Accelerating The AI Conversion: Wishing Upon a Starwood

Research evidence excerpt

Accelerating The AI Conversion: Wishing Upon a Starwood

AI Infrastructure

MARA Holdings, Inc. (MARA)

EQUITY RESEARCH Company Update

May 11, 2026

Accelerating The AI Conversion: Wishing Upon a Price: $13.39

Price Target: $14.00 (From $10.00) Starwood

Rating: Overweight

MARA reported 1Q26 results after the market closed today (5/11). The earnings call

Key Statistics: was heavily focused on accelerating its transition from a pure-play Bitcoin miner into a

Symbol NASDAQ: MARA vertically integrated digital infrastructure platform spanning AI, HPC, sovereign cloud, 52-Week Range 6.66 - 23.45

and power generation. While financial results were pressured by lower Bitcoin prices Market Cap 5,105.2

ADV (3 mo) 47,484,544 and negative mark-to-market impacts, management used the quarter to materially

EV ($M) 4,144 advance its AI strategy through the Starwood partnership, Exaion integration, and the

Shares Out (M) 381.3 recently announced Long Ridge acquisition. We would attribute the recent strength in

shares of MARA to 1) Bitcoin's mini-rally, given MARA still has a sizable Bitcoin position

Research Analysts: (35,503 as of quarter end), and 2) increased optimism surrounding MARA's ability to

Brett Knoblauch, CFA transition its business towards AI colocation through its joint venture with Starwood.

212-610-2221

On the AI front, management remains optimistic that they will get their first lease Brett.Knoblauch@cantor.com

Gareth Gacetta executed this year. Given where shares are trading, we believe at least one deal is

212-915-1251 likely priced in. As such, the clock is now ticking on management to execute. We are

Gareth.Gacetta@cantor.com incrementally more positive that MARA can execute on its AI pivot. We are reiterating