MARA Holdings, Inc.
MARApublicneocloudBitcoin mining / AI-HPC hosting
What this company owes, to whom, at what cost and when it comes due. Every figure is the one the company itself states. cohort: neocloud · verified 2026-09-28 How these figures are built →
how it is counted
what the filer owes that is not on its balance sheet at this date: leases not yet commenced plus unrecorded purchase obligations, counted once. A filer that reports the same figure under both (Meta, Alphabet, Equinix, Arm, Applied Digital, Astera Labs) has stated one fact twice, and offBalanceNote says so
- Notes priced since 2024 · 2 →each tranche in the ledger as the company itself states it
how it is counted
principal in USD billions — native for USD, spot rate on the pricing date otherwise (fx recorded)
- $619M
- Loans and credit facilities · 1 →as signed; the figure counts new facilities, the count amendments too
how it is counted
the commitment as the company states it — a ceiling for revolvers and delayed-draw facilities, not an amount drawn; new facilities only: an amendment restates a commitment already counted.
- $785M
- Debt due in 12 months →its own schedule, as of 2026-06-30
how it is counted
the company's own maturity schedule for all its long-term debt, as its latest report states it: principal due in the next twelve months, years two to five and after; USD billions
- $442M
- Long-term debt on the balance sheet →on its balance sheet at 2026-06-30
how it is counted
long-term debt including its current portion, read line by line off the company's own balance sheet (ADR-0044), an asset manager's consolidated funds' debt apart where it is reported apart; its derivation says when the notes to the accounts gave a part, when the date came from the next report's prior-period column, or when finance leases sit inside a line
- $2.4B
- Cost of debt · 2026 Q2 →interest cover -83.18× · capex over operating cash flow —
how it is counted
4 × the quarter's interest cost ÷ average funded debt (borrowings + finance lease liabilities when the company states them apart; rateBasis says which) — interest cost is the interest expense plus the interest capitalised into what the company builds where it states that for the quarter; none when it states it only for a year in which it capitalised a tenth or more of its interest; interest expense under US GAAP includes finance-lease interest, so funded debt is the cleaner basis; a manager's consolidated VIEs' debt taken out of its debt line is added back where its interest expense pays for it
- 1.03%
- Sold at the market, four quarters to 2025-03-31 →40.2M shares, as the company states its own sales
how it is counted
sum of the quarterly rows of the company's own programmes in the twelve months to the newest quarter; 'quarters' says how many were found
- $765.8M
When it comes due
Its own schedule, as of 2026-06-30
Notes and facilities since 2024, by maturity year
What has it committed to?
Obligations as the company states them — leases and purchase obligations as it reports them, long-term debt read off its balance sheet — each at the date it last stated it. The off-balance-sheet total is what it owes that its balance sheet does not carry.
Obligations as stated
| Long-term debt on the balance sheet | $2.4B | 2026-06-30 | long-term debt including its current portion, read line by line off the company's own balance sheet (ADR-0044), an asset manager's consolidated funds' debt apart where it is reported apart; its derivation says when the notes to the accounts gave a part, when the date came from the next report's prior-period column, or when finance leases sit inside a line |
| Lease liabilities on the balance sheet | $48M | 2026-06-30 | operating plus finance, discounted operating + finance lease liabilities |
| Lease payments due | $166M | 2026-06-30 | operating plus finance, undiscounted operating + finance undiscounted payments due |
Obligations created, as announced
| 2026-09-25 | material definitive agreement | $600M | purchase agreement | Volt Texas LLC, MARA Holdings, Inc., HIF USA LLC, MARA USA Corporation, Project Company, Original Purchase Agreement. The Project Company |
