MARA Holdings has agreed to buy Long Ridge Energy & Power in a deal valued at around $1.5 billion. The company will take on at least $785 million in debt, with a bridge loan backing that portion. The seller, FTAI Infrastructure, saw its stock jump 12% in pre-market trading. Meanwhile, MARA shares moved up 3%.
What the deal includes
The transaction covers Long Ridge’s 505-megawatt gas plant in Hannibal, Ohio. It also comes with more than 1,600 acres of land, access to water, fiber links, fuel supply, and connections to the grid. MARA said in a recent filing that the site could eventually handle more than 1 gigawatt of total power capacity.
The acquisition is expected to lift MARA’s owned-and-operated power capacity by about 65%. It will expand the company’s operating and development pipeline to roughly 2.2 gigawatts across regions like PJM, ERCOT, SPP, and international markets.
Plans for AI and data centers
MARA intends to begin construction on an initial AI and critical IT buildout in the first half of 2027. The first round of capacity should be ready by mid-2028. The company has said it doesn’t plan to cut Long Ridge’s current power supply to the PJM grid.
This move fits into MARA’s broader push toward data centers and AI infrastructure. The company sees this as a way to secure reliable power for high-demand computing tasks. It’s not the only crypto firm eyeing this space either. Others have been buying or building energy assets to support mining and AI workloads.
Financial expectations and timeline
MARA expects the Long Ridge assets to add about $144 million in annualized adjusted EBITDA. That’s a notable bump for the company, which has been working to diversify beyond just bitcoin mining. The deal is expected to close in the second half of 2026.
Some investors are watching closely, though. The large debt component and the long timeline before the AI buildout starts could raise questions. Still, the market reaction has been fairly positive so far.
