MARA gains 14% after unveiling 2 GW Texas AI and bitcoin mining campus plan

Shares of the Nasdaq-listed MARA Holdings rose roughly 14% in early trading Thursday after the self-described digital energy and infrastructure company announced plans to acquire a 1,200-acre powered land site in Texas.

MARA (MARA) plans to build a digital infrastructure campus on the site that can be used for high-performance computing and bitcoin mining with up to 2 gigawatts of grid capacity.

The deal isn't an upfront purchase, but is structured instead as up to $600 million in milestone-based payments. According to an SEC filing, MARA will make payments as the project reaches development milestones that depend on regulatory approvals, land acquisition, access, and authorization to receive power and eventually signing a data center tenant.

Under the deal, the seller, HIF, will retain a minority ownership interest after MARA lands an HPC tenant.

The site is located to the southwest of Houston in Matagorda County. MARA notes that it is expected to reach 1 gigawatt of grid capacity by October 2027 and up to 2 gigawatts by the second quarter of 2028, depending on ERCOT approvals.

The firm noted that the campus has "already received interest from potential high-performance computing tenants" and will be developed through a previously announced partnership with Starwood Digital Ventures.

That partnership, established in February, aims to develop hyperscale and AI data centers across MARA's portfolio. Under the arrangement, Starwood handles design, development, construction, and tenant sourcing while MARA contributes the powered sites and energy infrastructure.

If the Texas site reaches full energization, it would increase MARA's power portfolio to roughly 4.8 gigawatts and could support thousands of permanent jobs.

"We believe sites with access to reliable, scalable power will become increasingly valuable," MARA Chairman and CEO Fred Thiel said in a statement.