| 2026-07-09 | material definitive agreement | $600M | purchase agreement | Volt Texas, LLC, MARA Holdings, Inc., HIF USA LLC, Project Company, Purchase Agreement. The Project Company, Site. The Project Company |
| 2026-04-30 | material definitive agreement | $1.5B | purchase agreement | MARA USA Corporation, MARA Holdings, Inc., Ohio River Partners Holdco LLC, Ohio River Partners Finance LLC, FTAI Infrastructure Inc., Long Ridge Energy & Power LLC |
| 2025-07-28 | material definitive agreement | $950M | senior notes | MARA Holdings, Inc., Morgan Stanley & Co. LLC, Company. The Company, U.S. Bank Trust Company |
| 2025-07-28 | direct financial obligation | $950M | senior notes | MARA Holdings, Inc., Morgan Stanley & Co. LLC, Company. The Company, U.S. Bank Trust Company |
| 2025-03-28 | material definitive agreement | $2.0B | — | MARA Holdings, Inc., Barclays Capital Inc., BMO Capital Markets Corp., BTIG, LLC, Guggenheim Securities, LLC, H.C. Wainwright & Co., LLC |
| 2024-12-04 | material definitive agreement | $850M | senior notes | MARA Holdings, Inc., J.P. Morgan Securities LLC, Barclays Capital Inc., Company. The Company, U.S. Bank Trust Company |
| 2024-12-04 | direct financial obligation | $850M | senior notes | MARA Holdings, Inc., J.P. Morgan Securities LLC, Barclays Capital Inc., Company. The Company, U.S. Bank Trust Company |
| 2024-11-21 | material definitive agreement | $1.0B | senior notes | MARA Holdings, Inc., J.P. Morgan Securities LLC, Barclays Capital Inc., Company. The Company, U.S. Bank Trust Company |
| 2024-11-21 | direct financial obligation | $1.0B | senior notes | MARA Holdings, Inc., J.P. Morgan Securities LLC, Barclays Capital Inc., Company. The Company, U.S. Bank Trust Company |
| 2024-08-14 | material definitive agreement | $300M | senior notes | Marathon Digital Holdings, Inc., Barclays Capital Inc., Company. The Company, U.S. Bank Trust Company |
| 2024-08-14 | direct financial obligation | $300M | senior notes | Marathon Digital Holdings, Inc., Barclays Capital Inc., Company. The Company, U.S. Bank Trust Company |
| 2024-03-18 | material definitive agreement | $87M | purchase agreement | MARA Garden City LLC, Marathon Digital Holdings, Inc., Applied Digital Corporation |
What has it borrowed, and at what cost?
Each note tranche in the ledger priced since 2024, as the company itself states it, and each credit facility as signed. Nothing is netted, nothing is estimated.
Notes priced since 2024
| 2026-04-30 | $600M | 8.75% | 2032 | fixed | — |
| 2025-11-04 | $19M | 1% | 2026 | fixed | — |
Loans and credit facilities as signed
| 2026-04-30 | term loan “In connection with, and concurrently with the entry into, the Purchase Agreement, the Company entered into a commitment letter with Barclays Bank PLC (“Barclays”), pursuant to which Barclays committed, subject to satisfaction of customary conditions, to provide a 364-day senior secured bridge term loan facility to the Company in an aggregate principal amount of up to $785,000,000.” | $785M | — | — | — | — |
Cost of debt, from its own statements
Latest quarter, 2026 Q2: cost of debt 1.03%, interest cover -83.18×, capex over operating cash flow —.
Cost of debt: 4 × the quarter's interest cost ÷ average funded debt (borrowings + finance lease liabilities when the company states them apart; rateBasis says which) — interest cost is the interest expense plus the interest capitalised into what the company builds where it states that for the quarter; none when it states it only for a year in which it capitalised a tenth or more of its interest; interest expense under US GAAP includes finance-lease interest, so funded debt is the cleaner basis; a manager's consolidated VIEs' debt taken out of its debt line is added back where its interest expense pays for it Interest cover: operating income ÷ interest expense. Capex over operating cash flow: cash purchases of PP&E ÷ operating cash flow; null when operating cash flow is not positive.
What equity has it sold?
Raises as announced, and shares actually sold under an at-the-market programme when the company states the period.
