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.
