NEW YORK, July 21, 2026, 14:12 EDT
- MARA climbed 6.4% to $12.42 during early Nasdaq trade. The stock’s gain over the past two sessions totaled 16.1%.
- Hut 8 NASDAQ:HUT and IREN NASDAQ:IREN announced AI deals worth several billion dollars on Monday.
- MARA reports its possible power portfolio may total 4.8 gigawatts. Its most recent Texas filing revealed no tenant lease.
At 1:56 p.m. EDT, MARA shares were up 6.4% at $12.42. Combined with Monday’s 9.2% rally, the stock gained 16.1% over two sessions. Bitcoin increased 1.1%. U.S. cash markets continued trading.
Investors are favoring firms with secured demand rather than just megawatt capacity. Shares in MARA advanced after rival firms announced new AI deals. The minor gain in the cryptocurrency gave limited backing.
Hut 8 agreed to a second 352-megawatt lease valued at $9.8 billion across 15 years. The agreement increased Hut 8’s contracted AI capacity to 949 megawatts. Total contract value for the base term climbed to $26.6 billion.
IREN secured $2.8 billion in new long-term AI contracts. The company reported that approximately 85% of its year-end annualized run-rate target, which exceeds $4 billion, is now under contract. The target represents a company estimate and not GAAP revenue.
MARA offers the opposite scenario. While it reports substantial potential power availability, it has yet to announce a Matagorda tenant agreement. The July filing noted that potential tenants had expressed interest.
The deal’s total consideration could reach as much as $600 million, subject to the achievement of certain development milestones. One such milestone relates to securing a data-center lease with a third party. The filing did not disclose any lease.
The Texas facility may reach one gigawatt of output by October 2027. Its capacity has the potential to grow to two gigawatts by April 2028. MARA notes that if the pending Long Ridge project is included, its potential portfolio could expand to 4.8 gigawatts. The emphasis remains on “potential”.
| Company | Price | Session move | Market value | Latest AI commercialization disclosed |
|---|---|---|---|---|
| MARA | $12.42 | rose 6.4% | $4.73 billion | 4.8 GW potential reported; filing shows no Matagorda tenant lease |
| Hut 8 | $108.77 | gained 7.8% | $12.08 billion | 949 MW under contract; base-term contract value at $26.6 billion |
| IREN | $41.74 | up 3.8% | $13.94 billion | Signed $2.8 billion in new contracts, securing about 85% of 2026 run-rate target |
Figures reflect market data as of approximately 1:56 p.m. EDT. Commercial metrics are based on company statements and cannot be directly compared.
MARA held a market capitalization of $4.73 billion, accounting for roughly 39% of Hut 8’s value and 34% of IREN’s. This comparison indicates that investors continue to apply a discount to uncontracted power.
Chief Executive Fred Thiel presented the power argument on July 9. “Sites with access to reliable, scalable power will become increasingly valuable,” he said. Monday’s agreements back up that argument. They also set a higher standard for proof.
Management aims to secure at least one tenant lease by year-end. The company will disclose contracted megawatts as pipeline agreements close. This marks MARA’s upcoming challenge.
MARA maintains significant exposure to bitcoin. As of March 31, the company possessed 35,303 bitcoin and $513.7 million in cash reserves. First-quarter revenue declined 18% to $174.6 million.
Risks: Matagorda remains subject to regulatory approvals, completion of construction and securing a tenant agreement. Total consideration has the potential to hit $600 million. MARA reported a first-quarter net loss of $1.3 billion, which included a $1 billion fair-value loss on bitcoin.
Investors are presented with a clear test. Details on signed megawatts and financing terms would allow for more straightforward comparisons for MARA. In their absence, valuations will continue to rely heavily on peer contract benchmarks.
