MARA Bets $1.5B on Power‑Rich AI, Bitcoin Campus in Ohio

MARA Holdings, Inc. has agreed to acquire Long Ridge Energy & Power LLC from FTAI Infrastructure Inc. for approximately $1.5 billion, in a move that underscores the growing convergence of energy and digital infrastructure.

The transaction includes a 505 MW combined-cycle gas power plant in Hannibal, Ohio, along with more than 1,600 acres of land supporting an integrated digital infrastructure campus. The deal also includes roughly $785 million of debt, backed by a bridge loan from Barclays.

The site provides immediate access to power, land, water and fiber, with more than 1 GW of total potential capacity across generation and compute load. MARA said the campus is positioned to support multiple monetization pathways, including high-performance computing (HPC) leases, flexible compute operations such as Bitcoin mining, and wholesale power generation.

“By combining energy generation, fuel supply and compute infrastructure, we are building a differentiated platform designed to maximize the value of every megawatt we control,” said Fred Thiel.

Following the acquisition, MARA expects to expand its total operational and development capacity to approximately 2.2 gigawatts across key U.S. power markets and internationally. The company noted that its co-located Hannibal data center has already attracted interest from potential investment-grade AI and critical IT tenants.

MARA plans to begin construction of an initial AI-focused buildout in the first half of 2027, targeting service readiness by mid-2028.

Barclays Capital Inc. and Compass Point Research & Trading, LLC are serving as financial advisors to MARA on the transaction. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Sidley Austin LLP are serving as legal advisors to MARA.

Jefferies LLC and Lazard are serving as financial advisors to FTAI Infrastructure. Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor to FTAI Infrastructure.