MARA's Exaion Lands $79 Million GPU Contract, Targets 2 GW in Texas

MARA Holdings' subsidiary Exaion has signed a $79 million GPU-as-a-service contract running for four years, according to the company's Q3 2026 shareholder letter. The Bitcoin miner also secured rights to a site in Matagorda County, Texas, with up to 2 GW of potential grid capacity, pending regulatory approvals.

The deal marks MARA's most concrete step yet in its push to be known for more than mining Bitcoin. The contract carries 100% take-or-pay terms, meaning the customer pays for the allocated capacity regardless of how much it actually uses. MARA said the agreement includes plans to expand Exaion's operations into North America.

What did the shareholder letter disclose?

The letter lays out three connected moves: the Exaion GPU contract, the Texas land position, and an acquisition in Ohio. Each is designed to convert MARA from a pure Bitcoin miner into an operator of energy and computing infrastructure.

The Matagorda County site carries a two-stage timeline:

• 1 GW of capacity targeted by October 2027
• Up to 2 GW targeted by April 2028

Both milestones depend on approvals from ERCOT, the operator that manages most of the Texas power grid. That regulatory gate, not construction or financing, is the binding constraint on the schedule.

Separately, 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 sit under long-term contracts, according to the shareholder letter, giving the plant a contracted revenue base from day one.

Long Ridge feeds into a broader MARA power portfolio with total potential capacity of around 4.8 GW. That figure — more than four times the capacity of a large nuclear unit — frames the scale of the pivot from hash rate to megawatts.

How do the Starwood venture and the balance sheet fit in?

In February 2026, MARA formed a joint venture with Starwood Digital Ventures aimed at developing hyperscale and AI data centers. Under the arrangement, Starwood handles design and tenant sourcing. That division of labor matters commercially: MARA brings power and land, Starwood brings the relationships needed to fill the buildings with creditworthy tenants.

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

The two actions cut in opposite financial directions. Clearing the Bitcoin-backed debt reduces MARA's exposure to crypto price swings and removes a layer of collateral risk that has burdened leveraged miners through market drawdowns. Committing $500 million to buybacks at the same time as funding a multi-gigawatt power buildout stretches the capital plan, and shareholders will want to see the two commitments hold together without one crowding out the other.

What comes next for MARA's AI infrastructure push?

The take-or-pay structure of the Exaion contract is the operational anchor. Because the customer pays whether or not it uses the capacity, the $79 million commitment functions as contracted revenue over the four-year term rather than a speculative booking.

Regulatory timing remains the biggest variable. The Texas site's 1 GW and 2 GW milestones hinge on ERCOT approvals, and the Long Ridge acquisition waits on FERC. A delay at either agency pushes back the capacity additions that underpin the AI services revenue MARA is building toward.

The near-term calendar is set: MARA must clear FERC on Long Ridge to close the Ohio acquisition, then work through ERCOT's interconnection and approval process to hit its October 2027 target for the first gigawatt in Matagorda County. How the company executes on those two filings will determine whether the 4.8 GW portfolio remains a plan or becomes an operating asset base.

By Tom Whitfield, Mempool Brief.