Soluna Holding

Soluna co-locates modular data centers at wind, solar, and hydro generation sites to monetize otherwise curtailed energy: surplus power that generators cannot dispatch to the grid. Soluna's proprietary MaestroOS™ software manages workload allocation and energy optimization across the portfolio. As of its 2025 annual report, Soluna had monetized 166,151 MWhs of curtailed energy and assembled a 4.3 GW power pipeline.

Bitcoin mining and hosting operations center on a West Texas campus across three Project Dorothy facilities. Project Dorothy 1A (25 MW, Silverton, Texas) was fully consolidated in April 2026 after Soluna purchased Spring Lane Capital's equity interest for $16.5 million. The same month, Soluna closed the $53 million acquisition of the 150 MW Briscoe Wind Farm, which powers Project Dorothy 1B (25 MW) and marks the company's first vertically integrated generation asset. Project Dorothy 2 (48 MW) was financed with a $30 million project-level round from Spring Lane Capital in July 2024 and completed in November 2025. Hosting customers on the Dorothy campus include Compass Mining (~13 MW across Dorothy 1 and Dorothy 2), Blockware (more than 17 MW combined as of April 2026), and Sazmining (3 MW at Dorothy 1B, announced April 28, 2026).

Soluna broke ground on Project Kati in Willacy County, Texas, in September 2025, its largest site to date at a planned 166 MW across two phases. Kati 1 (83 MW, Bitcoin hosting) counts Galaxy as its 48 MW anchor customer; ERCOT authorized initial energization in February 2026. Kati 2 is earmarked for AI and HPC: an MOU with Metrobloks covers an initial 100+ MW critical IT deployment expandable to 300+ MW, developed alongside EDF Renewables and Masdar.

The Soluna Cloud platform offers GPU-based AI model training on renewable-powered infrastructure. According to BitcoinMiningStock.io data as of April 30, 2026, operating hashrate stands at 0.66 EH/s against an installed hashrate of 5.29 EH/s, with 105 MW of energized capacity running at 25.7 J/TH efficiency. Bitcoin production was 8.80 BTC in April 2026, 9.70 BTC in March 2026, and 9.50 BTC in February 2026.

Full-year 2025 saw Soluna raise $142 million in capital, double its operating capacity, and grow cash by 750% to $88.8 million; revenue came in at $29.7 million against $38.0 million in 2024 as Bitcoin hashprice declined roughly 30%. The company regained Nasdaq listing compliance on May 1, 2026, and Project Kati 1 revenue generation (expected in the first half of 2026) represents the primary near-term inflection point.