Bitcoin miner MARA’s (MARA) cloud subsidiary Exaion signed a $79 million, four-year, 100% take-or-pay GPU-as-a-Service contract with its first U.S. customer.

MARA’s filed shareholder letter reports that Exaion signed a four-year GPUaaS agreement with total contract value of $79 million. Its 100% take-or-pay terms require the customer to pay for contracted capacity whether or not it uses it; the figure is contract value, not revenue already recognized.

MARA acquired a majority interest in Exaion in February 2026. Exaion is a European data-center and private-cloud operator serving enterprise and regulated-industry customers through virtual desktops, data-security solutions, regulated AI inference and dedicated GPU capacity; MARA says the acquisition’s impact on consolidated results was not material during the first nine months of 2026.

The shareholder letter separately describes a pipeline exceeding $3 billion in total contract value, with approximately $1 billion targeted for delivery by the end of 2027. It explicitly labels these figures as indications of demand that are not contracted or committed, and also reports customer and prospect demand for more than 30 MW of compute capacity for delivery by that date.

The signed U.S. agreement must therefore be separated from the broader pipeline and delivery targets. The supplied excerpts do not identify the customer, GPU models, deployment location or financing terms for this contract.