubled to 1 GW
TeraWulf posts about $756M in financial security, with $320M of it backing grid construction; a minimum bill of about $250M a year applies at full load. Utility regulator · Oct. 2026
Oct. 12, 2026
New gas plant planned for supply
Kentucky Power says it will seek a 760 MW combined-cycle plant at Big Sandy, due in 2031, and approval of the TeraWulf agreement in the same filing. see Permits
Feb. 2027
Substation construction scheduled
Kentucky Power's pre-filing notice schedules construction of the Venator substation for Feb. 2027 and service by Oct. 2028; the state certificate application is not yet filed. Company · Oct. 2026
Oct. 2028
First service targeted
Service begins at 100 MW, growing to 1,000 MW by Oct. 2029, depending on approvals and construction. Utility regulator · Oct. 2026

The utility plans a new 765 kV substation (Venator) and two 345 kV lines of about 3 miles each; construction has not begun and routes are not final. Company · Oct. 2026
Until the Big Sandy plant runs, the campus pays actual market cost for energy, plus a $17,000 monthly fee, and no on-site generation is planned. Utility regulator · Oct. 2026
The campus cannot exit or cut capacity in its first ten years; after that, exit costs up to five years of minimum payments (utility fact sheet). Utility regulator · Oct. 2026

What is next door

Distances from mapped lines and plants. OpenStreetMap · Oct. 2026

Permits

Permits checklist

1 pending · 2 granted · 4 checked, nothing on file

Approvals a campus like this normally needs, and what we found.

◷
Amended 1 GW service agreement Pending
Kentucky Public Service Commission · Oct. 5, 2026: no case number yet; approval required SEC filing · Oct. 2026
✓
Large-load tariff framework Granted
Kentucky Public Service Commission · March 18, 2025: applies to new loads of 150 MW or more State agency · March 2025
✓
Zoning for data-center use Granted
EastPark Industrial Park · May 26, 2026: site was already zoned before the purchase Company · May 2026
–
Checked, nothing on file: Substation certificate, Transmission line certificate, Big Sandy gas plant certificate, Energy plan under the governor's data-center order

Risks

What could slow it down

High
State approvals outstanding
The 1 GW agreement, the substation and lines, and the new Big Sandy plant all need commission approval, and none had a case number on Oct. 18, 2026. see Permits
High
No tenant
No customer is named, and the company's own filing lists attracting customers as a risk. SEC filing · Oct. 2026
Medium
Large collateral and minimum bill
Under the amended agreements TeraWulf must post about $756M of financial guarantees plus about $320M of grid-construction security, whether or not it signs a tenant. Utility regulator · Oct. 2026
Medium
Power supply depends on a 2031 plant
Kentucky Power's new Big Sandy gas plant is due in 2031, and until then the campus pays market energy prices. Utility regulator · Oct. 2026
Watch
Local concerns
Residents questioned nondisclosure agreements, water, power costs and transparency, and one asked regulators to examine ratepayer exposure. News report · Oct. 2026

Money

Money on record

$167.5M

total acquisition cost

$30M cash at closing, $50M deferred to May 2027, $90M contingent on delivered power SEC filing · May 2026

$756M

financial security TeraWulf owes Kentucky Power under the amended deal

plus about $320M of grid-construction security; the original deal was $631M Utility regulator · Oct. 2026

~$250M a year

minimum power payment at full 1 GW

at today's rates, even with no use (utility estimate) Utility regulator · Oct. 2026

$100M

winter bill credits for residential customers

$10M a year for ten years from 2029; needs approval Utility regulator · Oct. 2026

Not on record: project financing announced: parent plans to upsize its revolver and seek more secured debt, no assurance SEC filing · Oct. 2026

Land assembly

1 recorded land document for the campus company in county records (May 2026); 1 lists a price. Parcel counts come from the deed; acreage is not recorded.

May 2026 Industrial Equity Partners LLC (seller not named) · $3.8M · 1 parcel County deed records · May 2026

Timeline

What happened, and what is due

SitePaper trailConstructionPowerPermitsMoneyLegalUpcoming

March 18, 2025
Permits State commission approves the large-load tariff with 20-year terms and a 90% minimum bill State agency · March 2025
May 22, 2026
Money TeraWulf closes the purchase of the Muskie site SEC filing · May 2026
May 22, 2026
Money Land purchase by Industrial Equity Partners LLC recorded at $3.8M; seller not named (1 parcel) County deed records · May 2026
May 26, 2026
Site TeraWulf announces the Muskie Data Campus Company · May 2026
June 1, 2026
Site Three-hour town hall raises questions on nondisclosure agreements, water, rates and jobs News report · June 2026
Aug. 2026
Money TeraWulf buys the optional 144 acres, owning all 308 SEC filing · Aug. 2026
Oct. 1, 2026
Power Amended agreements double contracted power to 1 GW and move phase two to 2029 SEC filing · Oct. 2026
Oct. 2, 2026
Power Kentucky Power announces the transmission project for the campus News report · Oct. 2026
Oct. 12, 2026
Power Utility says it will refile for a 760 MW Big Sandy plant tied to the campus News report · Oct. 2026
Oct. 15, 2026
Permits Open house on possible transmission routes in Catlettsburg News report · Oct. 2026
Oct. 29, 2026
Permits Comments due on proposed transmission routes News report · Oct. 2026
May 22, 2027
Money $50M deferred land payment due to the seller SEC filing · May 2026
Oct. 2028
Power First 100 MW of utility service targeted Utility regulator · Oct. 2026

Construction activity

Satellite captures by quarter

Since Aug. 2011: 71 satellite captures. The chart starts in the first quarter of 2023; 9 earlier records are not drawn.

Satellite

’23

’24

’25

’26

Dot size: records in the quarter, largest = 5. Two-digit years mark each first quarter.

