The acquisition is transformative, giving MARA a rare large-scale power+land asset in PJM with immediate cash flow and AI/HPC upside. Monitor regulatory approval timeline (HSR, FERC) and financing details — the $785M debt assumption and bridge loan terms matter. The 65% capacity increase and sub-$15/MWh cost structure are strong fundamentals, but execution on the AI campus buildout (1H 2027 start, mid-2028 service) is key. Watch for tenant announcements and potential equity/debt offerings to fund development.
Price Chart
Executive Summary
MARA Holdings has agreed to acquire Long Ridge Energy from FTAI Infrastructure for ~$1.5B, including a 505 MW gas power plant and 1,600+ acres in Ohio. The deal adds 65% to MARA's owned capacity, targets 1+ GW total campus potential, and provides ~$144M in annualized Adjusted EBITDA at sub-$15/MWh operating costs. The acquisition transforms MARA into a diversified digital infrastructure platform with AI/HPC and Bitcoin mining pathways, but the $1.5B price tag and debt assumption (~$785M) introduce execution and financing risk.
Key Financial Metrics
Key Facts
- Total transaction value ~$1.5B, including assumption of at least $785M in debt
- Acquires 505 MW combined-cycle gas power plant (Long Ridge CCGT) in Hannibal, Ohio
- Adds over 1,600 contiguous acres for digital infrastructure campus development
- Total campus potential exceeds 1 GW, with line of sight to 600 MW of AI/Critical IT load
- Increases MARA's owned and operated power capacity by ~65%
- Long Ridge Energy generated ~$144M annualized Adjusted EBITDA in 2H 2025
- All-in operating costs less than $15/MWh
- MARA's Hannibal data center already has inbound interest from multiple potential investment-grade AI/Critical IT tenants
- Initial AI/Critical IT buildout expected to begin 1H 2027, ready for service mid-2028
- Transaction expected to close in 2H 2026, subject to HSR and FERC approvals
- Barclays providing bridge loan backstop; Barclays and Compass Point advising MARA
- MARA plans to retain Long Ridge Energy's team post-close
Financial Impact
~$1.5B total transaction value including ~$785M debt assumption; ~$144M annualized Adjusted EBITDA acquired at sub-$15/MWh operating costs
Risk Factors
- Regulatory approval risk: HSR and FERC clearances required; any delay or denial could scuttle the deal
- Financing risk: $785M debt assumption plus bridge loan from Barclays; terms and refinancing conditions unknown
- Execution risk: Building out 600 MW AI/Critical IT campus by 2028 is capital-intensive and subject to construction, permitting, and tenant demand risks
- Integration risk: Retaining Long Ridge team is positive, but merging energy and compute operations is complex
- Commodity/energy price risk: Power hedges provide near-term visibility but may not fully protect against long-term price swings
- Dilution risk: MARA may need to issue equity to fund development or repay debt, potentially diluting existing shareholders
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3284669 |
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