Equity and hybrid raises
| 2025-07-28 | convertible “persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The aggregate principal amount of notes sold in the offering was $950 million. The Company also granted the Initial P” | $950M | 0% | 2032 |
| 2025-03-28 | atm “In
accordance with the terms of the Sales Agreement, we may offer and sell shares of our common stock from time to time having an aggregate
offering price of up to $2.0 billion through one or more Sales Agents acting as our sales agents or principals.” | $2.00B | — | — |
| 2025-03-28 | atm “Wainwright & Co., LLC (the “Prior ATM
Agreement”), relating to the at-the-market offering of shares of Common Stock having an aggregate offering price of up to $1.5 billion.” | $1.50B | — | — |
| 2025-03-28 | atm “Wainwright & Co., LLC,
acting as sales agent, pursuant to an at-the-market offering agreement, dated October 24, 2023, under which we may offer and sell
shares of our common stock from time to time through the sales agent having an aggregate offering price of up to $750.0 million.” | $750M | — | — |
| 2024-12-04 | convertible “persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The aggregate principal amount of notes sold in the offering was $850 million. The Company also granted the Initial P” | $850M | 0% | 2031 |
| 2024-11-21 | convertible “persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The aggregate principal amount of notes sold in the offering was $1 billion, which includes $150 million aggregate” | $1.00B | 0% | 2030 |
| 2024-08-14 | convertible “persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The aggregate principal amount of notes sold in the offering was $300.0 million, which includes $50.0 million aggregate” | $300M | 2.125% | 2031 |
At the market, as the company states its own sales
21 stated period(s) across 2 quarter(s) · last four quarters to 2025-03-31: 40.2M shares for $765.8M.
The last four quarters: sum of the quarterly rows of the company's own programmes in the twelve months to the newest quarter; 'quarters' says how many were found.
When does it come due, and who holds it?
The company's own five-year schedule, what we have placed by year from the notes and facilities since 2024, and the price the funds that hold its paper report.
Its own maturity schedule
| 2026-06-30 | $442M | $0M | $0M | $633M | — | — | $1.1B |
What we have placed by maturity year, since 2024
| 2026 | $19M | — | 1 | 0 |
| 2032 | $600M | — | 1 | 0 |
Not on this ladder: facilities with no maturity date
| 2026-04-30 | term loan | $785M | — |
No fund-reported price for its paper. Fund holdings are matched only on identifiers the ledger already holds, so a tranche with no CUSIP in the ledger cannot be matched.
How does it compare?
The same twelve measures every company on the AI trade page carries, beside the median across them. Below each measure, the arithmetic behind it.
Twelve measures, beside the median
| Self-funding operating cash flow $-0.9B ÷ capex $0.3B over 4 quarters to 2026Q2 | -2.6× | 1.31× across 40 companies | 2026Q2 |
| Funding mix of $0.3B of capex over 4 quarters to 2026Q2: operations -260.2%, new debt 408.1% ($0.6B notes + $0.8B facilities), equity 222.7% | -260.2% | — | 2026Q2 |
| Off balance sheet (not-commenced leases + purchase obligations) ÷ (that + long-term debt) | — neither part stated | 41.9% across 23 companies | 2026-06-30 |
| Committed facilities $0.8B committed across 1 new facilities, 0.32× the $2.4B of long-term debt on the balance sheet | $785M | — | 2026-06-30 |
| Marginal cost of debt principal-weighted coupon of $0.6B priced in the last twelve months; the book carries 1.03%, a gap of +7.48 points | 8.51% | — | — |
| New-issue spread median of 2 USD tranches: coupon less the 10-year Treasury on each pricing date (range -310–435 bp) | 62 bp | — | — |
| Floating-rate share $0.0B floating ($0.0B notes + $0.0B facilities off SOFR) ÷ $1.4B raised | 0% | 0% across 40 companies | — |
| Rate shock (+100 bp) floating balance × 100 bp | — no floating debt found | — | — |
| Secured share of new facilities $0.0B secured ÷ $0.8B committed; $0.8B does not say | 0% | 0% across 24 companies | — |
| Refinancing burden $0.4B due within two years; no positive operating cash flow to compare | — operating cash flow is nil or negative | 0.15× across 23 companies | 2026-06-30 |
| Liquidity runway ($0.4B cash and equivalents as tagged — short-term investments are not included — + $0.8B committed) ÷ $0.1B a quarter of capex and interest, as of 2026Q2 | 12.5 | — | 2026Q2 |
Does our ledger explain its balance sheet?
Across 4 of 14 quarter(s) its debt rose $3.3B and the notes we hold for those quarters total $0M — 0% explained.
the change in the filer's own borrowings over a fiscal quarter, against the principal of the tranches our ledger says were priced inside that quarter; this is not a reconciliation to the penny and is not meant to be; we do not track repayments, draws under facilities, commercial paper or currency translation.