The data center industry faces a fundamental constraint: power.

Hardware can be ordered and delivered in months, while new transmission development can take seven to ten years. That gap is where many data center projects stall, and it's why we believe energized land has become one of the most valuable inputs in digital infrastructure.

We've spent years building a foundation of energized infrastructure. Our Bitcoin mining operations run at a large scale, on sites with grid interconnections already in place, under real operating conditions. That foundation is what makes the partnership we announced with Starwood Capital Group possible.

The Partnership

Through Starwood Digital Ventures (SDV), the digital infrastructure platform of Starwood Capital Group, we are converting and expanding select MARA sites into data center campuses designed to serve enterprise, hyperscale, and AI/HPC customers.

We chose to partner rather than build independently because we believe that it will be more capital-efficient, will lower execution risk, and will get us to market faster. Starwood Capital Group is a leading global investment firm with more than $125 billion in assets under management and more than 30 years of experience in global real estate and infrastructure. SDV's 94-person team has a proven track record executing complex data center projects, with expertise across more than 10 GW, and established relationships with tenants across enterprise and hyperscale workloads.

SDV has built and delivered facilities for some of the world's largest hyperscalers, and that established trust with prospective tenants will help us to enter these conversations with credibility from day one. The partnership will enable us to pursue these conversions at scale without requiring MARA to raise large amounts of capital independently, helping preserve balance sheet flexibility and reduce dilution risk for shareholders.

The structure is straightforward:

• Ownership: MARA will have the option to invest up to 50% in joint venture projects.

• Roles: MARA will contribute dedicated, power-rich data center sites and controls project commitments. SDV will lead design, development, tenant sourcing, construction, and facility operations.

• Scale: More than 1 GW of expected IT capacity in the initial development phase, with a roadmap that could extend beyond 2.5 GW. This project may allow us to expand our sites beyond their current operating capacity.

One point worth emphasizing: we are not building these facilities and hoping customers will show up. Each project will be designed around a specific customer's requirements, reducing the risk of unused capacity and increasing execution certainty.

This partnership is already in motion. Design, permitting, and commercial leasing processes are underway, with applications submitted in select markets. We are already engaged in discussions with prospective AI and high-performance computing tenants.

Why This Starts with What We Already Own

To build a data center from scratch, you need land and power. From there you can permit, design, and build. That process can take years. We already had the land, power, and operating data center infrastructure, much of which was acquired at a lower cost than it would have taken to build from scratch. These sites already run at an industrial scale, so prospective customers see a facility that is operational, not a site that exists only on paper.

Bitcoin mining is what makes this work. It's a flexible workload that can earn revenue with no tenants, no leases, and no sales cycle. It runs while we explore opportunities and develop with Starwood. And when a new workload is ready to come online, mining can be shut down to free capacity. The site doesn't sit idle waiting for a customer. It earns until one arrives.

This structure is designed to allow MARA to keep mining where capacity is available at attractive power costs, even as parts of a site are converted to serve other compute needs. When tenant demand dips, mining can absorb excess power, helping keep the site fully utilized.

Designed to Scale

This model is built to repeat. Because Bitcoin mining can begin monetizing power quickly, it lets us operate and prove energized sites until they're ready for conversion. We believe this makes mining one of the most effective ways to aggregate energized land, generate revenue before any tenant signs, and build operating credibility at each site. As sites are converted to serve premium workloads, mining can continue where capacity is available. When it can't, operations can move to the next site in the portfolio and repeat the process.

The cycle we're working toward: energize a site, prove it under load, convert it to premium workloads, and redeploy mining to the next opportunity. We believe each conversion can strengthen the foundation for the next, as the partnership matures its development playbook and deepens its tenant relationships across the portfolio.

Where This Is Going

We are in the early stages of what we expect to be a much longer story. The demand for powered digital infrastructure is not slowing, and its supply is structurally constrained. We're starting with power and building from there. That sequence matters. The partnership with Starwood is how we intend to start putting that advantage to work.

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For more details, view the full press release or listen to the Spaces MARA executives hosted on X.

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Forward-Looking Statements

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