MARA Stock Leaps 17% on Starwood AI Data Center Deal

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TLDR

  • MARA Holdings saw a 17% surge in after-hours trading following the announcement of a partnership with Starwood Capital Group to construct AI data centers.
  • The agreement will transform MARA’s existing mining sites into facilities catering to enterprise cloud and AI clients.
  • The collaborative platform aims to initially achieve over 1 gigawatt of IT capacity, with plans to scale beyond 2.5 gigawatts over time.
  • MARA reported a net loss of $1.7 billion in Q4, which included a $1.5 billion loss from the fair value of digital assets, alongside a 5.6% year-over-year decline in revenue.
  • CEO Fred Thiel stated that Bitcoin “remains a core pillar” of MARA’s strategy, even amid the pivot.

MARA Holdings experienced a nearly 17% increase in after-hours trading on Thursday after the bitcoin miner revealed a significant agreement with Starwood Capital Group to develop AI data centers across its U.S. locations.

Following the announcement, the stock reached $9.88 in post-market trading.

MARA Stock Card

Under the agreement, MARA will contribute its existing data center sites to the partnership. Starwood Digital Ventures — the data center division of Starwood, which oversees more than $125 billion in assets — will take the lead in design, construction, tenant acquisition, and facility operations.

The two firms will co-finance and co-operate on the projects.

The platform is anticipated to provide over 1 gigawatt of IT capacity during the initial development phase. The roadmap may expand this to exceed 2.5 gigawatts over time.

MARA will have the option to invest up to 50% in joint venture projects, enabling it to retain ownership of assets that generate operating cash flow.

The AI Pivot

MARA’s existing sites were primarily constructed for mining, yet they possess an increasingly scarce and valuable asset: direct access to large power supplies.

As tech companies rush to secure power for new AI infrastructure, these sites have gained new attractiveness.

CEO Fred Thiel characterized 2026 as “an inflection point,” citing the Starwood partnership and a separate expansion with Exaion to enhance enterprise AI capabilities.

This move places MARA among a growing number of bitcoin miners repurposing their infrastructure for AI and high-performance computing. Bitfarms (BITF) recently rebranded as Keel Infrastructure as part of a similar transition away from mining toward HPC and AI data center development.

This trend gained momentum after Bitcoin’s most recent halving halved miner rewards. With increasing power costs, declining bitcoin prices, and intensifying competition, profit margins across the mining sector have been compressed.

Bitcoin Still in the Picture

Despite the pivot, MARA isn’t abandoning bitcoin.

Thiel clearly stated in his Q4 shareholder letter that “Bitcoin remains a core pillar of MARA’s strategy,” noting that the company’s long-term confidence in the asset class remains unwavering.

This message was accompanied by challenging quarterly results.

MARA reported a Q4 GAAP EPS of -$4.52, falling short of Street consensus by $3.35. Revenue stood at $202.3 million, a 5.6% year-over-year decrease, and missed estimates by $49 million.

The quarter’s net loss was $1.7 billion, compared to a net income of $528.3 million in Q4 2024. The majority of this loss — $1.5 billion — stemmed from a decrease in the fair value of digital assets held on the balance sheet.

Adjusted EBITDA was -$1.5 billion, compared to $796 million in the same quarter of the previous year.

MARA linked the revenue decline to a 14% decrease in the average price of bitcoin mined during the quarter.

The company is based in Hallandale Beach, Florida.