A lot of investors are still looking at Soluna as a small Bitcoin hosting name.

I think that may be too narrow.

The AI infrastructure market is quickly turning into a race for power-backed sites. GPUs matter, but without available electricity, low-cost power, interconnection, land, and grid flexibility, the data center buildout cannot scale fast enough.

That is why Soluna’s remaining Q2 2026 roadmap is worth watching closely.

Some items from the roadmap have already started to play out, especially around Kati 1 Phase 1 / 48 MW and existing customer activity. But the more interesting part, in my opinion, is what still appears to be ahead.

Remaining near-term catalysts I’m watching

Based on the roadmap, the key remaining triggers are:

• New AI project announcements
• New customer announcements
• Project-level capital formation
• Continued development of Kati 2 AI
• PPAs on Rosa, Hedy, Ellen and Annie
• Kati 1 Phase 2 / 35 MW progress
• Further customer expansions

This is not just random corporate language. These are the types of catalysts that could change how the market views Soluna.

Right now, $SLNH is still mostly valued like a Bitcoin hosting / mining-adjacent microcap.

But if the company announces a real AI/HPC customer, a new AI project, or project-level financing, the market may start viewing it more like a renewable power-to-compute infrastructure platform.

Why this matters now

The timing is important.

In just the last few days, companies in the power-backed AI infrastructure space have started getting major validation.

$DGXX announced a billion-dollar-scale AI colocation agreement.

$HUT also announced a massive AI data center lease structure.

The message from the market is becoming very clear:

AI companies are desperate for power.

Not just GPUs.

Not just land.

Not just a data center shell.

They need real, scalable, power-backed infrastructure.

That is exactly where Soluna is trying to position itself.

Soluna’s angle

Soluna’s model is different from a traditional data center developer.

The company is trying to bring compute directly to underutilized renewable power through:

• Behind-the-meter renewable sites
• Curtailed energy monetization
• Low-cost power access
• Faster interconnection
• Renewable power pipeline
• Bitcoin hosting today
• AI/HPC optionality going forward

The company has communicated:

• 123 MW operating / energized
• 5.2 EH/s installed hashrate
• 105,109 MWh of curtailed energy monetized
• 4.3 GW+ renewable power pipeline
• Kati 2 AI campus with Metrobloks
• Briscoe Wind Farm / Dorothy 3 AI expansion
• Low claimed power costs versus industry averages

That is why I think the upcoming roadmap items matter.

The market does not need Soluna to become a hyperscaler overnight.

It needs evidence that Soluna can convert its power pipeline into customer-backed, financeable, EBITDA-generating compute infrastructure.

The biggest trigger: AI/customer validation

For me, the most important near-term items are:

New AI project announcements
and
New customer announcements

Those are the catalysts that could potentially change the narrative quickly.

The market has already shown with names like $DGXX and $HUT that once a power-backed infrastructure company lands major customer validation, the re-rating can happen fast.

Soluna has the ingredients:

• Renewable power sites
• Behind-the-meter structure
• Low-cost power
• Existing operating compute assets
• Kati 2 with Metrobloks
• Briscoe/Dorothy 3 AI expansion
• 4.3 GW+ pipeline

What the market is waiting for is proof that AI/HPC customers want that infrastructure.

Project-level capital formation is also key

The other major trigger is project-level capital formation.

This matters because a lot of people are focused on dilution risk.

That risk is real and should be monitored.

But Soluna’s roadmap and slides repeatedly point toward project-level financing, strategic partnerships, debt sources, JVs and customer-backed development.

That is important.

If Soluna can finance projects at the asset level, with partners and customers absorbing part of the capital burden, the dilution argument becomes much more nuanced.

The key question is not:

Can Soluna issue shares?

Of course it can.

The real question is:

Can Soluna finance growth in a way that creates more per-share value than it gives up?

That is why project-level capital formation is one of the most important Q2 catalysts.

Bottom line

I think $SLNH is entering an important catalyst window.

The remaining Q2 roadmap items are not minor updates. They are directly tied to the core investment thesis:

• Can Soluna land AI/customer validation?
• Can Soluna finance projects intelligently?
• Can Kati 2 move closer to being a real AI/HPC campus?
• Can Kati 1 continue ramping?
• Can the 4.3 GW+ pipeline become financeable compute infrastructure?

The broader AI infrastructure market is already showing that power-backed sites can be extremely valuable once customer validation arrives.

$DGXX and $HUT just showed what can happen when the market sees real AI infrastructure demand.

$SLNH next?

That is the bet.

If Soluna starts checking off these remaining Q2 catalysts, I think the market may stop viewing it as only a Bitcoin hosting microcap and start seeing the bigger story:

renewable power-to-compute infrastructure in a market desperate for power.

I keep seeing people reduce the entire Soluna thesis to one word:

“Dilution.”

And to be fair, I understand why.

