TLDR
- MARA Holdings surged 17% in after-hours trading after announcing a partnership with Starwood Capital Group to build AI data centers.
- The deal will convert existing MARA mining sites into facilities for enterprise cloud and AI customers.
- The joint platform targets over 1 gigawatt of IT capacity initially, scaling beyond 2.5 gigawatts over time.
- MARA reported a Q4 net loss of $1.7B, including a $1.5B loss on digital asset fair value, with revenue down 5.6% year-over-year.
- CEO Fred Thiel says Bitcoin “remains a core pillar” of MARA’s strategy despite the pivot.
MARA Holdings jumped nearly 17% in after-hours trading on Thursday after the bitcoin miner announced a major deal with Starwood Capital Group to develop AI data centers across its U.S. sites.
MARA announces a strategic partnership with Starwood Digital Ventures to accelerate delivery of cutting-edge hyperscale, enterprise, and AI capable digital infrastructure.
The joint platform is expected to deliver approximately 1 GW of near-term IT Capacity, with a pathway to… pic.twitter.com/9rE8orvUnG
— MARA (@MARA) February 26, 2026
The stock hit $9.88 in post-market trading following the announcement.
Marathon Digital Holdings, Inc., MARA
Under the agreement, MARA will contribute its existing data center sites to the partnership. Starwood Digital Ventures — the data center arm of Starwood, which manages over $125 billion in assets — will lead design, construction, tenant sourcing, and facility operations.
The two companies will jointly finance and operate the projects.
The platform is expected to deliver more than 1 gigawatt of IT capacity in the initial development phase. The roadmap could extend that to beyond 2.5 gigawatts over time.
MARA will have the option to invest up to 50% in joint venture projects, allowing it to retain ownership in assets generating operating cash flow.
The AI Pivot
MARA’s existing sites were largely built for Bitcoin mining, but they come with something increasingly rare and valuable: direct access to large power supplies.
As tech companies scramble to secure power for new AI infrastructure, those sites have taken on new appeal.
CEO Fred Thiel described 2026 as “an inflection point,” pointing to the Starwood partnership and a separate expansion with Exaion to grow enterprise AI capabilities.
This move puts MARA alongside a growing list of bitcoin miners repurposing their infrastructure for AI and high-performance compute. Bitfarms (BITF) recently rebranded as Keel Infrastructure as part of a similar shift away from mining toward HPC and AI data center development.
The trend accelerated after Bitcoin’s most recent halving cut miner rewards in half. With rising power costs, falling bitcoin prices, and tightening competition, margins across the mining sector have been squeezed.
Bitcoin Still in the Picture
Despite the pivot, MARA isn’t walking away from bitcoin.
Thiel stated clearly in his Q4 shareholder letter that “Bitcoin remains a core pillar of MARA’s strategy,” adding that the company’s long-term conviction in the asset class is unchanged.
That message came alongside a difficult set of quarterly numbers.
MARA reported Q4 GAAP EPS of -$4.52, missing Street consensus by $3.35. Revenue came in at $202.3 million, down 5.6% year-over-year, and missed estimates by $49 million.
Net loss for the quarter was $1.7 billion, compared to net income of $528.3 million in Q4 2024. The bulk of that loss — $1.5 billion — came from a decline in the fair value of digital assets held on the balance sheet.
Adjusted EBITDA was negative $1.5 billion, versus a positive $796 million in the same quarter a year ago.
MARA attributed the revenue decline to a 14% drop in the average price of bitcoin mined during the quarter.
The company is based in Hallandale Beach, Florida.
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