The buildings

Specs

2 phases 500 MW each; phase one ramps from late 2028, phase two now 2029. SEC filing · Oct. 2026

IT capacity not disclosed: no filing gives computing capacity in MW SEC filing · Oct. 2026
Already zoned: pre-zoned for data centers; owned by the park's county and state backers Company · May 2026
No tax break on power: no exemption sought from the 6% state sales tax on electricity (more than $30M a year at full load, utility estimate) Utility regulator · Oct. 2026
Water use not published: water supply was a leading question at the June 2026 town hall News report · Oct. 2026

Who is involved

Owners, partners and builders

Developer and owners

TeraWulf Inc.: developer and parent
DB Long Hunts Data LLC: site owner and utility counterparty
Industrial Equity Partners: seller of the site

Power

Kentucky Power Company (American Electric Power): utility, substation builder
PJM: studies grid effects

Decision-makers

Kentucky Public Service Commission
Governor's office: energy-plan requirement
Boyd and Greenup county officials; EastPark is owned by five counties and the state

Community

FIVCO Area Development District: hosted the June 17 briefing
Boyd County residents

Still unknown

Open questions

Who the tenant will be.
Whether the commission approves the 1 GW amendment and the Big Sandy plant.
IT capacity in MW.
Water supply and use.

Where this comes from

386 records from 29 documents

Drawn from news reports, securities filings, public and commercial datasets, utility regulator dockets, company statements, our own analysis, state agency records and satellite captures, each kept with its date and source. The bar shows documents by type.

News report 10SEC filing 8Dataset 7Utility regulator 5Company 4Analysis 3State agency 1Satellite 0

Evidence

Every quote behind this page

Grade key: A = the primary record itself (permit, filing, exhibit) · B = a dated official statement · C = news reporting. Map distances are our own measurements on OpenStreetMap and carry no grade. Allegations in lawsuits are marked as such in the quotes.

Power (61)