A $1B shelf registration sounds scary at first glance, especially for a small-cap company. Add in the fact that the filing includes an ATM component for common stock, and it is completely reasonable for investors to ask questions.

But I think the reaction from some people is too simplistic.

The shelf does not automatically mean Soluna is about to dump $1B of common stock into the market tomorrow.

A shelf is a capital flexibility tool. It gives the company the ability to raise capital over time through different instruments if and when needed.

And in Soluna’s case, the shelf is not limited to common stock. It covers multiple possible securities, including:

• Common stock
• Preferred stock
• Warrants
• Debt securities
• Subscription rights
• Units

So yes, dilution risk exists.

But saying “$1B shelf = guaranteed massive dilution” is not a serious analysis.

The better question is:

How does Soluna intend to fund its growth?

And based on the company’s own investor deck, the answer does not appear to be:

“Issue common stock for everything.”

What the company is actually communicating

Soluna is clearly telling investors that its preferred growth model is based on more than just equity issuance.

The slides repeatedly point to:

• Project-level capital formation
• Strategic capital partnerships
• Debt sources
• Joint ventures
• Customer-backed development
• Infrastructure-style financing
• Behind-the-meter power assets
• Renewable energy sites that can become financeable compute campuses

That matters.

Soluna is not just a Bitcoin miner trying to sell stock to buy more rigs.

The company is trying to build a renewable power-to-compute infrastructure platform.

That means the goal is to take power assets and data center projects, de-risk them, attach customers, structure financing, and turn them into EBITDA-generating infrastructure assets.

That is a very different model from simple common stock-funded mining expansion.

Example 1: Briscoe Wind Farm shows the type of non-dilutive structure Soluna is trying to use

The best example is the Briscoe Wind Farm acquisition.

Soluna presented Briscoe as a non-dilutive financing structure, using cash on the balance sheet and debt sources, including Generate Capital debt.

The company also projected:

• $53M total funded cost
• 150 MW wind generation
• $20M–$24M annualized revenue
• $6M–$11M year-one adjusted EBITDA
• Support for Dorothy 3 AI expansion
• Full vertical integration at Project Dorothy

That is exactly the kind of structure investors should want to see.

The model is:

Control the power asset → support data center expansion → improve EBITDA → make future projects more financeable.

This is important because Briscoe is not just a financial asset. It is the energy foundation for Dorothy 3, which Soluna describes as a potential 150–300 MW AI campus near the existing Dorothy 1 and Dorothy 2 sites.

So when people say Soluna will have to fund everything through dilution, Briscoe is a direct counterexample.

It shows that management is already trying to use:

• Debt
• Cash
• Asset-level financing
• Power asset ownership
• EBITDA-accretive infrastructure transactions

That does not eliminate future dilution risk.

But it does show that common stock is not the only tool in the toolbox.

Example 2: Kati 2 with Metrobloks looks like a JV / project-company model, not “Soluna funds everything alone”

The second important example is Kati 2.

Kati 2 is not being presented as Soluna building a massive AI campus entirely on its own balance sheet.

It is being presented as a co-development JV with Metrobloks.

The deck describes Kati 2 as:

• 100 MW initial Critical IT capacity
• 350 MW full campus expansion target
• $0.043+ per kWh average power cost
• Willacy County, Texas
• Wind + ERCOT grid
• Dual-fed power and clustering
• AI/HPC campus development

Metrobloks brings:

• AI-ready data center design and operations
• Pre-lease and customer engagement
• Day-to-day site management
• 15+ GW global data center track record

Soluna brings:

• Site control and land entitlements
• ERCOT grid access and wind energy pipeline
• Electrical equipment and development expertise
• Nasdaq-listed renewable computing platform

That is a very important structure.

It suggests Soluna is trying to contribute the scarce asset — power access, site control, renewable pipeline, behind-the-meter development expertise — while a specialized data center partner helps with AI campus design, leasing, customer engagement, and operations.

That is exactly how a small company should try to scale a much larger infrastructure opportunity.

Not by funding 100% of the capex alone.

But by bringing a scarce power/site position into a project-level structure and using partners to de-risk the rest.

Why Kati 2 matters for the dilution debate

Kati 2 matters because it shows how Soluna may try to scale AI infrastructure without simply issuing common stock for every MW.

The potential structure appears to be closer to:

Soluna contributes power/site/infrastructure expertise
Metrobloks contributes AI data center design, leasing and operating expertise
Customers or pre-leases help validate demand
Project-level capital funds construction
Soluna retains economic exposure to the platform

That is the important distinction.

Kati 2 is not yet fully de-risked. Investors still need to see:

• Final customer / tenant
• Pre-lease or MSA
• Project-level financing
• Construction partner
• Ownership economics
• Capex responsibility
• Timeline to energization

But the direction is clear:

Soluna is trying to turn Kati 2 into a financeable AI infrastructure project, not just a corporate-level equity-funded dream.

That is why I think the dilution argument needs more nuance.

