MARA Acquires Long Ridge Energy for $1.5 Billion to Expand AI Infrastructure — MARA Holdings, Inc.

Event summary

MARA Holdings acquires Long Ridge Energy for $1.5 billion, including debt assumption.
The deal adds a 505 MW combined-cycle gas power plant and 1,600 acres of land in Ohio.
Acquisition increases MARA’s owned and operated capacity by 65%, to over 2.2 GW.
Long Ridge Energy contributes $144 million in annualized adjusted EBITDA at less than $15/MWh operating costs.
Transaction expected to close in the second half of 2026, subject to regulatory approvals.

The big picture

MARA’s acquisition of Long Ridge Energy underscores the growing importance of vertically integrated digital infrastructure, particularly for AI workloads. The deal highlights the scarcity of large-scale power, land, water access, fuel supply, and grid interconnection in key data center markets. By controlling these assets, MARA aims to maximize the value of every megawatt it operates, a strategic move that could set a precedent for other players in the space.

What we're watching

Regulatory Approval: Whether MARA can secure necessary approvals from the Hart-Scott-Rodino Act and Federal Energy Regulatory Commission by the second half of 2026.
Execution Risk: The pace at which MARA can integrate Long Ridge Energy’s assets and begin construction of AI/Critical IT capacity in early 2027.
Market Dynamics: How the acquisition positions MARA in the competitive landscape for AI and high-performance computing infrastructure.