Target date phase2: 2029
“The amendment advances planned delivery of Muskie's second 500 MW phase from 2030 to 2029, subject to Kentucky Public Service Commission approval and Kentucky Power's construction schedule”
SEC filing · Oct. 2026 · grade A
Electric service agreement: Executed Oct. 1, 2026, announced Oct. 5, 2026; phase 2 (second 500 MW, delivery advanced 2030 to 2029) subject to Kentucky PSC approval and Kentucky Power construction schedule
“The amendment advances planned delivery of Muskie’s second 500 MW phase from 2030 to 2029, subject to Kentucky Public Service Commission approval and Kentucky Power’s construction schedule.”
SEC filing · Oct. 2026 · grade A
Source record
“In August, the Kentucky Public Service Commission approved the separate electric service agreement for TeraWulf's Justified Data Campus in Hawesville”
SEC filing · Oct. 2026 · grade A
Utility service: 1,000 MW
“The Amended & Restated KY Power Agreements increase the Company's contracted power capacity at its Muskie Data Campus (Muskie) in eastern Kentucky from 500 megawatts (MW) to 1 gigawatt (GW)”
SEC filing · Oct. 2026 · grade A
Utility service: 1,000 MW
“The Amended & Restated KY Power Agreements increase the Company's contracted power capacity at its Muskie Data Campus (Muskie) in eastern Kentucky from 500 megawatts (MW) to 1 gigawatt (GW)”
SEC filing · Oct. 2026 · grade A
Utility service: 1,000 MW
“The Amended & Restated KY Power Agreements increase the Company's contracted power capacity at its Muskie Data Campus (Muskie) in eastern Kentucky from 500 megawatts (MW) to 1 gigawatt (GW)”
SEC filing · Oct. 2026 · grade A
Owner companies: DB Long Hunts Data LLC
“its wholly-owned subsidiary, DB Long Hunts Data LLC, entered into amended and restated transmission infrastructure and energy service agreements with Kentucky Power Company”
SEC filing · Oct. 2026 · grade A
Utility service: 1,000 MW
“The Amended & Restated KY Power Agreements increase the Company's contracted power capacity at its Muskie Data Campus (Muskie) in eastern Kentucky from 500 megawatts (MW) to 1 gigawatt (GW)”
SEC filing · Oct. 2026 · grade A
Utility: Kentucky Power Company (American Electric Power)
“entered into amended and restated transmission infrastructure and energy service agreements with Kentucky Power Company (Kentucky Power), an American Electric Power company”
SEC filing · Oct. 2026 · grade A
Electric service agreement signed: May 22, 2026 (original ESA + 1,000 MW letter of agreement); amended and restated Oct. 1, 2026
“The Amended & Restated KY Power Agreements were executed on October 1, 2026.”
SEC filing · Oct. 2026 · grade A
Original target date: Phase 1 ramp 2H 2028; Phase 2 delivery 2H 2030
“the Amended & Restated KY Power Agreements move the planned delivery of Muskie's second 500 MW phase from 2030 to 2029, subject to Kentucky Public Service Commission approval”
SEC filing · Oct. 2026 · grade A
Delay (months): -12 months
“move the planned delivery of Muskie's second 500 MW phase from 2030 to 2029”
SEC filing · Oct. 2026 · grade A
large load interconnection request: electric service agreement amended and restated - contracted capacity increased 500 MW to 1,000 MW; second phase subject to Kentucky PSC approval
“The Amended & Restated KY Power Agreements increase the Company's contracted power capacity at its Muskie Data Campus (Muskie) in eastern Kentucky from 500 megawatts (MW) to 1 gigawatt (GW)”
SEC filing · Oct. 2026 · grade A
Contracted power capacity at Muskie doubled from 500 MW to 1 GW under amended and restated Kentucky Power agreements executed October 1, 2026; second 500 MW phase delivery advanced from 2030 to 2029, subject to KY PSC ap
“executed an amended and restated electric service agreement with Kentucky Power, an American Electric Power (AEP) company, increasing contracted power capacity at its Muskie Data Campus in eastern Kentucky from 500 megawatts (MW) to 1 gigawatt (GW)”
SEC filing · Oct. 2026 · grade A
Stated campus size: 1,000 MW
“The Muskie Data Campus is expected to support up to 1 gigawatt (GW) of data center capacity over time”
SEC filing · May 2026 · grade A
Power infrastructure status: substation under construction by Kentucky Power
“Kentucky Power, an AEP Company, is constructing a 345 kV substation connected to the existing 765 kV transmission network”
SEC filing · May 2026 · grade A
Stated campus size: 1,000 MW
“The Muskie Data Campus is expected to support up to 1 gigawatt (GW) of data center capacity over time”
SEC filing · May 2026 · grade A
Land control date: May 22, 2026
“Concurrent with the acquisition on May 22, 2026, the Company entered into an electric service agreement (ESA) for up to 500 MW with Kentucky Power Company”
SEC filing · May 2026 · grade A
Utility service: 500 MW
“the Company entered into an electric service agreement (ESA) for up to 500 MW with Kentucky Power Company pursuant to the applicable Industrial General Service tariff structure for large loads”
SEC filing · May 2026 · grade A
Power plan: grid
“Kentucky Power agreed to construct a 345 kV substation connected to the existing 765 kV transmission network, providing redundant, utility-scale power infrastructure designed to support the full 1,000 MW campus”
SEC filing · May 2026 · grade A
TeraWulf closed the acquisition of the Muskie Data Campus site (approx. 285 acres, EastPark Industrial Park, Eastern Kentucky) from Industrial Equity Partners under a MIPA; Kentucky Power transmission and energy service
“The Muskie Data Campus acquisition does not require any third-party consents or regulatory approvals and closed effective May 22, 2026”
SEC filing · May 2026 · grade A
Site acquired from Industrial Equity Partners; original 500 MW ESA and 1,000 MW transmission LOA executed concurrently; no regulatory approvals required for the acquisition
“The Muskie Data Campus acquisition did not require any third-party consents or regulatory approvals.”
SEC filing · May 2026 · grade A
Rate class: Industrial General Service (Tariff I.G.S.) with PSC large-load conditions for loads of 150 MW or more (Case No. 2024-00305)
“The tariff provisions shall apply only to existing customers adding 150 MW or more of incremental load or new customers 150 MW or more of incremental load on or after the date of this Order”
State agency · March 2025 · grade A
Project status: announced only - site acquired and zoned; no data-hall construction; Kentucky Power substation construction not scheduled until Feb 2027 per the queue lead
“none (site acquired May 2026, already zoned for data center use; utility substation construction not scheduled until Feb 2027)”
grade B
Nearest power line of 345 kV or more: 2.03 km
Measured on OpenStreetMap map data.
OpenStreetMap · Oct. 2026
Nearest gas pipeline: 0.14 km
Measured on OpenStreetMap map data.
OpenStreetMap · Oct. 2026
Interconnection status: Utility agreements executed (500 MW in effect; 1,000 MW amended pending PSC approval); Venator substation and transmission CPCNs not yet filed as of Oct. 18, 2026
“Construction of the new utility substation and transmission lines has not begun and requires KPSC approval.”
Utility regulator · Oct. 2026 · grade B
CPCN, utility substation (Venator) and 765-kV taps: Not filed as of Oct. 18, 2026; Kentucky Power stated an application in October 2026 with a decision expected spring 2027; construction has not begun
“Construction of the new utility substation and transmission lines has not begun and requires KPSC approval.”
Utility regulator · Oct. 2026 · grade B
Interconnection status: esa signed - amended ESA executed Oct 1, 2026 for 1,000 MW (Phase 1 500 MW under the original May 2026 agreement remains in effect; the amended second 500 MW requires Kentucky PSC approval, not ye
“Service is scheduled to begin with 100 MW in October 2028 and grow to the full 1,000 MW by October 2029”
Company · Oct. 2026 · grade B
On-site generation: not stated
“No. There are no plans for on-site small modular reactors or other on-site nuclear generation. The campus would receive electricity through Kentucky Power's transmission system.”
Utility regulator · Oct. 2026 · grade B
Grid operator: PJM
“PJM, the organization that manages the regional electric grid, will independently study how the new connection would affect the wider system”