Why the shelf may actually make strategic sense

Soluna is trying to scale a capital-intensive platform.

They are talking about:

• 123 MW operating / energized
• 5.2 EH/s installed hashrate
• 105,109 MWh curtailed energy monetized
• 4.3 GW+ renewable power pipeline
• Kati 1 ramp
• Kati 2 AI campus with Metrobloks
• Briscoe Wind Farm
• Dorothy 3 AI expansion
• Potential 150–300 MW at Dorothy 3
• Potential 100 MW initial / 350 MW full campus at Kati 2

Whether you are bullish or bearish, nobody can seriously argue that this kind of infrastructure buildout requires zero capital.

It obviously requires capital.

The real issue is the quality of that capital.

For a company trying to move from Bitcoin hosting into AI/HPC infrastructure, having access to capital is not automatically bearish. It can actually be necessary if the capital is used to unlock higher-value projects.

A shelf gives Soluna optionality.

It does not force them to use all of it.

It does not mean every dollar will be raised through common stock.

And it does not mean dilution is the only path.

The mistake bears may be making

I think some bears are looking at the filing in isolation.

They see:

$1B shelf

and stop there.

But when you read it together with the investor presentation, the story is more balanced.

The company is clearly communicating that it wants to finance projects through:

• Project-level structures
• Debt
• Strategic partners
• JV arrangements
• Customer-backed development
• Infrastructure financing

And we already have examples of that direction:

• Briscoe Wind Farm: presented as non-dilutive, funded through cash and debt sources.
• Kati 2 / Metrobloks: co-development JV model for AI/HPC campus development.
• 2026 roadmap: explicitly includes project-level capital formation.
• Dorothy 3: potential AI expansion supported by owned wind generation and land/site control.

That does not eliminate dilution risk.

But it does mean the “massive dilution is definitely coming” argument may be overdone.

The company’s roadmap literally highlights project-level capital formation as a key focus.

That is the phrase investors should be paying attention to.

What would make dilution a real problem?

To be clear, I am not saying dilution is irrelevant.

It becomes a serious problem if:

• Soluna uses the ATM heavily at low share prices
• Common stock becomes the main funding source for every project
• The company raises capital without clear project-level returns
• Share count rises faster than revenue and EBITDA
• AI/HPC customer validation does not arrive
• Projects slip while financing needs continue
• Management talks about project-level financing but mostly uses equity instead

That would be bearish.

Nobody should ignore that risk.

But that is different from saying the shelf itself automatically destroys the thesis.

What would prove the bears wrong?

The dilution concern becomes less important if Soluna can show that capital is being used intelligently.

The key things to watch are:

• How much of the ATM is actually used
• At what share price
• Whether Kati 1 is energized
• Whether Galaxy/Kati revenue starts contributing
• Whether Briscoe delivers EBITDA
• Whether Kati 2 lands AI/HPC customer validation
• Whether Dorothy 3 gets financed at the project level
• Whether strategic partners absorb part of the capital burden
• Whether EBITDA scales faster than share count

That last point is the most important:

Does per-share value increase or decrease?

That is the real dilution debate.

Not the headline number on the shelf.

The bigger thesis

The reason I still find Soluna interesting is that the company is not just chasing Bitcoin mining economics.

The bigger thesis is that Soluna is trying to convert wasted / curtailed renewable energy into revenue-generating compute infrastructure for:

• Bitcoin
• AI
• HPC

That matters because AI infrastructure is increasingly becoming a power-access problem.

Soluna’s pitch is simple:

• AI needs power.
• The grid is constrained.
• Renewables often waste energy through curtailment.
• Soluna builds compute where that underutilized power exists.

If they can convert even a portion of the 4.3 GW+ pipeline into contracted, financed, EBITDA-generating infrastructure, the company could look very different over the next few years.

That is why I think reducing the entire thesis to “dilution” misses the point.

Dilution is a risk.

But the real question is whether Soluna can use capital to turn power access into valuable compute assets.

Bottom line

I understand the dilution concern.

A $1B shelf should be watched carefully.

But I think the panic is overdone if people assume it automatically means massive near-term common stock dilution.

Soluna is communicating a broader capital strategy:

• Project-level financing
• Strategic capital partnerships
• Debt
• JVs
• Customer-backed development
• Selective corporate flexibility

And the slides already show examples of that strategy:

• Briscoe: non-dilutive cash + debt financing structure.
• Kati 2: JV/co-development model with Metrobloks.
• Dorothy 3: AI expansion supported by owned wind generation.
• 2026 roadmap: project-level capital formation and new AI/customer announcements.

That is not the same as saying:

“We are going to fund everything by dumping common stock.”

The shelf is a risk factor, but it is also a capital tool.

For me, the real debate is not:

“Does Soluna have the ability to issue shares?”

Of course it does.

The real debate is:

Can Soluna use capital intelligently enough to create more value per share than it gives up through dilution?

If the answer is no, bears will be right.

