MARA lays out AI expansion plans and lands a $79M GPU contract

MARA Holdings wants to be known for more than mining Bitcoin. Its latest shareholder letter makes that ambition unusually concrete.

In its Q3 2026 Shareholder Letter, MARA said its subsidiary Exaion signed a $79 million GPU-as-a-service contract that runs for four years. The company also secured rights to a site in Matagorda County, Texas, with up to 2 GW of potential grid capacity, pending approvals.

The contract, the site, and the power plant

The Exaion contract carries 100% take-or-pay terms. The customer is committed to paying for the capacity whether or not it actually uses all of it. MARA also said the contract includes plans to expand into North America.

The Matagorda County site is targeted to reach 1 GW by October 2027 and up to 2 GW by April 2028. Both milestones depend on approvals from ERCOT, the operator that manages most of the Texas power grid.

MARA is working to acquire the Long Ridge Energy & Power natural gas plant in Ohio, which would add roughly 505 MW of output. The deal is expected to close shortly after approval from FERC, the federal energy regulator.

About 70% of Long Ridge’s output will be under long-term contracts, according to the shareholder letter. The plant feeds into a broader portfolio with a total potential capacity of around 4.8 GW.

Starwood, debt, and buybacks

In February 2026, MARA formed a joint venture with Starwood Digital Ventures aimed at developing hyperscale and AI data centers. Under that arrangement, Starwood handles design and tenant sourcing.

The balance sheet also got attention after the quarter closed. MARA paid off $750 million in Bitcoin-backed debt and started a $500 million share repurchase plan.

What this means for MARA and its shareholders

Regulatory timing is the biggest variable to watch. The Texas site’s 1 GW and 2 GW milestones hinge on ERCOT approvals, and the Long Ridge acquisition is waiting on FERC.

The financial moves cut in two directions. Clearing $750 million in Bitcoin-backed debt reduces exposure to crypto price swings. Committing $500 million to buybacks while funding a major power buildout means shareholders will want to see the capital plan hold together.