$WULF · TERAWULF INC.

TeraWulf filed an 8-K announcing amended and restated transmission and energy service agreements with Kentucky Power (an AEP company) that double contracted power capacity at its Muskie Data Campus in eastern Kentucky from 500 MW to 1 GW. The second 500 MW phase delivery was accelerated from 2030 to 2029, while the first phase remains targeted for 2028. The company also disclosed plans to upsize its senior secured revolving credit facility and raise additional senior secured debt to support letter-of-credit needs tied to long-term utility partnerships.

Extended-hours trading at $16.06, up 7.71% from the filing-time price of $14.91, signaling strong investor enthusiasm for the doubled power capacity and accelerated timeline. The $7.68B market cap reflects high growth expectations already priced in, but the 1 GW milestone and 2029 pull-forward provide concrete catalysts.

Doubling contracted power to 1 GW and pulling the timeline forward by a year directly addresses the binding constraint in AI/HPC data center development — power availability — and signals strong end-c

The Muskie expansion reinforces the race among digital-infrastructure operators to lock in utility-scale power for AI/HPC workloads. TeraWulf's ability to double contracted capacity and accelerate timelines contrasts with industry-wide power interconnection backlogs.

Second 500 MW phase delivery is subject to Kentucky Public Service Commission approval and Kentucky Power's construction schedule — neither is guaranteed. The debt upsize and additional senior secured financing are subject to closing conditions with no assurance of completion.