MARA Holdings (MARA) has drawn fresh attention after announcing a partnership with Starwood Capital Group to co develop and finance AI focused digital infrastructure projects, aiming to cut funding pressure and broaden its revenue base.

At a share price of $14.54, MARA Holdings has a 90 day share price return of 81.30% and a year to date share price return of 46.72%. The 1 year total shareholder return is slightly down 3.26%, suggesting that recent momentum has picked up, while longer term holders have had a more muted experience.

If you are looking beyond MARA Holdings to other companies tied to the AI build out, it could be a good time to scan the market using the 51 AI infrastructure stocks

After a sharp 90 day rally and mixed long term returns, investors now face a key question on MARA Holdings: is the recent AI and digital infrastructure story already reflected in the price, or is the market still underestimating future growth?

Most Popular Narrative: 19.9% Undervalued

MARA Holdings closed at $14.54 compared with a most followed narrative fair value of $18.16. This frames the latest rally against a still higher long term target.

MARA's strategic expansion into AI infrastructure and partnerships with leading AI and grid management companies positions the firm to benefit from the accelerating adoption of artificial intelligence and the growing demand for high-performance, energy-efficient compute, which is likely to unlock new, recurring revenue streams outside traditional bitcoin mining.

Want to see what sits behind that AI infrastructure pivot and fair value gap? The narrative leans heavily on shifting revenue mix, margin rebuild, and a rich future earnings multiple. The key is how those moving parts fit together in the model.

Result: Fair Value of $18.16 (UNDERVALUED)

However, the MARA Holdings story still leans heavily on bitcoin mining economics and a capital intensive build out, which could pressure margins and delay any AI infrastructure payoff if conditions turn less favourable.

Another View On MARA Holdings Using Sales Multiples

The fair value narrative around MARA Holdings points to upside based on future earnings, but the current pricing on sales tells a tougher story. The stock trades on a P/S ratio of 6.4x, compared with 3.1x for the wider US Software sector and 5.8x for peers.

Against a fair ratio of 1.7x, that gap is even wider, suggesting the market is already paying a premium on today’s revenue while the company is still loss making and analysts expect revenue to decline over the next few years. The question for you is whether the AI and digital infrastructure pivot justifies that kind of premium.

Next Steps

If the mixed signals on MARA Holdings leave you uncertain, this is the moment to look through the numbers yourself and decide quickly where you stand, starting with the 1 important warning sign.

Looking for more investment ideas beyond MARA Holdings?

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.