MARA Holdings Pivots Toward AI Infrastructure with $1.5 Billion Long Ridge Energy Acquisition

MARA Holdings (MARA) has entered into a definitive agreement to acquire Long Ridge Energy & Power for approximately $1.5 billion, marking a strategic expansion into AI and critical IT infrastructure. As part of the transaction, MARA will assume at least $785 million in debt, supported by a bridge loan. The seller, FTAI Infrastructure (FIP), saw its shares rise 12% in pre-market trading following the announcement. The acquisition centers on a 505-megawatt combined-cycle gas plant located in Hannibal, Ohio. The deal provides MARA with over 1,600 acres of land, essential water access, fiber connectivity, and established grid connections. This infrastructure is viewed as a foundation for scaling power capacity, with the company estimating the site could eventually support more than 1 gigawatt of total power. This move increases MARA's owned-and-operated power capacity by roughly 65%, bringing its total operating and development pipeline to approximately 2.2 gigawatts across the PJM, ERCOT, and SPP markets, as well as international locations. Financially, the Long Ridge assets are expected to contribute approximately $144 million in annualized adjusted EBITDA. MARA plans to begin construction on its AI and critical IT buildout in the first half of 2027, targeting initial capacity by mid-2028. The company has clarified that it does not intend to reduce the current power supply provided by Long Ridge to the PJM grid. The transaction is expected to close in the second half of 2026.