Utility regulator · Oct. 2026 · grade B
Substation kV: 765/345 kV
“The planned infrastructure would connect the campus to AEP's existing Baker-Hanging Rock 765-kV line through a new utility substation and two new 345-kV lines, each about 3.5 miles long”
Utility regulator · Oct. 2026 · grade B
Minimum bill terms: Minimum monthly charges on at least 90% of committed capacity
“TeraWulf must pay monthly charges based on at least 90% of the power capacity it has committed to purchase, even if it uses less”
Utility regulator · Oct. 2026 · grade B
Collateral: Approximately $631 million total financial security under the original agreements (about $320M infrastructure + about $311M tariff obligations); approximately $756 million in financial guarantees plus approxi
“The amended agreements require TeraWulf to provide approximately $756 million in financial security to Kentucky Power.”
Utility regulator · Oct. 2026 · grade B
On-site power technology: not stated
“No. There are no plans for on-site small modular reactors or other on-site nuclear generation.”
Utility regulator · Oct. 2026 · grade B
Current target date: Oct. 2028 (initial service); Oct. 2029 (full capacity)
“Service is scheduled to begin with 100 MW in October 2028 and grow to the full 1,000 MW by October 2029, depending on regulatory approvals and construction”
Utility regulator · Oct. 2026 · grade B
First power: Oct. 2028 (target; 100 MW initial service)
“Service is scheduled to begin with 100 MW in October 2028”
Utility regulator · Oct. 2026 · grade B
Construction stage: not stated
“Construction of the new utility substation and transmission lines has not begun and requires KPSC approval.”
Utility regulator · Oct. 2026 · grade B
Conditions of approval: TeraWulf to submit an energy plan for the campus under Governor Beshear's Executive Order 2026-494; the amended ESA (special contract), the Venator substation CPCN and the Big Sandy plant CPCN eac
“TeraWulf will submit an energy plan for the campus under Governor Beshear's Executive Order 2026-494 on Data Center Development, as it did for its Justified Data Campus in Hawesville.”
Utility regulator · Oct. 2026 · grade B
large load interconnection request: Certificate of Public Convenience and Necessity pre-filing - Muskie Transmission Improvements Project (Venator Substation + 765-kV and 345-kV lines)
“The planned infrastructure would connect the campus to AEP's existing Baker-Hanging Rock 765-kV line through a new utility substation and two new 345-kV lines”
Company · Oct. 2026 · grade B
Company is evaluating up to 2 GW at Muskie over time, NOT contracted; recorded here only so the figure is never carried as a campus MW
“the Company continues to evaluate the campus's potential to support up to 2 GW over time, subject to additional utility planning, infrastructure and agreements”
Company · Oct. 2026 · grade B
Utility service: 500 MW
“Delivery of the initial 500 megawatts (“MW”) is expected to ramp beginning in the second half of 2028”
Company · May 2026 · grade B
Utility: Kentucky Power (AEP)
“Kentucky Power is developing a 765-kV / 345-kV substation connected to the regional transmission network to serve the site [as reported by DCD]”
Company · May 2026 · grade B
Utility service: 500 MW
“Delivery of the initial 500 megawatts (“MW”) is expected to ramp beginning in the second half of 2028”
Company · May 2026 · grade B
Operator: TeraWulf Inc.
“TeraWulf Inc. (Nasdaq: WULF) (TeraWulf or the Company), which owns and operates vertically integrated, next-generation digital infrastructure”
Company · May 2026 · grade B
Stated campus size: 1,000 MW
“The Muskie Data Campus, acquired from Industrial Equity Partners (IEP), is expected to support more than 1 gigawatt (GW) of data center capacity over time”
Company · May 2026 · grade B
Phases: 2 (500 MW + 500 MW)
“Delivery of the initial 500 megawatts (MW) is expected to ramp beginning in the second half of 2028, with an additional 500 MW targeted for delivery in the second half of 2030”
Company · May 2026 · grade B
Nearest substation of 345 kV or more: none mapped within 16 km
Measured on OpenStreetMap map data.
OpenStreetMap · Oct. 2026
IT capacity: not stated
“risk factor (1): TeraWulf's ability to attract additional customers to lease its high-performance computing data centers; no IT-load figure appears anywhere in the filing”
SEC filing · Oct. 2026 · grade C
Stage: announced only, entitled, land-owned site with executed utility agreements; pre-construction, no tenant, PSC approvals outstanding
“Assessment from the rows in this folder: land owned (308 acres), original ESA in effect, amended 1,000 MW agreements pending PSC approval, no CPCN filed, no construction, no tenant.”
Analysis · Oct. 2026 · grade C
Time to service (months): 24 months
“Service is scheduled to begin with 100 MW in October 2028 and grow to the full 1,000 MW by October 2029”
Utility regulator · Oct. 2026 · grade C
Paper or real: Land owned (308 acres) and executed utility agreements are real; everything downstream, CPCNs, special-contract approval, construction, tenant, is still paper as of Oct. 18, 2026
“Assessment from the rows in this folder: the only executed instruments are the land purchase and the Kentucky Power agreements; no approval, construction or lease exists yet.”
Analysis · Oct. 2026 · grade C
CPCN, 345-kV transmission lines: Not filed as of Oct. 18, 2026; application planned January 2027; line construction planned November 2027, in service October 2028 (schedule subject to change)
“The utility's current schedule calls for filing its substation application with state regulators this month, followed by a transmission-line filing in January.”
News report · Oct. 2026 · grade C
Power infrastructure: Kentucky Power Venator Substation, 765-kV / 345-kV, to serve the campus; substation construction scheduled Feb 2027; routes not yet selected
“Kentucky Power, an American Electric Power subsidiary, plans to construct the 765-kV Venator Substation in Boyd County”
News report · Oct. 2026 · grade C
A Boyd County resident asked the PSC to examine ratepayer exposure, generation requirements and grid reliability before approving Muskie-associated projects; Kentucky Educational Television described the community as div
“A Boyd County resident separately asked state utility regulators to examine potential ratepayer exposure, generation requirements and grid reliability before approving projects associated with Muskie.”
News report · Oct. 2026 · grade C
Stated campus size: 2,000 MW
“The company will also continue to evaluate the campus’ potential to support up to 2GW over time”
News report · Oct. 2026 · grade C
Contracting entity: DB Long Hunts Data LLC (TeraWulf subsidiary, per 8-K summaries)
“TeraWulf’s subsidiary DB Long Hunts Data LLC signed amended and restated transmission infrastructure and energy service agreements with Kentucky Power.”
News report · Oct. 2026 · grade C
Substation: Venator Substation
“Kentucky Power, an American Electric Power subsidiary, plans to construct the 765-kV Venator Substation in Boyd County”
News report · Oct. 2026 · grade C
Certificate of public convenience and necessity: Pre-filing: route selection open; Oct 15, 2026 Catlettsburg open house; comments due Oct 29, 2026; substation construction scheduled Feb 2027, in-service Oct 2028
“The utility’s current schedule calls for filing its substation application with state regulators this month, followed by a transmission-line filing in January.”
News report · Oct. 2026 · grade C
the Abernathy, TX JV was monetized for ab
“WULF controls a 2.43 GW portfolio as of Q2 2026 with cumulative signed lease value of $21.5B across four contracts (three Fluidstack, one Anthropic)”
News report · Aug. 2026 · grade C
Opposition: June 1, 2026 Boyd County town hall: residents challenged nondisclosure agreements signed by county judge-executives, water use, electricity costs, jobs and transparency; a Boyd County resident separately aske
“Residents have questioned whether the Muskie development could increase costs for existing Kentucky Power customers. A roughly three-hour June 1 town hall in Boyd County drew concerns about electricity costs, water use, environmental protections, projected jobs and nondisclosure agreements”
News report · June 2026 · grade C

