MARA (MARA) investor relations material

Market overview and industry transformation

• AI infrastructure is a leading investment theme, with hyperscalers expected to spend over $1 trillion on AI in the coming year.

• Bitcoin miners are rapidly transitioning into AI data center developers, leveraging their access to scalable power and land.

• The shift is driven by higher asset value and revenue per megawatt in AI HPC compared to traditional Bitcoin mining.

• Labor shortages and rising costs, especially for electricians and specialized equipment, are significant bottlenecks for new data center builds.

• Companies are optimizing portfolios by targeting both large-scale and smaller inference sites to meet diverse client needs.

Business models and strategic approaches

• Two primary monetization models are co-location and AI cloud services, with some firms pursuing both for diversification.

• Spinning off pure-play AI infrastructure businesses and acquiring specialized teams are key strategies to attract institutional investors and secure financing.

• Retrofit projects, such as converting factories into AI campuses, are used to address community concerns and accelerate deployment.

• Companies are cautious about locking up all power assets in long-term leases, maintaining flexibility for future opportunities.

• Partnerships and acquisitions, such as with Exaion and Starwood, are used to enhance technical capabilities and reduce execution risk.

Recent deals and portfolio highlights

• Multi-billion-dollar leases and cloud service contracts have been secured, with CleanSpark landing a $6.6 billion, 20-year triple net lease and WhiteFiber announcing $500 million in cloud deals.

• Core Scientific signed a 500 MW deal with AMD, with an option for an additional 2,000 MW across multiple sites.

• Soluna is developing renewable-powered campuses, with projects like Cotty 2 (350 MW) and Dorothy III (300 MW) leveraging clustering of wind and solar assets.

• Bitdeer is scaling both co-location and GPU-as-a-service models, with significant prepayments from customers enabling rapid expansion in Malaysia and the U.S.

• Big Digital is focusing on phased build-outs and partnerships, with a 17 MW initial project in Texas and plans to scale to 600 MW of natural gas generation.