MARA (MARA) H.C. Wainwright 28th Annual Global Investment Conference summary

Market overview and investment trends

• Hyperscalers are projected to spend over $1 trillion on AI in 2025, driving demand for scalable power and infrastructure.

• Bitcoin miners have secured $160 billion in AI colocation deals and control over 14 GW of power capacity.

• Transition from Bitcoin mining to AI HPC is accelerating due to higher asset value per megawatt and recent Bitcoin price trends.

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

• Demand for AI infrastructure is outpacing supply, with significant interest from hyperscalers, neoclouds, and enterprise clients.

Business models and strategic approaches

• Two main monetization models: co-location (leasing space and power) and AI cloud services (offering GPU-as-a-service).

• Companies are diversifying by pursuing both models, often spinning out pure-play AI infrastructure businesses to attract institutional investors.

• Acquisitions of specialized teams and retrofitting existing facilities are key to rapid deployment and technical differentiation.

• Some firms prefer co-location for large sites and GPU-as-a-service for smaller or international sites to maintain flexibility.

• Partnerships with experienced EPCM providers and leveraging existing power assets are critical for de-risking and scaling projects.

Recent deals and portfolio highlights

• Multi-billion-dollar, long-term leases have been secured, such as a $6.6 billion, 20-year triple net lease in Georgia.

• Exclusive agreements and expansions are underway, with tenants seeking additional megawatts and rapid energization timelines.

• New projects include 350 MW and 300 MW campuses in Texas, with clustering of renewable power sources to scale capacity.

• Recent acquisitions and LOIs are enabling rapid entry and expansion, with some sites offering up to 600 MW of natural gas generation.

• Large prepayments and innovative financing structures are helping companies scale quickly and reduce equity requirements.