NEW YORK, July 14, 2026, 15:05 (EDT)
- MARA dipped 0.1% to $12.18, while bitcoin climbed 4.2% to roughly $64,560.
- CleanSpark, Inc. NASDAQ:CLSK shares jumped 9.9% after the company signed a 20-year lease on a data center it says will bring in $6.6 billion in revenue.
- MARA’s new Texas facility brings over 11 times the power capacity of CleanSpark’s lease, but MARA hasn’t put out word on any tenant deals yet.
MARA Holdings, Inc. NASDAQ:MARA shares slipped 0.1% to $12.18 in afternoon trading Tuesday. The stock lagged behind bitcoin’s 4.2% bounce and a 10% surge in CleanSpark, which got a lift as investors cheered its power-to-data center revenue shift.
The split is in focus after MARA last week announced a new site in Texas with up to 2,000 MW available. That’s 11.4x the size of CleanSpark’s new 175 MW lease. MARA said there’s interest from potential high-performance computing tenants, but hasn’t reported any lease deals or contract values yet. The market is looking for committed cash flow.
Bitcoin gained, but both MARA and Riot Platforms, Inc. NASDAQ:RIOT slipped a bit. CleanSpark’s jump stands out, showing more of a stock-specific move tied to AI infrastructure demand than just the general crypto rally.
| Security | Price at about 3:05 p.m. EDT | Session move |
|---|---|---|
| MARA Holdings NASDAQ:MARA | $12.18 | -0.08% |
| CleanSpark NASDAQ:CLSK | $13.58 | up 9.87% |
| Riot Platforms NASDAQ:RIOT | $20.12 | down 0.35% |
| Bitcoin | $64,560 | up 4.22% |
CleanSpark’s market cap climbed by about $278 million on Tuesday, lining up to around 84% of the $330 million in average yearly property-level NOI the company is targeting from the lease. The market didn’t give the contract’s full 20-year term all at once, but the stock moved a lot on expectations for year-one income. Proof has a price.
MARA said its site in Matagorda County, which covers more than 1,200 acres, could get an initial 1 GW of grid capacity by October 2027, aiming for 2 GW by April 2028. Full buildout would bring total capacity across MARA’s portfolio to around 4.8 GW, including its planned Long Ridge deal. CEO Fred Thiel said facilities with “reliable, scalable power will become increasingly valuable.” Tuesday trading showed power access isn’t all that matters. MARA
The two filings show the split investors are drawing:
| Metric | MARA’s Matagorda site | CleanSpark’s Sandersville project |
|---|---|---|
| Announced capacity | Up to 2,000 MW | 175 MW leased |
| Tenant position | No lease signed, some interest | Lease signed with top-tier tech tenant |
| Expected delivery | 1 GW by October 2027, 2 GW by April 2028 | Deliveries to start in Q4 2027 |
| Disclosed initial contract value | None | $6.6 billion, 20-year term |
| Disclosed annual property-level income | None | Average $330 million per year |
CleanSpark CEO Matt Schultz called the deal a “transformational moment” for the company, saying it backs up its land-and-power strategy. The lease is triple-net, so CleanSpark says the tenant covers most of the on-site expenses, supporting the outlined margin. But CleanSpark still pegs landlord costs at $10 million to $12 million per MW, so the total for the first 175 MW could hit $1.75 billion to $2.1 billion. Financing is still a factor. SEC
MARA reported it had $513.7 million in cash and 35,303 bitcoin worth $2.4 billion at the end of March. Debt was about $2.4 billion after some note buybacks. The miner has about $1.5 billion left to raise from its at-the-market share program. MARA said it may use cash, borrow against its bitcoin, or sell bitcoin to fund Long Ridge. There’s liquidity, but it’s split between several projects.
The valuation gap might not last. MARA could land a strong tenant, announce rent terms and convert its 2 GW pipeline into signed contracts. CleanSpark still has to get funding and hit its build and delivery targets; missing those could cut or end the rent. It’s still up in the air.
MARA’s next real driver isn’t more acres or extra megawatts. Market wants to see who’s leasing, at what terms, if the project is financed, and when things get built. The split on Tuesday shows traders are still treating Matagorda more like a call option than a sure thing. On this one, timing is key.
Related articles: NASDAQ:MARA
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