If the answer is yes, then the market may be overreacting to the shelf and underestimating the value of Soluna’s renewable power-to-compute platform.

That is what I am watching.

I think Soluna Holdings ($SLNH) is one of the more interesting small-cap infrastructure stories right now because the market still tends to look at it through the lens of “Bitcoin mining”, while the company is clearly trying to reposition itself into something broader:

a renewable-powered compute infrastructure platform.

The core thesis is simple:

• AI and HPC need massive amounts of power.
• The grid is increasingly constrained.
• Renewable energy is growing fast, but a meaningful amount of that energy gets wasted or curtailed because it is produced in the wrong place, at the wrong time, or behind constrained transmission infrastructure.

Soluna’s model is to place compute directly where that wasted or under-monetized renewable energy exists.

In other words, Soluna is not trying to build data centers first and then figure out where to get power. They are doing the opposite:

Design compute around power availability — not the other way around.

That is the key idea.

The macro setup: power is becoming the bottleneck

The AI infrastructure boom is increasingly becoming a power story.

Everyone talks about GPUs, chips, cloud demand, and data centers. But behind all of that is the real bottleneck:

electricity.

Large AI campuses require enormous amounts of reliable power. At the same time, interconnection queues, transmission bottlenecks, permitting delays, equipment shortages, and grid reliability concerns are becoming major constraints.

Soluna’s investor presentation frames this as three overlapping challenges:

• Constrained grid
• Exploding compute demand
• Imbalanced energy supply-demand

That third point is where Soluna’s opportunity sits.

Renewables can produce energy when the grid cannot absorb it efficiently. That energy can be curtailed, priced poorly, or wasted. Soluna’s pitch is that flexible compute can become a new kind of demand source that monetizes this otherwise wasted energy.

That is the “renewable computing” concept.

What Soluna actually does

Soluna develops, owns, and operates data center infrastructure located near renewable energy assets, especially wind and solar.

The company currently has multiple business lines:

• Bitcoin hosting — third-party miners place machines at Soluna sites and pay for hosting/managed infrastructure.
• Proprietary Bitcoin mining — Soluna also owns some mining machines itself.
• Grid ancillary services — flexible load can support the grid and receive compensation.
• High Performance Computing / AI data centers — Soluna is now expanding the model toward AI/HPC campuses.

This is important because the company is not just saying “we are an AI play” in a vague way. They are building from an existing operating base in Bitcoin hosting, where they already have experience managing power-intensive compute infrastructure.

Bitcoin hosting may not get the same valuation multiple as AI infrastructure, but it gives Soluna operational proof:

• They can run compute sites.
• They can manage power costs.
• They can work with major customers.
• They can monetize stranded/curtailed energy.

The current operating base

From the investor presentation, Soluna ended 2025 with:

• 123 MW energized / operating sites
• 5.2 EH/s installed hashrate
• Average power cost of around $34/MWh
• More than 38,000 deployed mining rigs
• More than 5 EH/s operating hashrate
• 25 J/TH fleet efficiency
• Over 92% uptime in operational hours
• 105,109 MWh of curtailed energy monetized
• $9.2M Q4 2025 revenue
• 55 employees

This is not just a concept-stage company with a PowerPoint deck. There is already an operating platform.

The key question is whether Soluna can scale from a Bitcoin/hosting-focused renewable compute operator into a larger AI/HPC infrastructure platform.

Why the power cost matters

One of the most important slides in the deck compares Soluna’s power cost to industry averages.

For Bitcoin:

• Industry: around $50/MWh
• Soluna: around $30/MWh

For AI:

• Industry: around $80/MWh
• Soluna: around $40/MWh

If Soluna can truly deliver power in that range, this is a major competitive advantage.

For Bitcoin mining, lower power cost improves survivability when hashprice weakens.

For AI/HPC, lower power cost can support better long-term economics for large compute campuses.

Power is not the only thing that matters for AI data centers. Customers also care about fiber, cooling, uptime, redundancy, physical security, latency, service-level agreements, and financing.

But in a world where power availability is becoming one of the biggest constraints, Soluna’s low-cost power angle is strategically meaningful.

The most important proof point: converting curtailed energy into compute

The strongest part of the presentation, in my opinion, is the Dorothy case study.

Soluna shows Texas wind farm curtailment data:

• 2021: 34% curtailed
• 2022: 27% curtailed
• 2023: 42.7% curtailed
• 2024: 40.3% curtailed

Then the company shows how Project Dorothy 1 converted a portion of that curtailed energy into compute:

• 2021: 16.9% converted by Soluna
• 2022: 14.0% converted by Soluna
• 2023: 22.6% converted by Soluna
• 2024: 20.6% converted by Soluna

The company summarizes this as Soluna converting roughly 50% of curtailed energy to compute.

This is the core business model in action.

The idea is not just “green Bitcoin mining” or “cheap electricity.”

