$MARA Q2 2026. First time they've put numbers on the non-mining businesses: >HUM (hashrate liquidity platform for mining pools): "eight-digit annualized" = $10M+ /yr? First public disclosure, described as having "demonstrated commercial traction." >Exaion (EU sovereign AI cloud, ex-EDF): "low-eight digits for full year 2026" = ~$10-20M? First full quarter post-close. Currently ~80% captive to EDF, diversifying. Neither HUM nor Exaion is material to the $175M/quarter mining revenue base near-term. But both were sized publicly for the first time today. Long Ridge ($144M annualized EBITDA, 70%+ contracted) remains the only disclosed number that actually moves the needle. Closing the deal is gated on FERC, which Thiel said he expects "much sooner than year end."
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