MARA Holdings, Inc. (NASDAQ:MARA) shares slipped 0.1% to $12.18 in afternoon trading Tuesday, lagging behind a 4.2% bounce in bitcoin to roughly $64,560. The stock's muted performance contrasted sharply with CleanSpark, Inc. (NASDAQ:CLSK), which surged 9.9% after announcing a 20-year lease on a data center that it projects will generate $6.6 billion in revenue.
The divergence highlights a growing split in how investors value bitcoin miners pivoting to AI infrastructure. While MARA last week unveiled a massive site in Matagorda County, Texas, with up to 2,000 megawatts (MW) of capacity—11.4 times the size of CleanSpark's new 175 MW lease—the company has yet to secure any tenant agreements or disclose contract values. In contrast, CleanSpark's lease with a top-tier tech tenant provides a clear revenue stream, which the market has rewarded.
CleanSpark's market cap climbed by about $278 million on Tuesday, roughly 84% of the $330 million in average annual property-level net operating income the company targets from the lease. The market did not fully price in the 20-year term but responded strongly to expectations for year-one income, underscoring the premium placed on proof of committed cash flow.
MARA's Matagorda County site, spanning over 1,200 acres, is expected to deliver an initial 1 GW of grid capacity by October 2027, with a target of 2 GW by April 2028. Full buildout would bring MARA's total portfolio capacity to around 4.8 GW, including its planned Long Ridge deal. CEO Fred Thiel has noted that facilities with reliable, scalable power will become increasingly valuable, but Tuesday's trading suggests that power access alone is not enough to sway investors.
The table below illustrates the key differences between the two projects:
| Metric | MARA's Matagorda Site | CleanSpark's Sandersville Project |
|---|---|---|
| Announced Capacity | Up to 2,000 MW | 175 MW leased |
| Tenant Position | No lease signed; some interest | Lease signed with top-tier tech tenant |
| Expected Delivery | 1 GW by Oct 2027, 2 GW by Apr 2028 | Deliveries start Q4 2027 |
| Disclosed Initial Contract Value | None | $6.6 billion, 20-year term |
| Disclosed Annual Property-Level Income | None | Average $330 million per year |
CleanSpark CEO Matt Schultz called the deal a transformational moment, validating the company's land-and-power strategy. The triple-net lease structure means the tenant covers most on-site expenses, supporting the outlined margins. However, CleanSpark still estimates landlord costs at $10 million to $12 million per MW, putting the total for the first 175 MW at $1.75 billion to $2.1 billion, with financing remaining a key factor.
MARA reported $513.7 million in cash and 35,303 bitcoin worth $2.4 billion as of the end of March. Debt stood at about $2.4 billion after some note buybacks, and the company has roughly $1.5 billion left to raise from its at-the-market share program. MARA may use cash, borrow against its bitcoin, or sell bitcoin to fund the Long Ridge project, indicating ample liquidity but spread across multiple initiatives.
The valuation gap between MARA and CleanSpark may not persist. If MARA secures a strong tenant and announces favorable rent terms, its 2 GW pipeline could quickly convert into signed contracts. Conversely, CleanSpark still needs to secure funding and meet its build and delivery targets; any miss could reduce or terminate its rent. The outcome remains uncertain.
For MARA, the next real driver is not additional acres or megawatts but concrete lease agreements, financing, and construction timelines. Tuesday's trading suggests that the market is treating Matagorda more like a call option than a sure thing, with timing being critical.
