MARA Agrees to Acquire Long Ridge Energy for $1.5bn

Why It Matters

The acquisition gives MARA immediate access to power, water, fibre and land, dramatically expanding its energy‑compute platform and reducing the risk of greenfield development, positioning the company to capture growing demand for AI‑driven data centres and crypto mining.

Key Takeaways

• MARA to acquire Long Ridge Energy for $1.5 bn, closing H2 2026
• Deal adds 505 MW gas plant and 1,600 acres for digital campus
• Capacity boost raises MARA’s owned assets to ~2.2 GW, +65%
• Site slated for 200 MW AI/IT build‑out by mid‑2028
• Expected EBITDA contribution $144 m annually from H2 2025

Pulse Analysis

MARA’s $1.5 billion purchase of Long Ridge Energy marks a strategic pivot toward integrated energy‑compute assets. By folding a 505‑megawatt combined‑cycle gas facility and a 1,600‑acre site into its portfolio, MARA instantly secures the essential utilities—power, water, fibre, and rail logistics—required for large‑scale digital infrastructure. This move sidesteps the lengthy permitting and construction timelines typical of greenfield projects, allowing the company to accelerate its rollout of high‑performance computing and cryptocurrency mining operations.

The Hannibal, Ohio location offers a unique blend of grid‑connected generation and on‑site expansion potential. Operating costs stay below $15 per megawatt‑hour thanks to long‑term fuel hedges, while the integrated PJM grid connection ensures reliability for both wholesale power sales and internal compute loads. MARA plans to layer an additional 200 MW of AI‑focused capacity by mid‑2028, eventually scaling the site to as much as 600 MW through combined grid imports and on‑site generation. This flexibility supports diverse revenue streams—from selling excess electricity to the grid to hosting AI and critical IT tenants seeking low‑latency, high‑availability environments.

Industry analysts view the deal as a catalyst for MARA’s rapid growth in the burgeoning data‑center and crypto mining markets. The acquisition lifts the company’s owned capacity to roughly 2.2 GW, a 65% increase that broadens its geographic footprint across PJM, SPP, ERCOT, and international markets. With projected annualized EBITDA of $144 million from the Long Ridge assets, MARA is positioned to leverage economies of scale, attract investment‑grade AI tenants, and compete more aggressively against pure‑play data‑center operators. Regulatory clearance under the Hart‑Scott‑Rodino Act and FERC approval remain pending, but the strategic fit suggests a strong upside for shareholders and a template for future energy‑compute integrations.

Deal Summary

US energy infrastructure firm MARA has signed a definitive agreement to acquire Long Ridge Energy & Power from FTAI Infrastructure for roughly $1.5 bn, including assumed debt and a bridge loan. The deal adds a 505 MW gas plant and 1,600 acres for a digital infrastructure campus, boosting MARA’s capacity by about 65 % to an estimated 2.2 GW. Closing is expected in the second half of 2026 pending regulatory approvals.