Money and contracts (53)

Developer: TeraWulf Inc. (Nasdaq: WULF)
“On October 5, 2026, TeraWulf Inc. issued a press release announcing that its wholly-owned subsidiary, DB Long Hunts Data LLC, entered into amended and restated transmission infrastructure and energy service agreements”
SEC filing · Oct. 2026 · grade A
Tenants: not stated
“TeraWulf's ability to attract additional customers to lease its high-performance computing data centers”
SEC filing · Oct. 2026 · grade A
Tenant status: none announced
“Customer interest in Muskie has been tremendous, and power availability is central to those conversations, said Paul Prager, Chairman and Chief Executive Officer of TeraWulf”
SEC filing · Oct. 2026 · grade A
Financing: No project-level financing announced; development funded at parent level. The Oct. 5, 2026 8-K states the company intends to upsize its senior secured revolving credit facility and seek additional senior secured
“In connection with the development of its data center campuses, the Company intends to increase the size of its existing senior secured revolving credit facility and is also seeking to raise additional senior secured debt”
SEC filing · Oct. 2026 · grade A
Offtake (amended & restated transmission infrastructure + energy service agreements): execution
“The Amended & Restated KY Power Agreements were executed on October 1, 2026.”
SEC filing · Oct. 2026 · grade A
Offtake (amended & restated): capacity 1,000 MW utility
“The Amended & Restated KY Power Agreements increase the Company's contracted power capacity at its Muskie Data Campus (Muskie) in eastern Kentucky from 500 megawatts (MW) to 1 gigawatt (GW)”
SEC filing · Oct. 2026 · grade A
Offtake (amended & restated): delivery 500 MW utility
“The amendment advances planned delivery of Muskie's second 500 MW phase from 2030 to 2029, subject to Kentucky Public Service Commission approval and Kentucky Power's construction schedule.”
SEC filing · Oct. 2026 · grade A
8-K financing strategy update (parent-level): intends to upsize the senior secured revolving credit facility and seek additional senior secured debt for letter-of-credit needs; no assurance of obtaining it
“there can be no assurance that the Company will obtain any additional financing”
SEC filing · Oct. 2026 · grade A
Amended and restated transmission infrastructure and energy service agreements: scope Contracted capacity increased from 500 MW to 1,000 MW (1 GW) MW
“The Amended & Restated KY Power Agreements increase the Company's contracted power capacity at its Muskie Data Campus (Muskie) in eastern Kentucky from 500 megawatts (MW) to 1 gigawatt (GW)”
SEC filing · Oct. 2026 · grade A
Amended and restated transmission infrastructure and energy service agreements: schedule Phase 2 delivery moved from 2030 to 2029; Phase 1 still ramping from 2028; service begins 100 MW Oct 2028, full 1,000 MW by Oct 202
“the Amended & Restated KY Power Agreements move the planned delivery of Muskie's second 500 MW phase from 2030 to 2029, subject to Kentucky Public Service Commission approval and Kentucky Power's construction schedule”
SEC filing · Oct. 2026 · grade A
Acres: 308 acres
“In August 2026, the Company completed the purchase of the optional parcels consisting of approximately 144 acres under the pre-existing land purchase agreement, resulting in the Company owning the entire 308 acres”
SEC filing · Aug. 2026 · grade A
Acquisition / purchase agreement: option parcels Option on additional acreage exercised August 2026: purchase of optional parcels (about 144 acres) completed, bringing total owned acreage to 308 acres
“In August 2026, the Company completed the purchase of the optional parcels consisting of approximately 144 acres under the pre-existing land purchase agreement, resulting in the Company owning the entire 308 acres”
SEC filing · Aug. 2026 · grade A
Tenant status: none named
“Entered into a 20-year data center lease with Anthropic for approximately 401 MW of critical IT capacity at the Justified Data Campus”
SEC filing · Aug. 2026 · grade A
Tenant status: none named
“Entered into a 20-year data center lease with Anthropic for approximately 401 MW of critical IT capacity at the Justified Data Campus”
SEC filing · Aug. 2026 · grade A
Land price: 167.5 USD million
“Cash consideration at closing $30,000; Deferred cash consideration 47,065; Contingent consideration 90,000; Direct transaction costs 396; Total costs of acquisition $167,461 (in thousands)”
SEC filing · June 2026 · grade A
Offtake (transmission infrastructure + energy service agreements): execution
“Transmission infrastructure and energy service agreements were executed concurrently with the acquisition pursuant to the applicable Industrial General Service tariff structure for large loads”
SEC filing · May 2026 · grade A
Offtake: capacity 500 (initial contracted phase) MW utility
“Delivery of the initial 500 megawatts ("MW") is expected to ramp beginning in the second half of 2028, with an additional 500 MW targeted for delivery in the second half of 2030.”
SEC filing · May 2026 · grade A
Offtake: delivery 500 (phase 1) MW utility
“Delivery of the initial 500 megawatts ("MW") is expected to ramp beginning in the second half of 2028, with an additional 500 MW targeted for delivery in the second half of 2030.”
SEC filing · May 2026 · grade A
Offtake: delivery 500 (phase 2
“Delivery of the initial 500 megawatts ("MW") is expected to ramp beginning in the second half of 2028, with an additional 500 MW targeted for delivery in the second half of 2030.”
SEC filing · May 2026 · grade A
Electric service agreement (original): scope up to 500 MW of electric service under Tariff I.G.S. MW
“the Company entered into an electric service agreement (ESA) for up to 500 MW with Kentucky Power Company pursuant to the applicable Industrial General Service tariff structure for large loads”
SEC filing · May 2026 · grade A
Letter of agreement (transmission): scope Kentucky Power to construct a 345 kV substation connected to the existing 765 kV transmission network, supporting the full 1,000 MW campus MW
“as well as a letter of agreement (LOA) with Kentucky Power Company for 1,000 MW whereby Kentucky Power agreed to construct a 345 kV substation connected to the existing 765 kV transmission network”
SEC filing · May 2026 · grade A
Acquisition / purchase agreement: consideration cash 30.0 USD million
“Cash consideration at closing $30,000 (in thousands)”
SEC filing · May 2026 · grade A
Acquisition / purchase agreement: consideration deferred Deferred cash consideration of $50.0 million payable one year after closing (present value $47.065M at a 6.7% discount rate; carried in other current liabilities)
“The present value of the $50.0 million deferred purchase price payable one year after the closing using a discount rate of 6.7%”
SEC filing · May 2026 · grade A
Acquisition / purchase agreement: consideration contingent Contingent consideration recognized at $90.0 million; TheDeskResearch's reading of the filing: $0.09M per MW delivered under utility agreements up to 1,000 MW, p
“Contingent consideration $90,000; Total costs of acquisition $167,461 (in thousands)”
SEC filing · May 2026 · grade A
Acquisition / purchase agreement: no consent The acquisition required no third-party consents or regulatory approvals
“The Muskie Data Campus acquisition did not require any third-party consents or regulatory approvals.”
SEC filing · May 2026 · grade A
Finding, executed texts not public: finding missing clauses FINDING: The executed ESA, LOA and amended agreements are not public; clause detail in this table rests on the utility's own fact sheets (grade B) and the tari
“The amended agreement requires Kentucky Public Service Commission (KPSC) approval. Until then, the original agreement remains in effect.”
Utility regulator · Oct. 2026 · grade B
Incentives: No exemption sought from the 3% Boyd County Schools utility tax or the 6% state sales tax on electricity (utility estimates more than $30M/yr in electricity sales tax at full operation)
“Kentucky's 6% sales tax applies to the campus's electric bills. At full operation, we estimate the campus's electricity use will generate more than $30 million a year in state sales tax”
Utility regulator · Oct. 2026 · grade B
Amended and restated transmission infrastructure and energy service agreements: term Phase 1 term 20 years; Phase 2 term 15 years; no capacity reduction or exit during the first ten years
“Phase 1 retains its 20-year term; Phase 2 has a 15-year term. The campus cannot reduce contracted capacity or exit during the first ten years.”
Utility regulator · Oct. 2026 · grade B
Amended and restated transmission infrastructure and energy service agreements: minimum bill Monthly charges on at least 90% of committed capacity; estimated minimum payment obligation about $250 million per year at full
