Monitor the outcome of the Texas regulatory audit and MARA's election to proceed after the interconnection study — these are the next binary catalysts for the project's advancement and potential milestone payments.
Price Chart
Executive Summary
MARA Holdings amended its July 2026 agreement to acquire a Texas data center site with 2,000 MW of power capacity. The amendment restructures milestone payments, adds a $100M security deposit posted with the utility, and replaces reconveyance provisions with a third-party sale process if certain triggers occur. The aggregate purchase price remains $600 million if all milestones are achieved.
Key Financial Metrics
Key Facts
- MARA posted a $100.0 million security deposit with the electric utility for the 2,000 MW power capacity at the Texas site.
- The amendment restructures milestone payments tied to regulatory approvals into two installments: upon successful completion of a Texas regulatory audit and upon MARA's election to proceed after the interconnection study.
- Maximum payments tied to the Site being authorized to receive power were increased.
- Aggregate purchase price remains $600 million assuming all milestones are achieved.
- The amendment removes reconveyance provisions and instead provides for a third-party sale process with a right of first offer to the seller if certain trigger events occur.
- The transaction originally closed on July 2, 2026, with MARA acquiring all membership interests of MAT 1177 LLC.
Financial Impact
$100.0 million security deposit posted; aggregate purchase price unchanged at $600 million if all milestones achieved
Risk Factors
- Failure to pass the Texas regulatory audit could trigger a sale process rather than project development.
- MARA may elect not to proceed after the interconnection study, leading to a sale of the project rather than development.
- The $100.0 million security deposit is at risk if MARA withdraws it subject to the sale process terms.
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000950142-26-002607 |
| Document: 0000950142-26-002607-index-headers.html | 0000950142-26-002607 |
| Document: 0000950142-26-002607-index.html | 0000950142-26-002607 |
| Document: 0000950142-26-002607.txt | 0000950142-26-002607 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 25, 2026 4w ago | 8-K | $12.11 $11.17 | ▼ −7.76% | ▼ −8.97% | $7.09 (−41.45%) |
Sep 18, 2026 5w ago | Insider Cluster | $13.28 $12.11 | ▲ +8.81% | ▲ +7.79% | $7.09 (+46.61%) |
Aug 21, 2026 9w ago | Insider Cluster | $11.18 $10.77 | ▲ +3.67% | ▲ +4.14% | $7.09 (+36.58%) |
Aug 19, 2026 9w ago | Insider Cluster | $11.14 $11.87 | ▼ −6.55% | ▼ −5.44% | $7.09 (+36.36%) |
Aug 4, 2026 12w ago | 8-K | $11.75 $9.68 | ▼ −17.62% | ▼ −17.52% | $7.09 (−39.66%) |
Jul 20, 2026 14w ago | Insider Cluster | $12.25 $11.77 | ▼ −3.92% | ▼ −2.69% | $7.09 (−42.12%) |
Jul 9, 2026 15w ago | 8-K | $13.22 $11.42 | ▼ −13.62% | ▼ −13.48% | $7.09 (−46.37%) |
Jun 25, 2026 17w ago | 8-K | $14.54 $12.40 | ▼ −14.72% | ▼ −16.88% | $7.09 (−51.24%) |
Jun 24, 2026 17w ago | Insider Cluster | $13.88 $13.37 | ▼ −3.67% | ▼ −5.24% | $7.09 (−48.92%) |
Jun 22, 2026 18w ago | 8-K | $14.70 $14.03 | ▼ −4.56% | ▼ −5.57% | $7.09 (−51.77%) |
US Market Status
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