MARA Holdings Acquires Long Ridge Energy for $1.5 Billion

MARA Holdings has agreed to acquire Long Ridge Energy from FTAI Infrastructure for approximately $1.5 billion, including debt assumption. This transaction encompasses a 505 MW combined-cycle gas power plant in Ohio and a vast campus primed for digital infrastructure, highlighting MARA's strategic expansion into integrated energy and compute solutions.

The acquisition expands MARA's operational capacity by 65%, bolstering its power capabilities to an estimated 2.2 gigawatts across key markets including PJM and ERCOT. Long Ridge Energy's assets offer over 1 GW of potential power capacity, combining power generation with essential infrastructure such as land, water, and fiber. The site will support MARA's pursuit of AI and critical IT developments, with planned capacity expansion targeting up to 600 MW.

This move enables MARA to leverage Long Ridge's efficient energy assets to support their strategic focus on AI infrastructure, capitalizing on the growing demand for power-intensive AI applications. The site provides a scalable platform with existing energy generation, fuel supply, and logistics capabilities, facilitated by the retention of Long Ridge's current team post-acquisition.

The acquisition positions MARA distinctively in the energy and digital infrastructure sector, emphasizing its integrated approach. The focus on AI and digital infrastructure aligns with current market trends, where power capacity is crucial for supporting emerging technologies. MARA's existing data center at Long Ridge has attracted interest from investment-grade AI and IT tenants, signaling potential for future growth and revenue generation.

The deal, slated to close in the second half of 2026, remains subject to regulatory approvals, including Hart-Scott-Rodino Act and Federal Energy Regulatory Commission clearance. Advisors for MARA include Barclays Capital and Compass Point, while Jefferies and Lazard represent FTAI Infrastructure. As MARA integrates Long Ridge, its focus will likely remain on expanding capacity and securing tenants for the anticipated AI infrastructure buildout.