Monitor regulatory approvals and milestone progress (site acquisition, power authorization, HPC lease). The site development is expected to begin in 2026. Successful execution would significantly expand MARA's infrastructure capacity and potential revenue from HPC and Bitcoin mining.
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Executive Summary
MARA acquired a 1,200+ acre powered land site in Matagorda County, Texas from HIF USA LLC, with access to up to 2 GW of power capacity. The total purchase price is up to $600 million in milestone payments tied to development events. This expands MARA's digital infrastructure pipeline for HPC and Bitcoin mining, more than doubling its potential power capacity to ~4.8 GW when combined with the pending Long Ridge acquisition.
Key Financial Metrics
Key Facts
- Acquisition of 1,200+ acre site with up to 2 GW power capacity (1 GW by October 2027, 2 GW by April 2028)
- Total purchase price of up to $600 million in milestone payments; deal closed on July 2, 2026
- MARA will develop the site with Starwood Digital Ventures for HPC and Bitcoin mining
- Upon full energization, MARA's portfolio power capacity expected to exceed 4.8 GW including Long Ridge Energy & Power acquisition
- HIF retains a minority ownership interest upon execution of an HPC lease
Financial Impact
Up to $600 million in contingent milestone payments; no upfront cash disclosed.
Risk Factors
- Milestone payments dependent on achieving regulatory approvals and development targets
- Construction and energization delays (1 GW by Oct 2027, 2 GW by Apr 2028)
- HPC tenant lease execution required for HIF's minority retention; tenant demand may fluctuate
- Execution risk in developing large-scale digital infrastructure campus
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000950142-26-002012 |
| Document: eh260804074_ex9901.htm | 0000950142-26-002012 |
| Document: 0000950142-26-002012-index-headers.html | 0000950142-26-002012 |
| Document: 0000950142-26-002012-index.html | 0000950142-26-002012 |
| Document: 0000950142-26-002012.txt | 0000950142-26-002012 |
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| Type | Now | ||||
|---|---|---|---|---|---|
Aug 21, 2026 5w ago | Insider Cluster | $11.18 $13.63 | ▼ −21.91% | ▼ −20.60% | $11.23 (−0.45%) |
Aug 19, 2026 6w ago | Insider Cluster | $11.14 $13.24 | ▼ −18.85% | ▼ −18.97% | $11.23 (−0.81%) |
Aug 4, 2026 8w ago | 8-K | $11.75 $10.23 | ▼ −12.94% | ▼ −11.70% | $11.23 (−4.43%) |
Jul 20, 2026 10w ago | Insider Cluster | $12.25 $8.96 | ▼ −26.86% | ▼ −29.42% | $11.23 (−8.33%) |
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Jun 25, 2026 14w ago | 8-K | $14.54 $12.77 | ▼ −12.17% | ▼ −13.43% | $11.23 (−22.76%) |
Jun 25, 2026 14w ago | Insider Cluster | $13.88 $12.77 | ▼ −8.00% | ▼ −8.53% | $11.23 (−19.09%) |
Jun 22, 2026 14w ago | 8-K | $14.70 $11.67 | ▼ −20.61% | ▼ −21.77% | $11.23 (−23.61%) |
Jun 11, 2026 16w ago | Institutional Cluster | $13.61 $13.22 | ▼ −2.87% | ▼ −4.76% | $11.23 (−17.49%) |
May 4, 2026 21w ago | Press Release | $12.16 $14.28 | ▼ −17.43% | ▼ −12.48% | $11.23 (+7.65%) |
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