Deal overview
MARA Holdings has entered a definitive agreement to acquire Long Ridge Energy & Power LLC from FTAI Infrastructure Inc. for approximately $1.5 billion, inclusive of assumed debt. The asset package centers on a 505 MW combined-cycle natural gas power plant located in Hannibal, Ohio, and more than 1,600 contiguous acres that support an integrated digital infrastructure campus.
Shares of MARA rose 1.7% on Thursday following the announcement, while the transaction was disclosed amid session weakness in bitcoin. FTAI Infrastructure's stock also showed a gain in response to the agreement.
Operational and financial impact
Management estimates the acquisition will lift MARA’s owned and operated power capacity by roughly 65%. Based on Long Ridge Energy’s performance in the second half of 2025, the company expects the transaction to contribute approximately $144 million of annualized adjusted EBITDA. The facility is reported to operate at all-in operating costs of less than $15 per MWh.
The Long Ridge campus offers access to power, land, water and fiber, and supports more than 1 GW of total potential power capacity. MARA has outlined plans to begin construction of an initial AI and critical IT buildout in the first half of 2027, with the initial capacity targeted to be ready for service in mid-2028.
Expansion pathways and fuel position
The company notes multiple paths to grow capacity at the site to as much as 600 gross MW over time through a combination of grid expansions and on-site power generation. The acquired facility includes approximately 100 MMcfd of vertically integrated fuel supply and benefits from long-dated hedges, according to the announcement.
With the addition of Long Ridge, MARA said it will expand its operational and development capacity to about 2.2 gigawatts across the PJM, ERCOT, SPP, and international markets. The Hannibal data center, co-located at the Long Ridge Energy site, has reportedly drawn inbound interest from multiple potential investment-grade AI and critical IT tenants.
Closing timeline and approvals
The transaction is expected to close in the second half of 2026 and remains subject to regulatory approvals, including clearance under the Hart-Scott-Rodino Act and approval from the Federal Energy Regulatory Commission.
Key takeaways
- MARA is purchasing Long Ridge Energy & Power LLC for about $1.5 billion, including assumed debt.
- The acquisition adds a 505 MW combined-cycle gas plant in Hannibal, Ohio, and more than 1,600 acres for an integrated digital infrastructure campus.
- The deal is expected to increase MARA’s owned and operated power capacity by roughly 65% and to add about $144 million of annualized adjusted EBITDA based on Long Ridge’s second half 2025 performance.
Impacted sectors
- Energy and power generation
- Data center and AI infrastructure development
- Cryptocurrency-related markets, as reflected in MARA’s share movement amid bitcoin volatility
Risks and uncertainties
- The transaction remains subject to regulatory approvals, including Hart-Scott-Rodino Act clearance and Federal Energy Regulatory Commission approval, which introduces timing and execution risk.
- Targeted timelines for construction and availability - initial AI and critical IT buildout beginning in H1 2027 and initial capacity targeted for mid-2028 - depend on multi-year development execution and grid or on-site generation expansions.
- Inbound tenant interest for the Hannibal data center is reported as multiple potential investment-grade parties, but interest does not constitute signed, revenue-producing commitments at this stage.
Note: All financial and operational figures, timelines and conditions are as described in the company announcement and relate to Long Ridge Energy’s cited performance measures through the second half of 2025.