Marathon Digital’s joint venture with Starwood Digital Ventures will develop AI and high-performance computing infrastructure on its powered sites, targeting over 1 gigawatt of capacity with a pathway to exceed 2.5 GW. Marathon can retain up to 50% equity, capitalize development costs, and expects the venture to generate net operating income, free cash flow, and reduce earnings volatility by alternating Bitcoin mining as a flexible load-balancing activity via a TAE Batteries partnership.

In Q4 2025, Marathon reported revenue of $202.3 million and a net loss of $1.7 billion, including a $1.5 billion non-cash digital asset mark-to-market adjustment. The company mined an average of 21.9 Bitcoin per day (down from 27.1), held approximately 53,822 BTC, and highlighted that each $10,000 Bitcoin price change alters its holdings’ value by roughly $538 million.

Marathon closed its majority investment in Exaion, acquiring a 64% stake in the French data center operator with four facilities (including Tier IV) and about 90 employees. Exaion provides private cloud, AI and blockchain infrastructure services—such as stablecoin issuance and quantum computing—and is positioned to expand sovereign and enterprise cloud deployments under Marathon’s majority control.