LinkedIn
WebsiteIntroduction
Soluna Holdings, Inc. (NASDAQ: SLNH) is a publicly traded developer of green data centers that convert surplus solar, wind, and hydro energy into high-performance computing for applications such as artificial intelligence, machine learning, and Bitcoin mining. Founded in 2018 and headquartered in New York, the company deploys modular, scalable facilities co-located with renewable power plants. Soluna’s MaestroOS™ software manages load, aiming to enhance operational efficiency and sustainability.
Corporate Structure and Experience
Soluna is headquartered at 325 Washington Avenue Extension, Albany, NY, with an employee count between 11 and 50 individuals, led by CEO John Belizaire. As of September 22, 2025, the company has 37.59 million shares outstanding and a market capitalization of approximately $57.9 million. Institutional ownership is noted in a Schedule 13G filing dated September 18, 2025, indicating Generate Strategic Credit Master Fund I-B, L.P. and affiliates hold 3,345,829 shares, representing 9.99% of the company’s stock.
Renewable data center by Baptx
Recent Developments and News
On September 18, 2025, Soluna initiated construction on Project Kati, a 166 MW wind-powered data center in Willacy County, Texas. Phase 1 is expected to provide 83 MW of Bitcoin hosting capacity by early 2026, with Galaxy Digital identified as the first customer. As of mid-August 2025, Phase 2 of Project Dorothy 2 achieved operational capacity of 32 MW; Phase 3 construction is anticipated to conclude by October 2025, with commissioning activities set to start by mid-September 2025. Additionally, in 2025, Soluna secured a $100 million credit facility from Generate Capital to fund its expanding pipeline of clean data centers.
Financial and Strategic Analysis
As of September 22, 2025, SLNH closed at $1.5335, reflecting an increase of 41.99% from the previous close, with trading volume at 10.8 million shares. Key metrics from the trailing twelve months include:
- Revenue: $27.9 million
- Gross margin: –13.73%
- Net margin: –221.38%
- EBITDA: –$13.6 million
- Debt-to-equity ratio: 119.62%
- Beta: 3.83
Soluna’s strategy of co-locating data centers with renewable power plants aims to address grid curtailment, as up to 30% of clean energy may remain unused. The company reports 2.9 EH/s of nameplate compute power, 25.7 J/TH efficiency, 89 MW of energized capacity, and 123 MW of available capacity. The Soluna Cloud platform supports AI workloads with a power pipeline of 2.8 GW and has monetized 140,812 MWh of curtailed energy.
Market Position and Industry Context
Soluna operates in the "renewable computing" sector, where demand for sustainable AI infrastructure is increasing. Industry estimates suggest that AI-related infrastructure spending could surpass $7 trillion over the next decade. By pairing data centers directly with wind and solar assets, Soluna differentiates itself from traditional colocation providers and battery storage solutions. The company’s volatility, as indicated by a YTD change of –29.26%, along with its small-cap status, positions it as a specialized entity within the green computing sector, supported by institutional investors and ongoing project developments.
tl;dr
On September 18, 2025, Soluna Holdings began construction of Project Kati, a 166 MW wind-powered data center in Texas, with Phase 1 targeted for early 2026 delivery. Phase 2 of Project Dorothy 2 (32 MW) has been operational since mid-August 2025, and Phase 3 is scheduled for completion by October 2025. A $100 million credit facility from Generate Capital will finance additional clean data centers. The stock rose 41.99% to $1.5335 on September 22, 2025, amid significant trading (10.8 million shares). Institutional ownership reached 9.99% following a Schedule 13G filing on September 18, 2025. Upcoming milestones and continued project deployments are anticipated to influence the near-term outlook.
