MARA and EDF Pulse Ventures sign investment agreement for Exaion subsidiary.

MARA Holdings, a digital energy and infrastructure company, has signed an investment agreement with EDF Pulse Ventures to acquire a 64% stake in Exaion, a subsidiary of EDF. Exaion develops and operates high-performance computing data centers and provides secure cloud and AI infrastructure. The agreement allows MARA to increase its ownership in Exaion up to 75% by 2027.

MARA Holdings, Inc. (NASDAQ: MARA), a leading digital energy and infrastructure company, has signed an investment agreement with EDF Pulse Ventures to acquire a 64% stake in Exaion, a subsidiary of EDF. The agreement allows MARA to increase its ownership in Exaion up to 75% by 2027. Exaion develops and operates high-performance computing (HPC) data centers and provides secure cloud and AI infrastructure, partnering with industry leaders such as NVIDIA, Deloitte, and 2CRSI.

The investment agreement, announced on August 11, 2025, involves an upfront cash investment of approximately $168 million by MARA. This initial stake provides MARA with a controlling position in Exaion, with the option to increase ownership to 75% by 2027, contingent upon achieving certain milestones. The transaction is expected to close in Q4 2025, subject to satisfying conditions precedent and obtaining the relevant regulatory approvals.

The acquisition aims to enhance MARA's capabilities in AI/HPC infrastructure development and expand its secure cloud solutions offerings. Exaion's existing partnerships with technology leaders like NVIDIA, Deloitte, and 2CRSI provide MARA with an instant ecosystem of strategic relationships in the AI space. Additionally, retaining EDF as both a minority shareholder and client demonstrates EDF's confidence in Exaion's strategy and long-term growth prospects.

The transaction structure reveals careful risk management. The initial 64% controlling stake with an option to increase to 75% by 2027 allows MARA to integrate operations before committing the additional $127 million. This milestone-based approach suggests confidence in achieving synergies while maintaining financial discipline.

Under the terms of the agreement, MARA would invest approximately $168 million in cash upfront to acquire a 64% stake in Exaion, with the opportunity to invest another approximately $127 million to acquire an additional 11% of Exaion, contingent upon certain milestones being met.

This strategic move by MARA represents a significant expansion into the high-growth AI and HPC infrastructure sector. By integrating Exaion's platform, operations, and engineering expertise, MARA expects to better serve the growing demand for secure cloud solutions.

References:
[1] https://ir.mara.com/news-events/press-releases/detail/1407/mara-and-edf-pulse-ventures-sign-investment-agreement-in-subsidiary-exaion-to-expand-maras-global-aihpc-capabilities
[2] https://www.stocktitan.net/news/MARA/mara-and-edf-pulse-ventures-sign-investment-agreement-in-subsidiary-f54267sui9tm.html