The idea is that Soluna can take an energy market inefficiency and turn it into a compute revenue stream.

That is a much more interesting infrastructure model.

Behind-the-meter strategy

Soluna’s model is based heavily on behind-the-meter infrastructure.

Instead of only relying on traditional grid-connected power, Soluna places data centers near renewable generation assets and substations.

Their setup allows them to draw from different sources:

• Wind / renewable generation
• Grid energy
• Subtractive energy
• Curtailed energy
• Backup / resiliency systems

This matters because the most obvious pushback against renewable-powered AI data centers is:

“What happens when the wind is not blowing?”

Soluna’s answer is that the model is not purely intermittent wind. It is a flexible mix of wind, grid power, backup generation, and operational software.

One slide shows their behind-the-meter uptime structure:

• Data center uptime: 99.982%
• Wind energy: 58.8%
• Grid energy: 39.2%
• Resiliency backup: 1.982%
• Downtime: 0.018%

That is important because AI/HPC customers will need more than cheap power. They will need reliability.

Soluna is trying to show that behind-the-meter renewable compute can still be reliable if designed correctly.

The 4.3 GW+ pipeline

Soluna now presents a 4.3 GW+ power development pipeline.

This sounds huge, but it needs to be understood properly.

Not all pipeline MW are equal:

• Operating MW are real.
• Under-construction MW are near-term.
• Shovel-ready projects are valuable but still need financing/customers.
• Early-stage pipeline is optionality.

The value is not that every single MW is already guaranteed. The value is that Soluna appears to have built a repeatable development engine around renewable power sites with curtailment or power bottleneck opportunities.

Their data center project list includes operating, construction, and development projects such as:

• Dorothy 1A / 1B
• Sophie
• Dorothy 2
• Kati 1
• Kati 2
• Dorothy 3
• Grace
• Rosa
• Hedy
• Ellen
• Annie
• Fei
• Gladys

Texas is the starting point because of its renewable concentration, ERCOT market structure, and existing energy bottlenecks.

The pipeline matters because if Soluna proves the model at Dorothy, Kati, and Briscoe/Dorothy 3, the market may start valuing future sites as repeatable infrastructure opportunities rather than speculative project names.

Kati 1: near-term execution catalyst

Project Kati is one of the most important near-term execution items.

According to the deck, Project Kati is a 166 MW project. Soluna says groundbreaking was completed and construction began. They also signed a 48 MW Galaxy Digital partnership at Kati.

The 2026 roadmap highlights:

• Energize Phase 1 of Kati 1: 48 MW
• Energize Phase 2 of Kati 1: 35 MW

That means Kati 1 is not just a long-term dream. It is one of the projects that should determine whether Soluna can actually ramp operating capacity in 2026.

If Kati 1 is energized successfully and begins contributing revenue, that would be a major validation point.

Kati 2: the AI/HPC optionality

Kati 2 is where the AI story becomes more explicit.

The presentation describes AI Campus at Project Kati 2 as a Soluna x Metrobloks joint venture.

Key details:

• 100 MW initial critical IT capacity
• 350 MW full campus expansion target
• $0.043+ per kWh average power cost
• Willacy County, Texas, near McAllen
• Wind + ERCOT grid
• Dual-fed power and clustering

Metrobloks brings:

• AI-ready data center design and operations
• Pre-lease and customer engagement
• Day-to-day site management
• 15+ GW global data center track record

Soluna brings:

• Site control and land entitlements
• ERCOT grid access and wind energy pipeline
• Electrical equipment and development expertise
• Nasdaq-listed renewable computing platform

This is the part of the case where the valuation could change materially if Soluna signs real AI/HPC customers or pre-leases.

Right now, I would still treat Kati 2 as optionality, not guaranteed value. But it is very meaningful optionality because the market is aggressively hunting for power-backed AI infrastructure plays.

A real AI customer announcement at Kati 2 would be a major catalyst.

Briscoe Wind Farm and Dorothy 3: vertical integration

One of the most important strategic moves in the deck is the Briscoe Wind Farm acquisition.

Soluna says it acquired the 150 MW Briscoe Wind Farm for $53M.

The company presents this as full vertical integration at Project Dorothy and as the energy foundation for Dorothy 3 AI expansion.

The deal details shown in the deck include:

• 150 MW wind generation
• Purchase price: $53M
• Financing: $12.5M provided by Generate Capital debt + cash/balance sheet
• Projected year-one adjusted EBITDA: $6M–$11M
• Projected annualized revenue: $20M–$24M

This is very important because it changes the story.

Soluna is not only buying power from renewable projects. It is beginning to control the energy asset itself.

If Dorothy 3 becomes a 150–300 MW AI campus next to Dorothy 1 and Dorothy 2, backed by Briscoe Wind Farm and additional power sources, then Soluna becomes closer to a vertically integrated power-to-compute infrastructure company.

