MARA Holdings, Inc.
MARApublicneocloudBitcoin mining / AI-HPC hosting
Largest listed bitcoin miner, moving power-rich sites toward AI/HPC hosting; a serial convertible-note issuer.
CAPEX in 2025
$0.4B
+62.2% on the year before, $0.3B · four calendar quarters, each as the company reported it
how it is counted
cash purchases of property and equipment in the calendar quarter, as the company's own cash-flow statement reports it. The year: the newest calendar year whose fourth quarter at least 90 % of filers have reported; a filer counts only if it reported all four quarters.
- Four quarters, 2025 Q3 – 2026 Q2 →-10.2% on the four before, $0.4B — its line in the Overview's league
how it is counted
per filer: the same four quarters, the four before them and the change; null where the filer did not report all four
- $0.3B
- Newest quarter · 2026 Q28.6% of revenue · -87.4% on a year before
how it is counted
Of revenue: the quarter's CAPEX as a share of the same quarter's revenue, where the company reports both. On a year before: the change on the same calendar quarter a year before, where the filer reported both.
- $15M
- Off the balance sheet →what it owes that its balance sheet does not carry, each fact counted once · verified 2026-09-28
- —
- Notes priced since 2024 →each tranche in the ledger as the company itself states it
- $619M
- Loans and credit facilities →new facilities as signed, from the company's own announcements
- $785M
- Debt due in 12 months →the company's own five-year schedule
- $442M
- Documents in the corpusthe company's own reports, announcements and earnings calls that the rules read
- 78
CAPEX by quarter
Cash purchases of property & equipment (cash-flow statement), on calendar quarters, each from the company's own reports; hover a bar for revenue, its share and the change on a year before. How CAPEX is read →
Quarters since 2022 Q4, as reported
15 rows
cash purchases of property and equipment in the calendar quarter, as the company's own cash-flow statement reports it. Each quarter is the three months as the company reports them, or its year-to-date figure less the one before. The site shows the quarters since 2022 Q4; the pipeline holds 22 of MARA's.
| 2026 Q2 | $15M | $175M | 8.6% | -87.4% |
| 2026 Q1 | $80M | $175M | 45.7% | +105.1% |
| 2025 Q4 | $164M | $202M | 81.2% | -12.3% |
| 2025 Q3 | $85M | $252M | 33.7% | +123.7% |
| 2025 Q2 | $119M | $238M | 50.0% | +600.0% |
| 2025 Q1 | $39M | $214M | 18.2% | +333.3% |
| 2024 Q4 | $187M | $214M | 87.4% | +9250.0% |
| 2024 Q3 | $38M | $132M | 28.8% | +1800.0% |
| 2024 Q2 | $17M | $145M | 11.7% | +183.3% |
| 2024 Q1 | $9M | $165M | 5.5% | -47.1% |
| 2023 Q4 | $2M | $157M | 1.3% | -90.5% |
| 2023 Q3 | $2M | $98M | 2.0% | -66.7% |
| 2023 Q2 | $6M | $82M | 7.3% | -14.3% |
| 2023 Q1 | $17M | $51M | 33.3% | +142.9% |
| 2022 Q4 | $21M | $28M | 75.0% | -91.4% |
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