TeraWulf acquired a high-performance computing campus in Eastern Kentucky with capacity exceeding 1 gigawatt and simultaneously signed a power supply agreement with Google. The stock hit a 52-week high of $25.78, gaining roughly 13% on the news. The milestone follows a quarter in which TeraWulf's HPC revenue of $21 million outpaced its bitcoin mining segment for the first time.
TeraWulf is completing a public pivot from crypto miner to AI infrastructure provider — a transition that typically commands a much higher valuation multiple from investors. The Google partnership adds credibility and a likely anchor tenant for the Kentucky campus, reducing the execution risk that typically weighs on early-stage data center plays. Investors in crypto-adjacent stocks and AI infrastructure ETFs should note this as a signal that the miner-to-data-center conversion trade is maturing beyond narrative into real revenue.
Q2 2026 earnings call (date TBC): Watch for updated HPC revenue figures and any additional tenant announcements for the Kentucky campus. Any Google data center capex guidance in Alphabet's next earnings (expected late July 2026) could signal demand health for partners like TeraWulf.
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