AI compute is being planned in gigawatts. Capital is available. Land is available. Reliable power, at the scale and timeline AI now requires, is not. That is the problem the entire infrastructure category is now organized around.
On April 30, we announced our agreement to acquire Long Ridge Energy & Power. At closing, this acquisition will give MARA direct ownership of the scarce input in AI infrastructure: large-scale, reliable, low-cost power, in a market where it’s hard to replicate.
MARA started as a Bitcoin miner that purchased power. We are becoming a digital infrastructure company that owns power, operates it, and deploys it across the highest-value applications: AI training and inference, critical IT, and flexible compute including Bitcoin mining. Long Ridge is the clearest expression of that shift to date.
The Acquisition
MARA has entered into a definitive agreement to acquire Long Ridge Energy & Power LLC from FTAI Infrastructure Inc. (NASDAQ: FIP) for a total transaction value of approximately $1.5 billion, including the assumption of certain debt. The acquisition adds a highly efficient 505 MW nameplate combined-cycle gas power plant in Hannibal, Ohio, and over 1,600 contiguous acres supporting an integrated digital infrastructure campus inside the PJM interconnection. The transaction is expected to close in the second half of 2026, subject to regulatory approvals and other customary closing conditions.
Hannibal sits along the Ohio River in eastern Ohio, in the heart of Appalachia. As part of the acquisition, MARA will also own Long Ridge's gas production assets across Ohio and West Virginia. Our Hannibal data center, co-located at the Long Ridge Energy site, is already operating and has 200 MW of power immediately available.
The short version: we are acquiring a fully operational, cash-generative power asset that happens to sit on some of the most compelling data center acreage we have seen come to market.
What Makes Long Ridge Compelling
Most sites that get pitched as AI campuses have one or two of the right ingredients. Long Ridge has all of them in one location:
- Generation at scale. A 505 MW nameplate combined-cycle gas plant, the highest capacity-factor CCGT in PJM since 2023, producing approximately $144 million of Annualized Adjusted EBITDA based on second-half 2025 performance (Annualized Adjusted EBITDA and Adjusted EBITDA are non-GAAP measures. Refer to “Non-GAAP Financial Information” for the definitions of such terms and reconciliations to the closest comparable GAAP metrics).
- Vertically integrated fuel. Roughly 100 million cubic feet gas per day of natural, backed by 856 trillion British thermal units of proven gas reserves: more than 20 years of owned supply for the plant.
- Locked-in revenue. 382 MW of the plant's output (76% of capacity) is already sold under swap agreements at a price averaging $38.80 per megawatt hour, so the revenue side is anchored alongside the fuel side.
- Cheap Power. All-in operating costs of less than $15 per megawatt hour. Few generation assets in the country run that cheap.
- The land. Over 1,600 contiguous acres, including approximately 125 acres of industrially permitted land, plus rail infrastructure for on-site logistics and operations.
- The team. Over 25 full-time employees who have run the plant for years; we plan to retain them after closing.
We estimate that building this from scratch today would take up to 10 years and $2.7 billion of capital. We are acquiring the entire stack for $1.5 billion, in 2026. That is the structural reality of the AI build cycle: operating assets with integrated fuel, firm grid access, large contiguous acreage, and water in a premium market are extraordinarily hard to assemble piece by piece at this point.
What It Lets Us Create
The campus supports more than one gigawatt of total potential power capacity across generation and load. Combined with our existing 200 MW of grid capacity, we have a clear path to up to 600 gross MW of AI and critical IT load over time, through a combination of grid expansions and additional on-site generation. Permits for both are already in process.
Construction on an initial AI / Critical IT buildout is expected to begin in the first half of 2027, alongside our partnership with Starwood Digital Ventures, with initial capacity targeted to be ready for service in mid-2028. Our Hannibal data center has already received inbound interest from multiple potential investment-grade AI/Critical IT tenants.
Long Ridge currently supplies its generation into the PJM grid, and we do not expect to reduce that supply. As we develop additional compute capacity behind the meter, we intend to pair that demand with incremental generation over time. The goal is to add capacity to the market, not pull from it.
Where MARA Fits In This Cycle
This transaction increases MARA's owned and operated power capacity by approximately 65%, taking us to approximately 2.2 gigawatts across PJM, ERCOT, SPP, and international markets. It puts us in a small group of operators that own generation, land, and compute together, in places where it is feasible to scale.