“Once the full 1,000 MW power commitment is in effect, the campus's minimum payment obligation is estimated at approximately $250 million annually at today's rates, even if it uses no electricity.”
Utility regulator · Oct. 2026 · grade B
Amended and restated transmission infrastructure and energy service agreements: exit fee Exit barred in the first ten years; thereafter advance notice plus an exit fee of up to five years of minimum payments
“The campus cannot exit in its first ten years; after that, the agreements require advance notice and an exit fee of up to five years of minimum payments.”
Utility regulator · Oct. 2026 · grade B
Amended and restated transmission infrastructure and energy service agreements: collateral Approximately $756 million in financial guarantees to Kentucky Power (separate from energy, credit and construction payments) USD
“The amended agreements require TeraWulf to provide approximately $756 million in financial security to Kentucky Power.”
Utility regulator · Oct. 2026 · grade B
Amended and restated transmission infrastructure and energy service agreements: collateral Approximately $320 million in grid-construction security backs TeraWulf's obligation to reimburse Kentucky Power if the project i
“TeraWulf's approximately $320 million in grid-construction security backs its obligation to reimburse Kentucky Power if the project is canceled.”
Utility regulator · Oct. 2026 · grade B
Amended and restated transmission infrastructure and energy service agreements: bill credits $100 million in winter bill credits for residential customers: $10M/yr for 10 years, on January-March bills beginning 2029, abo
“TeraWulf would fund $10 million a year for ten years in credits for Kentucky Power's residential customers.”
Utility regulator · Oct. 2026 · grade B
Amended and restated transmission infrastructure and energy service agreements: market energy Until the Big Sandy plant operates, the campus pays the actual market cost of energy in lieu of the standard fuel charge; thos
“Until Kentucky Power's planned new gas plant at Big Sandy begins operating, the campus would pay the actual market cost of the electricity it uses in place of the utility's standard fuel charge.”
Utility regulator · Oct. 2026 · grade B
Amended and restated transmission infrastructure and energy service agreements: admin fee $17,000 per month administrative fee during the pre-plant period USD/month
“During this period, the campus would also pay a $17,000 monthly administrative fee.”
Utility regulator · Oct. 2026 · grade B
Amended and restated transmission infrastructure and energy service agreements: generation financing If the KPSC approves both the special contract and the Big Sandy plant, TeraWulf pays the financing (carrying) charges
“If the KPSC approves both the special contract and the planned Big Sandy plant, TeraWulf would pay the financing costs on the plant's construction, known as carrying charges until the plant begins service.”
Utility regulator · Oct. 2026 · grade B
Amended and restated transmission infrastructure and energy service agreements: rate No discount on standard capacity and energy charges
“The amended agreement does not discount Kentucky Power's standard charges for power capacity or electricity use.”
Utility regulator · Oct. 2026 · grade B
Amended and restated transmission infrastructure and energy service agreements: condition precedent Amended agreement requires Kentucky PSC approval; the original agreement remains in effect until then
“The amended agreement requires Kentucky Public Service Commission (KPSC) approval. Until then, the original agreement remains in effect.”
Utility regulator · Oct. 2026 · grade B
Incentives: Full standard industrial tariff on electric service, no discounts, subsidies or special exemptions
“The campus will pay the full, standard industrial rate — the same rate schedule available to any qualifying industrial customer. There are no discounts, subsidies, or special exemptions.”
Utility regulator · June 2026 · grade B
Electric service agreement (original): collateral Approximately $631 million total financial security, staged before construction and before service: about $320M infrastructure + about $311M tariff obligations USD millio
“Post approximately $631 million in total financial security — irrevocable letters of credit from A-rated banks — covering both the infrastructure investment (~$320M) and the customer's ongoing tariff payment obligations (~$311M).”
Utility regulator · June 2026 · grade B
Electric service agreement (original): land row TeraWulf provides the land and rights-of-way for the utility substation and transmission lines at no cost to Kentucky Power; TeraWulf builds and pays for its own on-site su
“Provide the land and rights-of-way for the substation and transmission lines at no cost to Kentucky Power.”
Utility regulator · June 2026 · grade B
Electric service agreement (original): rate Full published Industrial General Service tariff; no discounts, subsidies or special exemptions
“The campus will pay the full, standard industrial rate — the same rate schedule available to any qualifying industrial customer. There are no discounts, subsidies, or special exemptions.”
Utility regulator · June 2026 · grade B
Land purchase (recorded deed): contract value 3779360 USD
“Recorded: May 22, 2026 · Price: $3,779,360 · Grantee: INDUSTRIAL EQUITY PARTNERS LLC · Parcel number: 157-00-00-006.00 · Address: 262 TECHNOLOGY DR · City: GRAYSON”
County deed records · May 2026 · grade B
Tariff framework (PSC Case No. 2024-00305): term 20-year minimum contract term
“20-year minimum contract term. The contract remains in effect unless canceled with at least five years' written notice. The notice cannot reduce the 20-year initial term.”
Utility regulator · March 2025 · grade B
Tariff framework (PSC Case No. 2024-00305): termination Cancellation only with at least five years' written notice; notice cannot reduce the 20-year initial term
“The contract remains in effect unless canceled with at least five years' written notice. The notice cannot reduce the 20-year initial term.”
Utility regulator · March 2025 · grade B
Tariff framework (PSC Case No. 2024-00305): minimum bill 90% minimum billing demand floor, customer pays for at least 90% of contracted capacity every month
“90% minimum billing demand floor. The campus must pay for at least 90% of its contracted capacity every month — even if actual usage is lower.”
Utility regulator · March 2025 · grade B
Tariff framework (PSC Case No. 2024-00305): collateral Collateral equal to 24 times the previous maximum monthly non-fuel bill, as irrevocable letters of credit from investment-grade entities; recomputed annually and upd
“TeraWulf must provide collateral equal to 24 times the previous maximum monthly non-fuel bill, in a form acceptable to Kentucky Power (such as irrevocable letters of credit from investment-grade entities).”
Utility regulator · March 2025 · grade B
Tariff framework (PSC Case No. 2024-00305): exit fee Permanent closure after the first five years: one-time payment equal to five full years of minimum billing
“If the facility permanently closes after the first five years of the contract, the customer must make a one-time payment equal to five full years of minimum billing.”
Utility regulator · March 2025 · grade B
Tariff framework (PSC Case No. 2024-00305): capacity reduction Reductions capped at 20% without mutual agreement; none in the first five years; at least five years' written notice
“The customer cannot reduce contracted capacity by more than 20% without mutual agreement, and no reductions are permitted during the first five years.”
Utility regulator · March 2025 · grade B
General contractor: not stated
“Project materials do not identify construction costs or contractors, and final transmission routes have not been selected.”
News report · Oct. 2026 · grade C
Stated capital cost: not stated
“company filings and press releases do not state the expected capital expenditures required to build the Muskie data halls or how that construction will be financed”
News report · Oct. 2026 · grade C
Tenant: none announced
“No tenant or AI compute customer was identified for Muskie in the October 5 announcement.”
News report · Oct. 2026 · grade C
Incentives: Kentucky's 2025 data-center law exempts data-center computer equipment from sales and use taxes for 50 years (statutory)
“In 2025, the Kentucky General Assembly passed a bill giving massive tax breaks to data center projects across the state, exempting them from sales and use taxes for 50 years on their computer equipment.”
News report · June 2025 · grade C

