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Soluna Holdings Inc (NASDAQ: SLNH) is a publicly traded developer of green data centers that transforms surplus wind, solar, and hydro energy into high-performance computing power for applications such as artificial intelligence, machine learning, and Bitcoin mining. Founded in 2018 and headquartered in Albany, New York, Soluna aims to monetize curtailed renewable energy by co-locating modular data centers at power generation sites and utilizing its MaestroOSā¢ software to optimize efficiency and sustainability.
Corporate Structure
As of September 2025, Soluna employs between 11 and 50 people, according to its LinkedIn profile. The company operates under a lean model, drawing on expertise in renewable energy and IT systems. Its corporate headquarters are located at 325 Washington Avenue Extension, Albany, NY 12205, and its executive team continues to focus on capital discipline, return on invested capital, and long-term strategic growth.
Green Data Centers by Aleksandar Savic
Recent Developments and News
On September 18, 2025, Soluna broke ground on Project Kati, a 166 MW wind-powered data center in Willacy County, Texas. Phase 1 of Project Kati is expected to deliver 83 MW of Bitcoin hosting capacity by early 2026, with full expansion to support both Bitcoin mining and AI/high-performance computing (HPC) workloads. In addition, Project Dorothy 2 achieved a fully operational Phase 2 with 32 MW by mid-August 2025, and Phase 3 construction is expected to complete by the end of October 2025.
Regulatory filings include:
- Form 8-K on September 16, 2025, reporting multiple corporate events.
- Schedule 13G on September 18, 2025, indicating that Generate Strategic Credit Master Fund I-B, L.P., and affiliated entities collectively hold 3,345,829 shares, representing 9.99% of outstanding stock.
- Prospectus Supplement (Rule 424(b)(5)) on September 23, 2025, authorizing an at-the-market equity offering of up to $87,650,000 in common stock at $2.10 per share.
Financial and Strategic Analysis
As of market close on September 22, 2025:
| Metric | Value |
|---|---|
| Share Price | $2.9598 (+40.94%) |
| Volume (daily) | 17,069,805 |
| Market Capitalization | $63.3 million |
| 52-Week Range | $0.36 ā $4.78 |
| Revenue (TTM) | $27.9 million |
| Net Income (TTM) | ā$74.1 million |
| EPS (TTM) | ā8.02 |
| Price/Sales (TTM) | 0.84 |
| Total Cash (MRQ) | $9.9 million |
| Total Debt/Equity (MRQ) | 80.35% |
| Beta (5Y Monthly) | 3.48 |
Soluna's strategic plan includes raising capital through at-the-market offerings and has secured a $100 million credit facility from Generate Capital to fund its clean data center pipeline. The September 23 filing will permit the potential issuance of up to 41.7 million new shares.
Market Position and Industry Context
Soluna operates at the intersection of renewable energy and cloud infrastructure, addressing an estimated 30% curtailment rate at solar and wind farms. By offering an alternative to battery storage and grid upgrades, the company aligns with forecastsāsuch as Brookfieldās estimate of $7 trillion in AI-related infrastructure spending over the next decadeāthat emphasize the need for sustainable high-performance computing. In the IT Systems Data Services industry, Soluna's co-location model differentiates it from traditional data center operators.
tl;dr
On September 18, 2025, Soluna commenced construction of its 166 MW Project Kati in Texas (83 MW in Phase 1), while Project Dorothy 2 became fully operational. SEC filings on September 18 (Schedule 13G) and September 23 (424B5 prospectus) reveal that a 9.99% stake is held by Generate Strategic Credit entities and that Soluna plans to raise up to $87.65 million via an at-the-market offering. The company secured a $100 million credit facility to support its renewable computing pipeline, positioning it for expansion into AI and Bitcoin hosting.
