Soluna (NASDAQ: SLNH) details 4.3GW pipeline, $142M capital raised and AI plans
Rhea-AI Filing Summary
Soluna Holdings, Inc. provides a March 2026 business update highlighting record 2025 growth, a development pipeline above 4.3 GW, a total of $142 million raised, and the launch of AI infrastructure initiatives.
The company reports strong Bitcoin hosting operations at its Project Dorothy sites, substantial completion and commissioning of the 48 MW Kati 1A Galaxy facility, and continued construction of the 35 MW Kati 1B site. It is advancing Project Kati 2 and Project Grace for AI and high-performance computing, including site design, power options, and long-lead equipment procurement. The update also notes broader pipeline progress across multiple U.S. power markets and the appointment of KPMG LLP as new independent auditor for the fiscal year ended December 31, 2026.
Positive
- Soluna reports record 2025 growth with a development pipeline exceeding 4.3 GW, indicating substantial expansion across Bitcoin hosting and AI/HPC projects.
- The company highlights having raised a total of $142 million, enhancing its financial resources to build out data center infrastructure and advance its project pipeline.
- Substantial completion of the 48 MW Kati 1A Galaxy facility ahead of schedule, along with continued progress on Kati 1B and other sites, shows tangible execution against its growth plans.
Negative
- None.
Insights
Soluna reports record growth, major capital raised, and a 4.3 GW development pipeline.
Soluna Holdings outlines a business that is scaling quickly across both Bitcoin hosting and AI/high-performance computing. The company cites record 2025 growth, a development pipeline above 4.3 GW, and a total of $142 million raised, suggesting increased financial capacity to execute its projects.
Operationally, the 48 MW Kati 1A Galaxy facility has reached substantial completion ahead of schedule and is moving into steady-state operations, while Kati 1B construction and multiple Dorothy hosting sites continue to progress. Early-stage AI/HPC projects such as Kati 2 and Grace are moving through design, power procurement, and equipment planning steps.
Strategically, Soluna is deepening relationships with Independent Power Producers across several U.S. grid operators and securing land and power agreements to support future campuses. The appointment of KPMG LLP as auditor for the fiscal year ended December 31, 2026 adds a notable brand-name firm to its governance structure, though financial impacts will depend on future execution and market conditions.
8-K Event Classification
Key Figures
Key Terms
9.0% Series A Cumulative Perpetual Preferred Stock financial
ERCOT ERS period technical
Independent Power Producer (IPP) financial
Power Purchase Agreements (PPAs) financial
Letter of Intent (LOI) financial
Retail Electric Provider (REP) financial
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Item 7.01 Regulation FD Disclosure.
On April 9, 2026, Soluna Holdings, Inc. (the “Company”) issued a press release containing certain previously unreported corporate and operational information which the Company publishes regularly to its website. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.
The information in Item 7.01 and in Exhibit 99.1 will not be treated as “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. This information will not be incorporated by reference into any filing under the Securities Act of 1933 or into another filing under the Exchange Act, unless that filing expressly incorporates this information by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| 99.1 | Press Release, dated April 9, 2026 | |
| 104 | Cover Page Interactive Date File (embedded with the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| SOLUNA HOLDINGS, INC. | ||
| Date: April 9, 2026 | By: | /s/ Michael Picchi |
| Michael Picchi | ||
| Chief Financial Officer | ||
| (principal financial officer) | ||
Exhibit 99.1
Soluna Announces Monthly Business Update
ALBANY, NY, April 9, 2026 – Soluna Holdings, Inc. (“Soluna” or the “Company”) (NASDAQ: SLNH), a developer of green data centers for intensive computing applications, including Bitcoin mining and AI, announced its March 2026 project site-level operations, developments, and updates.
The Company has provided the following Corporate and Site Updates.
Key Company Metrics:
The monthly metrics are now available here.
