MARA lays out AI expansion plans and lands a $79M GPU contract

The Bitcoin miner's Exaion subsidiary signed a four-year take-or-pay deal as MARA lines up a Texas site with up to 2 GW of potential power capacity MARA Holdings wants to be known for more than mining Bitcoin. Its latest shareholder letter makes that ambition unusually concrete. In its Q3 2026 Shareholder Letter, MARA said its subsidiary Exaion signed a $79 million GPU-as-a-service contract that runs for four years. The company also secured rights to a site in Matagorda County, Texas, with up to 2 GW of potential grid capacity, pending approvals. The contract, the site, and the power plant The Exaion contract carries 100% take-or-pay terms. The customer is committed to paying for the capacity whether or not it actually uses all of it. MARA also said the contract includes plans to expand into North America. The Matagorda County site is targeted to reach 1 GW by October 2027 and up to 2 GW by April 2028. Both milestones depend on approvals from ERCOT, the operator that manages most of the Texas power grid. 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 approv...