MARA Secures 1,200-Acre Texas Site With Up to 2 GW Power Capacity in HIF USA Deal

Deal Terms

MARA Holdings (NASDAQ: MARA) has signed a definitive agreement to acquire a large-scale powered land site in Matagorda County, Texas from HIF USA LLC, securing what the company describes as a strategic digital infrastructure asset approximately 90 miles southwest of Houston. The site is expected to provide access to up to 1 GW of grid capacity by October 2027 and up to 2 GW by April 2028. Financial terms were not disclosed.

Site Details

• The site encompasses more than 1,200 acres in Matagorda County, Texas, positioned for next-generation digital infrastructure development.
• Initial grid capacity of up to 1 GW is targeted by October 2027, scaling to up to 2 GW by April 2028.
• HIF USA will retain a minority ownership interest in the project upon execution of a lease with a high-performance computing (HPC) tenant.
• Phased construction of the digital infrastructure campus is expected to begin in 2026, subject to regulatory approvals.
• Upon full energization, the site is expected to more than double MARA's potential power capacity to approximately 4.8 GW across its portfolio, including the anticipated close of MARA's previously announced agreement to acquire Long Ridge Energy & Power.

Why It Matters

MARA intends to develop the Texas site through its existing partnership with Starwood Digital Ventures, combining MARA's power management expertise with Starwood's data center development and operations experience. The site has already received interest from potential HPC tenants, positioning it to support both high-performance computing workloads and flexible compute operations including Bitcoin mining. HIF USA has given Notice to Proceed for construction on the switchyard that will connect the site to the grid, marking a concrete step toward energization.

The transaction reflects a strategic shift at MARA toward owning large-scale, power-rich infrastructure assets capable of serving multiple compute use cases. Chairman and CEO Fred Thiel stated that sites with access to reliable, scalable power are expected to become increasingly valuable as demand for digital infrastructure grows. For HIF USA, the deal allows it to unlock value from infrastructure assets while retaining participation in the site's future development through its minority stake and continuing its advanced fuels work at other Texas and international locations.

Wall Street View

Analyst consensus on MARA as of July 1, 2026 stood at 4 Strong Buy, 10 Buy, 7 Hold, and 1 Sell, reflecting a broadly constructive view heading into this announcement. That compares to the prior month's tally of 4 Strong Buy, 9 Buy, and 7 Hold, with one additional Buy added to the count.

Investor Takeaway

The HIF USA transaction adds a defined, phased power capacity pathway that, if fully realized alongside the Long Ridge acquisition, would position MARA as one of the larger holders of energized digital infrastructure in North America at approximately 4.8 GW. The minority ownership structure for HIF upon HPC tenant execution introduces a shared-upside mechanism that could influence the economics of any future lease agreements negotiated at the site. Shares closed at $12.60 on Friday, July 10, falling -4.69% while the S&P 500 gained 0.43%.