Permits and government (9)

tariff order: Final order approving Tariff I.G.S. revisions as modified, applicable to new or expanding loads of 150 MW or more; case closed
“The tariff provisions shall apply only to existing customers adding 150 MW or more of incremental load or new customers 150 MW or more of incremental load on or after the date of this Order”
State agency · March 2025 · grade A
Energy plan, Executive Order 2026-494: To be submitted per the utility's October 2026 fact sheet; no submission located as of Oct. 18, 2026
“TeraWulf will submit an energy plan for the campus under Governor Beshear's Executive Order 2026-494 on Data Center Development, as it did for its Justified Data Campus in Hawesville.”
Utility regulator · Oct. 2026 · grade B
FIVCO Community Informational Event (Kentucky Power / TeraWulf briefing): Muskie electricity and rates briefing; utility fact sheet distributed to attendees
“Muskie Data Campus – Electricity & Rates Fact Sheet. Prepared for the FIVCO Community Informational Event, June 17, 2026.”
Utility regulator · June 2026 · grade B
Rezoning date: not required, site already zoned for data center use before acquisition
“The site is already zoned for its intended use, with permitting activities underway and limited site work required to support data center construction”
Company · May 2026 · grade B
Kentucky Power open house, Catlettsburg: Muskie Transmission Improvements Project: residents and landowners review potential transmission routes; comments requested by October 29, 2026
“Kentucky Power plans an Oct. 15 open house in Catlettsburg where residents and affected landowners can review potential transmission routes and provide comments.”
News report · Oct. 2026 · grade C
CPCN, generation (Big Sandy) and ESA approval: Not filed as of Oct. 18, 2026. Oct 12, 2026 memo: Kentucky Power will withdraw its notice of intent for a 450 MW combustion turbine and file anew for a 760 MW combined-cycle p
“Kentucky Power is preparing a new regulatory filing that will reflect the company's updated plans for new generation at Big Sandy. That regulatory filing will also seek approval of the energy service agreement with TeraWulf.”
News report · Oct. 2026 · grade C
Kentucky Power memo to the PSC: will withdraw the 450 MW Big Sandy combustion-turbine notice of intent and file anew for a 760 MW combined-cycle plant (operational 2031) plus approval of the TeraWulf ESA; neither filing
“the company said it wants the PSC to sign off on a 760-megawatt combined-cycle plant in Lawrence County. The plant would be operational by 2031 and support the Muskie Data Campus”
News report · Oct. 2026 · grade C
Kentucky Power announces the Muskie Transmission Improvements Project (Venator Substation, western Boyd County); routes not selected; open house October 15, 2026; comments due October 29, 2026
“Kentucky Power announced the Muskie Transmission Improvements Project in western Boyd County to serve the campus at the EastPark Industrial Park”
News report · Oct. 2026 · grade C
Boyd and Greenup County officials, public town hall, Catlettsburg (about 3 hours): Muskie Data Campus: public questions on nondisclosure agreements signed by judge-executives, water use, electricity costs, jobs and tran
“People asked about the non-disclosure agreements the judge-executives were asked to sign, the impacts on local water and power supplies and the potential for jobs related to the data center.”
News report · June 2026 · grade C

