MARA acquires $1.5B power plant to build flagship AI campus as Bitcoin miners pivot to HPC

bitcoin mining

MARA's shares jumped as it added a 505-MW power plant and data center site to expand into AI infrastructure. Bitcoin miner MARA said it agreed to acquire Long Ridge Energy & Power for about $1.5 billion, adding a 505-megawatt gas-fired power plant and a co-located data center site in Ohio. The company's Nasdaq-traded shares surged more than 12% following Thursday's announcement, extending a broader rally that has seen the stock gain about 55% over the past month, according to Yahoo Finance data. Source: Yahoo Finance The deal is expected to contribute about $144 million in annualized adjusted EBITDA and increase MARA's owned and operated power capacity by roughly 65%, bringing total potential capacity at the site to more than 1 gigawatt, including 200 MW of existing capacity and room to scale compute operations to as much as 600 MW. Located on 1,600 acres in Hannibal, Ohio, the site provides access to power, land, water and fiber and has drawn interest from AI and data center tenants. The transaction is expected to close in the second half of 2026, subject to regulatory approvals, and includes the assumption of roughly $785 million in debt backed by a bridge loan from Barclays. MARA said it hopes to begin construction on an initial buildout in the first half of 2027, with operations targeted for mid-2028. The site includes a combined-cycle gas plant with all-in operating costs below $15 per megawatt-hour, and the company plans to pair future compute demand with additional on-site power generation. The move comes after MARA acquired a majority stake in French computing infrastructure operator Exaion in February, taking a 64% interest in the company as part of its expansion into AI and cloud services. Related: Ex-OpenAI researcher's hedge fund reveals big Bitcoin miner bets in new SEC filing MARA's acquisition comes as Bitcoin miners accelerate their expansion into AI and high-performance computing (HPC). In January, CleanSpark agreed to acquire 447 acres in Texas for a 300-MW AI-focused data center. In March, Core Scientific secured a $500 million loan facility from Morgan Stanley to fund data center expansion, equipment purchases and additional power capacity. Earlier this month, AI cloud infrastructure company CoreWeave, an early Bitcoin miner to pivot to high-performance computing, signed a multi-year agreement with Anthropic to support workloads for its Claude model. HIVE Digital Technologies also said it plans to raise $75 million through a private offering to fund GPU purchases and data center expansion. The pivot by Bitcoin miners into AI and HPC has sparked debate over whether reduced mining activity could weaken network security, as both industries compete for the same power resources. Some companies, however, continue to emphasize support for the Bitcoin network. On Tuesday, MARA said it launched the MARA Foundation to focus on network security, including research into quantum threats, while expanding self-custody access and education.

MARA Holdings Stock Surges On Heels Of $1.5 Billion Acquisition - MARA Holdings (NASDAQ:MARA)

MARA entered a definitive agreement to acquire Long Ridge Energy & Power LLC from FTAI Infrastructure Inc (NASDAQ:FIP). Landmark $1.5 Billion Infrastructure Acquisition The deal carries a total transaction value of approximately $1.5 billion. This includes the assumption of at least $785 million in debt. Barclays is backstopping the transaction with a bridge loan. The acquisition includes a 505-megawatt combined-cycle gas power plant in Hannibal, Ohio. It also includes 1,600 contiguous acres for a digital infrastructure campus. MARA expects to close the deal in the second half of 2026, subject to regulatory approvals, including clearance under the Hart-Scott-Rodino Act and Federal Energy Regulatory Commission approval. Expanding Capacity and AI Strategy The deal increases MARA's owned-and-operated capacity by 65%. The site offers a total potential capacity of over 1 GW. "Power is the scarce input in AI," stated Fred Thiel, MARA's chairman and CEO. He noted the company is gaining control of a "highly efficient, contracted energy platform." Thiel added that the site is "ready for expansion to build a flagship AI campus." Financial Gains and Operating Efficiency The acquisition adds approximately $144 million of annualized adjusted earnings before interest, taxes, depreciation and amortization (EBITDA). This is based on Long Ridge's second-half performance in 2025. The facility operates at less than $15/MWh in all-in costs. MARA expects construction for an initial AI buildout to begin in the first half of 2027. The company targets service readiness by mid-2028. MARA Short Interest Dynamics Retail traders are also monitoring shifting sentiment. Recent data shows short interest in MARA decreased from 113.18 million to 104.70 million shares. Despite this drop, 36.53% of the float remains short. MARA Stock Price Activity: MARA Holdings shares were up 11.43% at $11.95 at the time of publication on Thursday, according to Benzinga Pro data. Photo: Shutterstock This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Market News and Data brought to you by Benzinga APIs To add Benzinga News as your preferred source on Google, click here.