Overview
- MARA, in a deal announced Friday, agreed to buy Long Ridge Energy & Power from FTAI Infrastructure for about $1.5 billion including debt.
- The purchase includes a 505 MW combined-cycle gas plant in Hannibal, Ohio, plus more than 1,600 contiguous acres suited for large computing sites.
- The company projects roughly $144 million in annualized adjusted EBITDA from the asset and expects operating costs below $15 per megawatt-hour.
- MARA plans to start building AI and critical IT facilities in the first half of 2027 with initial capacity targeted for mid-2028, and it expects owned capacity to rise about 65% to roughly 2.2 GW.
- The move shifts the business beyond pure Bitcoin mining and positions MARA to compete for AI hosting against Core Scientific, Iris Energy, and Hut 8 with the advantage of owning its power source.