MARA Stock Forecast & Price Target

MARA Holdings is compelling because it combines a large, under-monetized power portfolio with a scalable path into AI/HPC infrastructure, and management has already outlined a strategy to convert owned sites into higher-value data center leases through its Starwood partnership. Its 2Q26 footprint included 19 data centers across four continents with 1.9 GW of capacity, 1,878 MW of total portfolio capacity, 70.3 EH/s of energized hash rate, and 35,577 BTC held in treasury, giving it both operating scale and balance-sheet optionality. The bullish view is further supported by the pending Long Ridge acquisition, the up to 2 GW Matagorda site, and the expectation of first AI lease signings by YE26, which could close the valuation gap to peers.

MARA Holdings is viewed negatively because its 2Q26 results showed deteriorating economics, with revenue down 27% year over year to $174.9 million, gross profit before D&A collapsing to a 17% margin, and a net loss of $611.3 million driven by heavy G&A, D&A, and fair-value losses. Its mining business is near breakeven at quarter-end bitcoin prices, while rising owned-site energy costs, volatile BTC pricing, and a treasury-funded model that sold 2,213 BTC and reduced holdings from 53,822 to 35,577 increase liquidity and dilution risk. The outlook is further pressured by execution and financing uncertainty around converting a 4.8 GW power portfolio into AI/HPC leases, plus hosted-capacity expirations starting in 3Q27 and ending by 1Q28 that depend on ERCOT and interconnection approvals.