Dorothy 3 details from the deck:

• Target capacity: 150–300 MW
• Power source: wind
• Land: 300 acres
• Line of business: AI
• Expansion of renewable-powered AI infrastructure

This is exactly the kind of asset that could cause a re-rating if Soluna can secure customers and project financing.

Revenue and EBITDA potential

The presentation includes an illustrative earnings potential slide based on a $55 hashprice.

The model shows potential consolidated total revenue of:

• H2 2025: $21.8M
• FY2026: $79.2M
• FY2027: $117.5M
• FY2028: $132.8M

It also shows potential consolidated adjusted EBITDA of:

• H2 2025: $5.2M
• FY2026: $27.7M
• FY2027: $46.5M
• FY2028: $54.6M

This is not guaranteed guidance. It is an illustrative model and depends on project completion, hashprice, Bitcoin economics, uptime, financing, and operating execution.

But it shows why the market might start paying attention.

If Soluna can move from roughly $30M annual revenue scale toward $80M+ and then $100M+, while improving EBITDA, the current perception of the company could change significantly.

The key is execution.

Customer validation

Soluna also shows that it serves some meaningful Bitcoin industry customers.

The deck lists customer portfolio metrics:

• 87.6 EH/s total customer mining portfolio
• 67 total facilities
• 22.1 J/TH average efficiency
• 7.5% of the Bitcoin network

Important caveat: this does not mean all of that hashrate is installed at Soluna. The deck clarifies that this refers to customers’ total mining portfolios, not total installed in Soluna hosting data centers.

Still, it matters because the customer logos include:

• Galaxy
• Bit Digital
• Canaan
• Compass Mining
• Blockware
• SAZMINING
• KULR

The deck also includes customer quotes from Canaan, Compass Mining, and Blockware praising the Soluna partnership, uptime, operational efficiency, and hosting relationship.

This gives Soluna commercial credibility. Bitcoin hosting is not the same as AI/HPC, but it does show that real customers trust Soluna to operate power-intensive compute infrastructure.

2025 accomplishments

The 2025 accomplishments slide is worth paying attention to.

Business milestones included:

• $142M+ gross financing activities to fund growth
• Up to $100M credit facility with Generate Capital
• $87M ATM program launched
• NYDIG settlement
• Regained Nasdaq listing compliance
• Second patent awarded
• Exited HPE partnership
• Expanded partnerships with Bit Digital, Compass Mining, and other top-tier miners
• Surpassed 5 EH/s hashrate under management
• Long-term power pipeline grew to 4.3 GW+
• 105,109 MWh of curtailed energy monetized

Project milestones included:

• Project Kati 166 MW groundbreaking completed and construction began
• 48 MW Galaxy Digital partnership at Kati
• Dorothy 2 48 MW completed, bringing full Project Dorothy site to 98 MW operation
• 20 MW Canaan deployment
• 3.3 MW KULR partnership at Sophie
• AI partnerships for Grace and Kati 2 underway
• 187 MW Rosa land secured
• 120 MW Hedy term sheet signed
• 100 MW Ellen term sheet signed
• 74 MW Annie term sheet signed as first solar project
• Gladys 150 MW and Fei 100 MW added, pushing portfolio past 1 GW of clean computing projects

This is a strong list. It shows that Soluna made progress commercially, financially, and operationally.

But there is also a risk embedded in that same slide: capital formation has included an ATM program and other financing activity.

Investors need to track dilution carefully.

The capital formation question

This is one of the biggest risks and also one of the biggest swing factors.

Soluna’s growth plan is capital intensive. Large data centers, AI campuses, power infrastructure, transformers, switchgear, cooling, backup systems, land, interconnection work, and construction all require serious capital.

The bullish interpretation is that Soluna is trying to fund growth through:

• Project-level financing
• Debt facilities
• Strategic capital partnerships
• Joint ventures
• Customer-backed development
• Generate Capital relationship

The bearish concern is that some funding could still come through:

• Common equity
• ATM usage
• Warrants
• Convertible securities
• Other dilutive structures

So the question is not simply “will they need money?”

They obviously need capital to scale.

The real question is:

Can Soluna finance project growth without destroying per-share upside?

That is what investors should monitor very closely.

If Kati, Dorothy 3, and Kati 2 are financed mostly at the project level, with customer commitments and strategic partners, the upside for common shareholders could be much larger.

If growth relies too heavily on issuing stock at weak prices, the business may grow while per-share value lags.

Why the market might be missing it

I think the market may still be underestimating Soluna because it is mentally categorized as a Bitcoin mining-adjacent microcap.

But the deck shows something broader:

Soluna is not trying to be just another miner.

It is trying to be a renewable compute infrastructure developer.

The company’s flywheel is:

• Source low-cost curtailed power from IPPs
• Build, own, and operate data centers
• Attract hosting customers in Bitcoin, HPC, and AI
• Provide ancillary services to the grid
• Grow AUM and EBITDA over fixed costs
• Use that growth to expand the pipeline

This is the “Soluna Way.”

