MARA (NASDAQ: MARA) announced its first major AI deal on Thursday concurrent with its 2025 earnings release, where it reported $907.1 million for full-year revenue.
MARA has established a joint venture with Starwood Capital Group to develop AI/HPC infrastructure across its existing sites The partnership targets roughly 1 gigawatt of near-term IT capacity, with a pathway to more than 2.5 gigawatts over time. MARA will provide real estate for the data centers while Starwood Digital Ventures will handle design, construction, tenant sourcing, and operations.
“Our partnership with Starwood will allow us to turn that power certainty into capacity certainty, so customers can run diverse workloads close to their data and users,” said Fred Thiel, MARA’s Chairman and CEO. MARA retains the option to invest up to 50% in joint venture projects.
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Turning to its 2025 and Q4 earnings, MARA pulled in $202.3 million in revenue during Q4, a 6% decrease from $214.4 million in the same period a year ago. The Bitcoin miner posted a net loss of $1.7 billion for the quarter, driven by a $1.5 billion loss on the fair value of its bitcoin holdings as bitcoin prices declined during the period.
For the full year, MARA’s revenue grew 38% to $907.1 million from $656.4 million in 2024. MARA’s full-year net loss totaled $1.3 billion, compared to net income of $541 million in the prior year. The decline stemmed from higher depreciation expenses, including $772.8 million in accelerated depreciation and losses on the fair value of its bitcoin holdings.
On the mining side, MARA produced 2,011 BTC during the fourth quarter, bringing its full-year total to 8,799 BTC. That marks a 7% decline from 9,430 BTC mined in 2024. The company won 595 blocks in Q4, down 15% from 703 in the prior year period.
MARA’s energized hashrate reached a record 66.4 EH/s as of December 31, a 25% increase from 53.2 EH/s a year earlier. The company deployed approximately 35,000 new miners during the year, achieving an energy efficiency of 18.6 J/TH. Despite the hashrate growth, MARA’s energy cost per bitcoin rose to $48,611 in Q4 from $31,608 a year earlier, as global network difficulty outpaced MARA’s fleet expansion.
MARA held 53,822 BTC at year end, valued at approximately $4.7 billion based on a spot price of $87,498. That total includes 15,315 BTC loaned or pledged as collateral under the company’s asset management strategy, which generated roughly $32.1 million in interest income for the year.
The fourth quarter marked the first period since 2022 where MARA did not tap into an at-the-market equity offering. The company instead funded operations by selling a portion of its mined bitcoin. Unrestricted cash and cash equivalents stood at $547.1 million as of December 31. Combined liquid assets, including cash and BTC holdings, totaled approximately $5.3 billion.
Separately, MARA acquired a 42-megawatt data center in Nebraska during the quarter. The company also closed a 64% stake in Exaion, a move it described as expanding its AI/HPC infrastructure capabilities internationally.