Long Ridge gives us scale and direct ownership of the things that matter most in AI infrastructure, on a platform that is already operating and already generating cash. That is the position we wanted to be in. Now we get to build from it.
Footnote on 505 MW
Currently authorized to sell 485 MW; expected to increase to full 505 MW nameplate in H2 2026.
Non-GAAP Financial Information
This press release includes financial information of Long Ridge Energy which is not recognized under generally accepted accounting principles (GAAP). You should use non-GAAP information in addition to, and not as an alternative to, financial information prepared in accordance with GAAP. We believe that Annualized Adjusted EBITDA and Adjusted EBITDA are useful to us and to our investors because they exclude certain financial, capital structure and/or non-cash items that we do not believe directly reflect core operations or may not be indicative of recurring operations. See the table below for a reconciliation of Long Ridge Energy’s Adjusted EBITDA and Annualized Adjusted EBITDA to net (loss) income attributable to stockholders, the most comparable GAAP measure. Adjusted EBITDA and Annualized Adjusted EBITDA may not be identical or comparable to measures with the same name presented by other companies.
- Annualized 2H 2025 Adjusted EBITDA is calculated by summing the results for the three month periods ended September 30, 2025 and December 31, 2025 and multiplying such amount by two, as if such results represented a full year of operations, and is presented as it reflects both (i) the full contractual impact of power hedge swap agreements entered into in February 2025 and (ii) capacity payments which commenced in June 2025. 2H results are annualized for illustrative purposes only and do not represent a forecast. Actual results for the fiscal year ended December 31, 2025 and for future periods may differ materially from such annualized results, and such annualized results have not been reviewed or audited by any accounting firm.
- Long Ridge Energy defines Adjusted EBITDA as net income (loss) attributable to stockholders, adjusted (a) to exclude the impact of provision for (benefit from) income taxes, equity-based compensation expense, acquisition and transaction expenses, losses on the modification or extinguishment of debt and capital lease obligations, changes in fair value of non-hedge derivative instruments, depreciation and amortization expense, interest expense and (b) to include the impact of Long Ridge Energy’s pro-rata share of Adjusted EBITDA from unconsolidated entities.
Forward-looking statements
This post contains forward-looking statements within the meaning of the federal securities laws. All statements, other than statements of historical fact, included in this post are forward-looking statements. The words “may,” “will,” “could,” “anticipate,” “expect,” “intend,” “believe,” “continue,” “target” and similar expressions or variations or negatives of these words are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Such forward-looking statements include, among other things, statements related to the parties’ ability to consummate the transaction on the proposed terms or on the anticipated timeline, or at all, including risks and uncertainties related to securing the necessary third-party approvals, or the satisfaction of other closing conditions to consummate the transaction; the occurrence of any event, change or other circumstance that could give rise to the termination of the definitive agreement or any unanticipated difficulties or expenditures relating to the transaction; MARA’s planned development of digital infrastructure projects, including the Hannibal, Ohio campus; the expected capacity, scalability and performance of those facilities; the anticipated ability to shift between hyperscale and AI workloads and Bitcoin mining at those facilities; MARA’s ability to finance the transaction on acceptable terms, or at all; the anticipated benefits of the proposed transaction to MARA, including MARA’s expansion into high-performance computing; MARA’s ability to advance and execute its digital energy infrastructure strategy; the expected earnings and cash flows from the Long Ridge Facility and the expected accretive impact of the transaction to MARA’s profitability metrics. Such forward-looking statements are based on management's current expectations about future events as of the date hereof and involve many risks and uncertainties that could cause MARA’s actual results to differ materially from those expressed or implied in these forward-looking statements. Subsequent events and developments, including actual results or changes in MARA’s assumptions, may cause MARA’s views to change. Readers are cautioned not to place undue reliance on such forward-looking statements. All forward-looking statements included herein are expressly qualified in their entirety by these cautionary statements. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including uncertainties related to market conditions, the risk that the transaction disrupts MARA’s current plans and operations or diverts management's attention from its ongoing business, the effect of the announcement of the transaction on the ability of MARA to retain and hire key personnel and maintain relationships with others with whom it does business, the effect of the announcement of the transaction on MARA’s operating results and business generally and the other factors discussed in the “Risk Factors” section of MARA’s most recent Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) and the risks described in other filings that MARA may make from time to time with the SEC. Any forward-looking statements contained in this post speak only as of the date hereof, and MARA specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise, except to the extent required by applicable law.
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