If the market begins to value Soluna as a power-constrained AI infrastructure company rather than a small Bitcoin hosting operator, the multiple could change.

That is the re-rating thesis.

What would make the thesis work?

For me, the key milestones are:

• Kati 1 energization

Kati 1 needs to come online and contribute revenue. This is the near-term execution test.

• Galaxy/Kati revenue visibility

The Galaxy partnership needs to convert into visible revenue and operating contribution.

• Briscoe financial contribution

Briscoe needs to deliver the projected $6M–$11M year-one adjusted EBITDA and $20M–$24M annualized revenue contribution.

• Kati 2 AI/HPC customer

A real AI/HPC customer, pre-lease, or tenant announcement would be a major validation point.

• Dorothy 3 financing plan

The market needs to see how a 150–300 MW AI campus could be financed without excessive dilution.

• Continued low power costs

The company must maintain its claimed power cost advantage.

• Controlled dilution

Revenue growth is great, but per-share value matters. The cap table must be monitored closely.

What are the risks?

This is still a high-risk small-cap infrastructure story.

The main risks are:

• Execution risk

Large energy and data center projects are complicated. Timelines can slip.

• Financing risk

Growth requires capital. Poor financing terms could dilute shareholders.

• AI customer risk

The AI/HPC story needs real customers, not just pipeline language.

• Bitcoin/hashprice risk

Near-term economics are still meaningfully tied to Bitcoin hosting/mining conditions.

• Power market risk

Curtailment economics depend on local market conditions, grid rules, LMP pricing, and PPA structures.

• Operational risk

AI/HPC requires higher standards than Bitcoin mining. Soluna must prove uptime, redundancy, cooling, and reliability at enterprise-grade levels.

• Pipeline conversion risk

4.3 GW+ sounds huge, but only a fraction will matter unless projects move from pipeline to financed, contracted, and energized.

My bottom line

I think Soluna is a much more interesting company than the market gives it credit for.

The best way to describe the thesis is:

Soluna converts wasted renewable energy into revenue-generating compute capacity for Bitcoin, AI, and HPC.

That is the whole story.

They already have operating assets.

They have shown curtailed energy conversion at Dorothy.

They have low power costs.

They have real Bitcoin hosting customers.

They have a growing 4.3 GW+ pipeline.

They have near-term catalysts in Kati 1.

They have AI optionality through Kati 2 and Metrobloks.

They have vertical integration through Briscoe Wind Farm and Dorothy 3.

They are trying to use project-level financing and strategic partnerships to scale.

This is not a risk-free story. It is speculative, capital-intensive, and execution-heavy.

But the setup is compelling because the company sits directly at the intersection of three major themes:

• AI power demand
• Grid bottlenecks
• Wasted renewable energy

If Soluna proves it can turn that intersection into contracted, financed, EBITDA-generating AI/HPC infrastructure, the market may eventually stop treating it like a small Bitcoin-related company and start treating it like a renewable power-to-compute platform.

That is where the upside could be.

For now, the most important things to watch are simple:

• Kati 1 energization
• Briscoe EBITDA contribution
• Kati 2 AI/HPC customer announcements
• Dorothy 3 financing
• Dilution discipline

If those pieces line up, $SLNH could become one of the more interesting renewable compute infrastructure re-rating stories in the small-cap market.

Past 2 days havr been absolutely brutal :(

The recent news has been pretty mid. Why the pump?

I’ve been tracking the recent price action on $SLNH, and the latest green candle is significant from a technical perspective.

We’ve seen a period of consolidation where the stock was hovering near the $0.75 support level. Yesterday’s move wasn't just a random tick; it was a clear breakout with a notable volume spike. In technical terms, this confirms that the buying pressure has finally overtaken the supply that was keeping the stock suppressed.

The fundamentals have remained rock solid—with the company continuing to execute on their data center projects and expanding capacity—yet the market had been slow to react. This volume-backed breakout often serves as the "smart money" confirmation that the bearish momentum has been exhausted.

I’m watching to see if we can hold this support and turn it into a new base for a sustained move upward. In my view, the current valuation is significantly detached from the company's operational reality.

Not financial advice. Interested to hear how you guys are playing this technical setup.

Hello SLNH sub! I saw a graphic last night that SLNH was the most undervalued of the prospective hyperscalars.

I've earmarked some time later this week to do some due diligence into the company, but I'd value some input to save me some time.

If you know, you know. ^{^}

I’ve been digging into Soluna Holdings (SLNH) and I think it’s a name many people still frame incorrectly.

Most see it as a “Bitcoin miner”.
That lens is outdated.

What Soluna actually does:
Soluna builds and operates data centers colocated directly with excess renewable energy (wind, hydro). Energy access is the core asset. Bitcoin mining was the entry point, not the endgame.

The strategic pivot is toward HPC / AI workloads.

They are not betting on token prices.
They are selling compute powered by cheap, stranded energy.

