Soluna
Green data centers turning surplus renewable energy into computing
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About Soluna
Soluna (NASDAQ: SLNH) is a green data center developer that converts surplus renewable energy into computing resources. Its core business includes Bitcoin mining hosting, data center colocation, and high-performance computing (HPC) services for AI workloads. The company operates modular data centers co-located with wind and solar power plants, primarily in Texas and Kentucky.
Soluna's competitive edge lies in its vertically integrated "power-to-compute" model. By acquiring wind farms (e.g., the 150 MW Briscoe wind farm) and fully owning its Dorothy campus, it controls both electricity generation and computing infrastructure. This allows flexible transitions between Bitcoin mining and AI workloads, addressing the industry's pain point of volatile mining profitability amid depressed hash prices.
In the past six months (March-September 2026), Soluna reported Q2 FY2026 revenue of $15.1 million, up 145% year-over-year, driven by data center hosting growth. However, net loss widened to $22.6 million due to maintenance costs, depreciation, and debt extinguishment losses. The company completed full ownership of Dorothy 1, energized Kati 1 (83 MW), and expanded its development pipeline to 6.3 GW, including AI-focused projects like Dorothy 3 and Kati 2. Despite strong revenue growth, gross margin remained low at ~5.1%, and cash burn persisted, funded largely by equity issuance, leading to significant shareholder dilution.
In 2024, the company's revenue grew over 80% year-over-year to $38 million, with its Bitcoin hosting business achieving positive cash flow for the first time and launching demand response services.
In early 2025, it strategically exited the HPE GPU-as-a-Service contract, reallocating resources toward self-built AI/HPC infrastructure. Despite a one-time loss, this established a long-term direction focused on high-value computing.
In August 2025, the company reached the 1 GW clean computing project milestone, adding multiple wind and solar projects, with a long-term power pipeline totaling 2.8 GW.
In 2026, it completed full equity consolidation of the Dorothy 1 campus, owning the entire chain from its own wind farm to data center, paving the way for developing the AI-specific Dorothy 3 campus; total development pipeline exceeded 4.3 GW.
In the past six months, Soluna completed the $53 million acquisition of Briscoe Wind Farm, achieving vertical integration in renewable energy. It signed an agreement with Bitdeer to deploy 28MW of Bitcoin miners for co-mining collaboration.
For projects, Kati 2 (300+MW) and Dorothy 3 (300+MW) focus on AI/HPC, with geotechnical work completed, interconnection studies initiated, and tax abatement processes advanced. The Grace project collaborates with Siemens PTI on high-fidelity simulations to ensure system stability under dynamic AI loads.
Future development focuses on AI/HPC data centers, leveraging green energy, with a development pipeline exceeding 4.3GW, continuing to advance multiple projects and expand partnerships.
John Belizaire: Co-founder of Soluna Computing, current CEO of Soluna Holdings (since May 2023). Previously founded FirstBest Systems (acquired by Guidewire) and Theory Center (acquired by BEA).
Michael Toporek: Current Executive Chairman of Soluna Holdings, former CEO (2020-2023). Managing General Partner of Brookstone Partners, with an investment banking background.