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MARA Holdings Outlines AI and Energy Shift with MPLX LOI; Q3 Results Impress
MPLX will supply natural gas from its Delaware Basin processing plants to MARA’s planned gas-fired power facilities.
Updated Nov 4, 2025, 3:17 p.m. Published Nov 4, 2025, 2:49 p.m.
What to know:
- MARA Holdings and MPLX (a spinoff of oil exploration giant Marathon Petroleum) signed a letter of intent to develop integrated power generation and data center campuses in West Texas, starting with 400 MW and scalable to 1.5 GW.
- The announcement came alongside MARA's third quarter results, which showed net income of $123 million and adjusted EBITDA surging 1,671% to $395.6 million.
- MARA is lower by 2.3% in early action alongside a sizable sell-off in crypto and traditional markets.
MARA Holdings (MARA) and MPLX LP (MPLX) announced a new collaboration to build integrated power generation and data center campuses in West Texas, marking a major step in energy and computing infrastructure development.
Under a newly signed letter of intent, MPLX will supply natural gas from its Delaware Basin processing plants to MARA’s planned gas-fired power facilities, which will initially deliver 400 MW of electricity with potential expansion to 1.5 GW.
The power will serve MARA’s data centers and also enhance energy reliability for MPLX’s regional operations. MPLX CEO Maryann Mannen said the deal strengthens the company’s natural gas value chain, while MARA CEO Fred Thiel emphasized the benefits of leveraging local low-cost gas to fuel efficient, high-performance data centers. MARA expects the project to evolve from supporting mining operations to advanced AI and high-performance computing workloads.
Alongside the collaboration, MARA reported third quarter 2025 results.
Third quarter revenues of $252 million, were up 92% year-over-year. Net income of $123 million was up from a net loss of $125 million in the same period last year. Adjusted EBITDA rose by 1,671% to $395.6 million.
STORY CONTINUES BELOW
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The company’s energized hashrate climbed 64% to 60.4 EH/s; bitcoin holdings nearly doubled to 52,850.
MARA is lower by 2.3% in early trading as crypto and traditional markets are sharply lower on Tuesday.
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