Marathon Digital Holdings (MARA) has agreed to purchase Long Ridge Energy & Power LLC from FTAI Infrastructure for an estimated $1.5 billion, including the assumption of $785 million of debt. The deal brings a 505‑megawatt combined‑cycle gas power plant, 1,600 contiguous acres of land, and a secured fuel supply into MARA’s portfolio, raising the company’s owned and operated power capacity to about 2.2 GW—an increase of roughly 65% over its pre‑acquisition level.
The acquisition is a cornerstone of MARA’s strategy to diversify beyond Bitcoin mining. By controlling a highly efficient, low‑cost power platform—its all‑in cost is under $15/MWh—the company can support high‑performance computing and AI workloads that demand reliable, inexpensive electricity. The added plant also provides a scalable foundation for a future flagship AI campus, as the site already hosts a data center and has grid interconnection, water access, and fuel supply in a single location.
Financially, the Long Ridge assets are projected to generate about $144 million in annualized adjusted EBITDA, a significant contribution to MARA’s earnings profile that has been under pressure in recent quarters. The company reported a $1.7 billion net loss in Q4 2025 and revenue of $202.3 million, a 6% decline from the prior year, underscoring the need for new, stable revenue streams. The acquisition is expected to close in the third quarter of 2026, subject to regulatory approvals.
Fred Thiel, MARA’s CEO, emphasized that “Power is the scarce input in AI, and, with the planned addition of Long Ridge Energy, we are gaining control of a highly efficient, contracted energy platform that has a rare combination of large‑scale power, land, water access, fuel supply, and grid interconnection in a single location.” He added that the site is ready for expansion to build a flagship AI campus.
Ken Nicholson, CEO of FTAI Infrastructure, noted that “The sale of Long Ridge is a key step in our strategic plan at FIP, unlocking value to our shareholders and deleveraging our company. Long Ridge has grown from a brownfield development project we commenced nearly a decade ago into an exceptional operating platform.”
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