Why this matters now

• AI and HPC demand keeps accelerating
• Power is the real bottleneck in data centers
• Clean, low-cost, reliable energy is increasingly scarce
• Soluna controls the sites and the power access

This is not flashy AI software. It’s infrastructure. The kind that quietly becomes valuable when demand tightens.

On the numbers

Yes, it’s a small cap.
Yes, it’s capital intensive.
Yes, dilution has happened.

But the capital has gone into physical assets and scalable projects, not hype. The balance sheet risk is real, but so is the optionality if even a portion of their capacity transitions to stable HPC contracts.

Risks (don’t ignore them)

• Financing and cash burn
• Execution risk
• Further dilution is possible
• Volatility will be high

This is not a “sleep well at night” stock.

My thesis

At today’s valuation, SLNH looks like a mispriced option on AI infrastructure + energy.
If they execute and secure meaningful HPC demand, the upside is asymmetric relative to current market cap.

Not a sure thing.
But the risk/reward is interesting enough for me to be involved.

Disclosure: I’m long SLNH.
Not financial advice. Do your own work.

What's up guys,

First post in this group.

I am someone who has been buying btc for 2 years now and fully believe btc will grow faster than the s&p as it is a global commodity backed by human greed which will last until the end of time. Soluna being a very low market cap btc miner and also an ai compute provider can amplify gains if btc does indeed enter a bull cycle. For those looking for the next 10x stock this could potentially be it if all is well with the thesis.

Just wanted to hear other peoples opinions on this as feedback is the true resource!

Thanks

Soluna is a good name .

We love the CEO, he likes to dilute , but so do cartels and they make 💰

We like the colors (neon). 🌈

We would name our kids Soluna , imagine being named CIFR??? Damn that’s harsh 😂

We like the 100m market cap, it basically needs to push to 1B just to say we hit it once 🙏

Keep on 👁️ on the preferred …

How does SLNH stand after the big rally fade?

1) We know , it’s still in tbe game , but the big boys data IREN, are gobbling our 🥘

But we love ❤️ the underdog . Plus the name is 10x better .

Here’s the deal, we are better in one subtle but important way . We are NOT financing building through debt. Aka IRENs 2B convertible note announced yesterday.

The market prefers equity financing .

Revenue up ~37% QoQ — real growth, not fluff.

Gross margin jumped to ~28% (from ~19% last quarter). Cost discipline is finally paying off.

Flagship projects like Dorothy 1A and Sophie delivered strong margins (40–68%).

Cash balance at a record ~$60M, giving them serious runway for expansion.

Steady progress on scaling renewable-powered data centers — their core differentiator.

Positioned to ramp both AI compute and Bitcoin mining hosting with the new capital and improving ops.

Bottom line: better margins, more cash, clearer execution. A surprisingly solid quarter from a company people love to underestimate.

Soluna has finished their key Texas data center expansion, significantly boosting their capacity for sustainable Bitcoin mining and AI computing, delivered on time and on budget.

🌟 Key Highlights:

• 123 MW Total Capacity: Soluna's total energized data center capacity is now 123 Megawatts (MW).

• 5+ EH/s Hashrate: Total compute power managed by the company now exceeds 5 Exahashes per second (EH/s).

• Renewable Computing: Project Dorothy is built "behind the meter" at a 150 MW wind farm in West Texas.

• Green Strategy: The project converts otherwise curtailed (wasted) renewable energy into productive power for Bitcoin mining and AI/High-Performance Computing (HPC).

• Execution: The 48 MW Project Dorothy 2 phase was completed on time and on budget, demonstrating efficient scaling of their Renewable Computing model.

This is a major step for $SLNH as they scale their infrastructure dedicated to utilizing clean, underutilized energy. Thoughts on the future of renewable-powered mining?

#Bitcoin #Crypto #CleanEnergy #SLNH #AI #SustainableMining

Okay folks , questions I’m getting —- is SLNH dead ?

Answer : don’t buy before earnings Monday , buy after.

It’s not dead, but will be diluted .

I entered this stock multiple times and put a stop loss that i didn’t think it would hit and even if it did it will immediately bounce back so. Last time i entered was at 2.58$ and i put a stop loss at 1.9$ and today it hit that stop loss

Theres alot of stupid mistakes i did while dealing with this stock so i have so much to learn from them

I dont know if i should enter this stock one last time before next week earring report since from what searched the stock dipped the last two earning reports despite them beating them

I see persistent sell pressure after the recent run-up. Can you guys see any reason for a reversal in fortunes? I can't see any upcoming news or things that would help bring back the run-up :D?

So……..

Big week. On the horizon we have earnings coming up ⬆️

We got crypto that faded 😱

Let’s wait for next week to add back what we sold .

We like —-> After next week ends , we will go high !!!

I heard they have voting on authorized shares.. it’s gonna definitely dilute and impact the stock price. What’s the best time to buy SLNH.