Legal (1)

Lawsuits: not stated
“No litigation naming the Muskie campus was located in news and web searches run 2026-10-18.”
News report · Oct. 2026 · grade C

Site and other (13)

Site acres: 285 acres
“Located within the 1,000-acre EastPark Industrial Park, the site includes approximately 285 acres of owned and controlled land capable of supporting hyperscale AI and HPC infrastructure, with optional adjacent acreage to support future expansion”
SEC filing · May 2026 · grade A
Site acquisition status: closed May 22, 2026
“The Muskie Data Campus acquisition does not require any third-party consents or regulatory approvals and closed effective May 22, 2026”
SEC filing · May 2026 · grade A
County code: 21089+21019
“campus anchor (reference point inside EastPark): Greenup County KY (21089) per FCC point-in-county lookup; EastPark spans the Boyd/Greenup/Carter junction with most of the park in Greenup; the Muskie parcel county is not parcel-verified in published sources”
Dataset · Oct. 2026 · grade B
Address: EastPark Industrial Park, Boyd and Greenup Counties, Kentucky
“TeraWulf plans to develop the Muskie Data Campus at EastPark, in Boyd and Greenup Counties, for artificial intelligence and high-performance computing”
Utility regulator · Oct. 2026 · grade B
Site acres: 285 acres
“the site includes approximately 285 acres of owned and controlled land capable of supporting hyperscale AI and HPC infrastructure, with optional adjacent acreage”
Company · May 2026 · grade B
Site acquisition: acquired May 2026 from Industrial Equity Partners (IEP)
“The Muskie Data Campus, acquired from Industrial Equity Partners (“IEP”), is expected to support more than 1 gigawatt (“GW”) of data center capacity over time”
Company · May 2026 · grade B
Name: TeraWulf Muskie Data Campus
“today announced the acquisition of a hyperscale high-performance computing (HPC) development site strategically located in Eastern Kentucky (the Muskie Data Campus)”
Company · May 2026 · grade B
Aliases: Muskie; EastPark campus
“Located within the 1,000-acre EastPark Industrial Park, the site includes approximately 285 acres of owned and controlled land capable of supporting hyperscale AI and HPC infrastructure”
Company · May 2026 · grade B
Acres: 285 acres
“the site includes approximately 285 acres of owned and controlled land capable of supporting hyperscale AI and HPC infrastructure, with optional adjacent acreage to support future expansion”
Company · May 2026 · grade B
Announced: May 26, 2026
“today announced the acquisition of a hyperscale high-performance computing (HPC) development site strategically located in Eastern Kentucky (the Muskie Data Campus)”
Company · May 2026 · grade B
Water use stated: not stated
“No water-use figure for the campus is published in any source opened; water supply was a leading question at the June 1, 2026 town hall.”
News report · Oct. 2026 · grade C
Boyd County town hall (about 3 hours): 51 residents signed up to speak, meeting stopped at the 27th; concerns over NDAs signed by judge-executives, water, electricity costs, jobs, transparency
“more than 50 people were signed up to speak and share their concerns with the local officials”
News report · June 2026 · grade C
Site area: 285 acres
“Located within the 1,000-acre EastPark Industrial Park, the site totals approximately 285 acres and is zoned for data center use.”
News report · May 2026 · grade C

Imagery and records: Satellite imagery: Maxar via Esri World Imagery Wayback. County deeds: ATTOM.