MARA is making a major move into energy and AI infrastructure with its $1.5 billion acquisition of Long Ridge Energy.
Key Takeaways
- MARA will acquire Long Ridge Energy for $1.5 billion, including debt, gaining a 505 MW power plant and 1,600 acres of land.
- The deal supports MARA’s shift from bitcoin mining to digital infrastructure and AI computing.
- The site offers over 1 GW potential capacity with strong interest from hyperscalers.
- The acquisition brings $144 million in annualized EBITDA and boosts MARA’s power capacity by 65 percent.
What Happened?
MARA has agreed to acquire Long Ridge Energy and Power from FTAI Infrastructure in a deal valued at approximately $1.5 billion. The transaction includes a large natural gas power plant in Ohio and a vast land parcel aimed at building a next generation data center campus.
The move signals a clear shift in MARA’s strategy as it expands beyond bitcoin mining into energy ownership and AI-focused infrastructure development.
$MARA Marathon Digital just made a $1.5 BILLION AI data center acquisition that completely reshapes the company:
— Matt Allen (@investmattallen) April 30, 2026
-Acquiring Long Ridge Energy gives MARA control of a 505 MW power plant in one of the most in-demand data center markets in the world, increases owned capacity by… pic.twitter.com/TBPsqN8u20
A Strategic Shift Toward Energy and AI
MARA’s acquisition marks a significant turning point in its business model. Once known primarily as a bitcoin mining company, the firm is now positioning itself as a digital infrastructure and energy provider.
This shift comes as demand for AI computing power continues to surge, making energy access one of the most critical resources in the industry. CEO Fred Thiel highlighted this directly, stating that power is becoming a scarce input in AI development.
By owning energy assets, MARA aims to secure reliable and cost efficient electricity for its future data centers. This reduces dependence on external providers and gives the company greater control over operations.
Inside the Long Ridge Asset
The Long Ridge Energy site includes a 505 megawatt combined cycle natural gas power plant located in Hannibal, Ohio. The facility was completed in 2021, making it relatively modern and efficient compared to older plants.
The acquisition also includes:
- More than 1,600 acres of contiguous land.
- Existing power, water, and fiber infrastructure.
- Industrial permits already in place.
- Rail infrastructure for logistics and operations.
These features make the site highly attractive for data center development. Unlike greenfield projects, which often face delays and regulatory hurdles, this campus is ready for expansion with lower execution risk.
Thiel described the site as having all the key components needed for an ideal data center campus.
Powering the Next Generation of Data Centers
MARA plans to build a large scale AI and critical IT data center on the Long Ridge site. The company expects construction to begin in the first half of 2027, with initial operations targeted for mid 2028.
The site already has around 200 MW of available capacity, which could accelerate early development phases. Over time, MARA aims to expand total capacity to more than 1 gigawatt, combining on site generation and grid expansion.
The company has also reported strong interest from hyperscalers, which are major cloud computing providers. According to Thiel, MARA expects to secure a tenant around the time the deal closes.
Financial Impact and Immediate Cash Flow
The $1.5 billion transaction includes the assumption of approximately $785 million in existing debt. Despite this, the Long Ridge assets are expected to generate around $144 million in annualized adjusted EBITDA, based on recent performance.
This provides MARA with immediate and stable cash flow, even before the data center project becomes operational.
Additional financial benefits include:
- Operating costs below $15 per megawatt hour.
- Long term hedges that ensure predictable revenue.
- A projected 65 percent increase in MARA’s power capacity.
The company also emphasized that the acquisition will not reduce the plant’s current power supply to the grid, addressing concerns about energy availability in the region.
Regulatory and Market Considerations
The deal is expected to close in the second half of 2026, pending regulatory approvals, including clearance from the Federal Energy Regulatory Commission.
The plant operates within the PJM transmission region, an area already facing concerns about grid strain due to rising data center demand. MARA stated it does not expect any negative impact on consumers.
CoinLaw’s Takeaway
In my view, this is one of the most important moves MARA has made in years. I see a clear pattern here where energy ownership is becoming the backbone of AI and crypto infrastructure. In my experience, companies that control power tend to have a huge advantage when demand spikes, and that is exactly where the market is heading.
What stands out to me is how MARA is not just chasing AI trends but building the foundation to support them. I found the combination of power, land, and infrastructure in one place especially compelling. These kinds of assets are rare and getting harder to replicate.
If MARA executes this well, it could transform from a bitcoin miner into a serious player in the broader digital infrastructure space.
