Shares of MARA Holdings, Inc. (NASDAQ:MARA) climbed 6.4% to $13.19 around midday on Monday, outpacing both Bitcoin and the broader tech sector. The move came as investor attention shifted to artificial intelligence infrastructure opportunities following a major deal by peer TeraWulf Inc. (NASDAQ:WULF).
AI Infrastructure Deals Drive Momentum
TeraWulf announced a 20-year power lease agreement with Anthropic, which values the 401-megawatt facility at approximately $19 billion. This deal set a new benchmark for the sector, with the lease implying roughly $2.4 million per megawatt per year in revenue before expenses. TeraWulf shares surged 13% on the news.
Bitcoin, meanwhile, advanced 1.4% to $63,519, while the Invesco QQQ Trust (NASDAQ:QQQ) gained 1.8%. MARA's more than triple the QQQ's performance underscores the market's focus on AI-related power assets rather than pure cryptocurrency exposure.
MARA's Long Ridge Acquisition in Focus
MARA's recent $1.5 billion acquisition of the Long Ridge Energy & Power facility from FTAI Infrastructure Inc. (NASDAQ:FIP) is central to its AI strategy. The deal, valued at about 30% of MARA's $5.01 billion market capitalization, includes a 505-megawatt combined-cycle gas plant in Hannibal, Ohio, along with over 1,600 acres of land. MARA has indicated the site could support up to 600 megawatts of AI and high-value IT load, though no tenant has been announced yet.
CEO Fred Thiel emphasized the importance of power in AI, stating, "Power is the scarce input in AI." The company expects the deal to close in the second half of 2026, with initial AI buildout beginning in the first half of 2027 and targeted service by mid-2028.
Analyst Views Mixed
Analyst price targets for MARA vary widely. The Benzinga consensus stands at $17.49, with Citizens analyst Greg P. Miller setting a target of $24. On the downside, Morgan Stanley has a $7 target, reflecting the risks associated with the company's power assets and tenant dependency.
MARA's balance sheet saw changes earlier this year after the company sold 15,133 Bitcoin in March, raising approximately $1.1 billion to repurchase convertible notes and reduce outstanding debt by about 30%.
Sector Peers Also Rally
Other Bitcoin miners with AI ambitions also gained. IREN Ltd. (NASDAQ:IREN) rose 14.3%, and TeraWulf led the pack with a 13% increase. The sector's performance highlights the market's growing appetite for companies that can leverage power assets for AI workloads, a trend that may continue as data center demand escalates.
Investors will be watching for any announcements from MARA regarding potential tenants for its Long Ridge facility, as such news could further drive the stock's valuation.
