MARA Holdings Acquires 64% Stake in Exaion for $168 Million, Expands AI/HPC Capabilities

MARA Holdings is acquiring a 64% stake in Exaion, a high-performance computing and secure cloud/AI infrastructure provider, for $168 million. Exaion partners with NVIDIA and Deloitte. MARA aims to expand its capabilities in AI/HPC infrastructure and secure cloud solutions. The deal structure allows MARA to manage risks efficiently and has an option to increase its stake to 75% by 2027. EDF will remain a minority stakeholder and client of Exaion. The transaction is expected to close by Q4 2025.

MARA Holdings, Inc. (NASDAQ: MARA), a leading digital energy and infrastructure company, has announced an investment agreement to acquire a 64% stake in Exaion, a subsidiary of EDF, for approximately $168 million. The agreement, signed on August 11, 2025, provides MARA with the option to increase its ownership in Exaion up to 75% by 2027, subject to certain milestones being met [1].

Exaion specializes in developing and operating high-performance computing (HPC) data centers and providing secure cloud and AI infrastructure. The company has established partnerships with key industry players such as NVIDIA and Deloitte. MARA aims to leverage Exaion's expertise to expand its capabilities in AI/HPC infrastructure and secure cloud solutions, positioning itself to better serve the growing demand for these technologies [2].

The deal structure allows MARA to manage risks efficiently. EDF will retain a minority stake in Exaion and continue as a client, demonstrating its confidence in Exaion's strategy and long-term growth prospects. The transaction is expected to close in or around Q4 2025, subject to satisfying conditions precedent and obtaining the relevant regulatory approvals [1].

Fred Thiel, MARA's Chairman and CEO, commented on the partnership, stating, "Our collaboration with Exaion would bring together two global leaders in data center development and digital energy. As data protection and energy efficiency become top priorities for both governments and enterprises, MARA and Exaion’s combined expertise would enable us to deliver secure and scalable cloud solutions built for the future of AI" [1].

Julien Villeret, Head of Innovation at EDF Group, noted, "Since its creation in 2020, EDF Pulse Ventures has supported Exaion’s growth and the development of its cutting-edge digital technologies. This transaction would mark a new chapter, as Exaion would join forces with a seasoned global tech partner, while maintaining a collaborative relationship with the EDF Group. It would be a major opportunity for Exaion to accelerate both its technological and international development" [1].

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 [1].

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://theoutpost.ai/news-story/bitcoin-mining-giant-mara-ventures-into-ai-with-168-m-exaion-acquisition-18960/