Corporate Highlights:
| ● | Soluna Reports Record 2025 Growth: Pipeline Hits 4.3GW, Raises $142 Million, and Launches AI Infrastructure | |
| ● | CEO John Belizaire hosts Metrobloks CEO Ernest Popescu on Soluna’s Clean Integration Podcast to discuss AI infrastructure and Project Kati 2. | |
| ● | New AMA answers investors’ and community questions about Soluna’s financing strategy and project pipeline. | |
| ● | Soluna names KPMG, LLP as the new independent registered public accounting firm for the fiscal year ended December 31, 2026. See Form 8-K for more information. |
Key Project Updates:
Project Dorothy 1A (25 MW, Bitcoin Hosting) / Project Dorothy 1B (25 MW, Bitcoin Prop-Mining):
| ● | Operations at D1A remained at capacity throughout the month following the completion of the 20MW Blockware and Canaan deployments. | |
| ● | Transformer repair work impacted the availability of two MDCs at D1A. We expect the MDCs to return to service in April. | |
| ● | ERCOT ERS period successfully completed. |
Project Dorothy 2 (48 MW, Bitcoin Hosting):
| ● | Operations remained strong for the month, with all customers at full capacity and minimal curtailment. | |
| ● | ERCOT ERS period successfully completed. |
Project Sophie (25 MW, Bitcoin Hosting):
| ● | Operations remained strong for the month, with all customers at full capacity. |
Project Kati 1 (83 MW Under Construction, Bitcoin Hosting):
| ● | Substantial completion of all phases (1-3) of K1A Galaxy (48 MW) has been achieved ahead of schedule. The facility has been fully commissioned and is transitioning to steady-state operations. | |
| ● | Construction of K1B (35 MW, Soluna MDCs / Cormint Containers): Cormint containers have been received at the site and are being installed (12 MW). Construction on the remaining phases of Soluna MDCs (23MW) continues to progress as planned. |
Project Kati 2 (Under Development, AI/HPC Hosting):
| ● | Hyperscaler and neocloud interest, due diligence, and discussions remain active. | |
| ● | Additional on-site generation options, including solar and gas, are under evaluation. An LOI for long-lead gas generation equipment has been signed. | |
| ● | A campus expansion roadmap targeting a materially larger scale is under development. | |
| ● | An Architectural and Engineering firm has been selected following a competitive design RFP. Design activity is expected to commence in mid-April 2026. | |
| ● | Procurement workstreams for long-lead data center equipment are underway. |
Project Grace (2 MW Under Development, AI/HPC Hosting):
| ● | Finalizing technical simulations with our OEM partner, confirming that the selected technology solution meets ERCOT grid stability and low-voltage ride-through requirements for AI load integration. |
Pipeline Highlights:
| ● | The development pipeline surpassed 4.3 GW, driven by existing and new Independent Power Producer (IPP) partnerships and asset opportunities across several U.S. Independent (Grid) System Operators (ISOs). | |
| ● | Finalizing Power Purchase Agreements (PPAs) and Retail Electric Provider (REP) agreements for Project Rosa; Ellen and Hedy agreements now finalized, pending signatures. | |
| ● | Advancing land due diligence activities and PPA negotiations for Projects Annie, Gladys, and Fei. | |
| ● | Projects Annie, Gladys, and Fei are now being advanced outside of the ERCOT Large Flexible Load Batch study process, leveraging the sub-75 MW interconnection pathway to accelerate development timelines. | |
| ● | Continuing to advance partnership opportunities and evaluate potential assets with multiple IPPs across the U.S. ISOs. | |
| ● | Executed a Letter of Intent (LOI) for land acquisition supporting the Dorothy campus expansion, and are currently negotiating the definitive Purchase and Sale Agreement (PSA). |
Customer Success:
| ● | Completing MW deployments across new & expanding partnership agreements secured previously at Project Dorothy 1 & 2. |
View Soluna’s recent AMA here.
Soluna’s updated glossary of terms is available here.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include all statements, other than statements of historical fact, regarding our current views and assumptions with respect to future events regarding our business and our expectations with respect to the development, construction, commissioning, and operation of our project pipeline, including Project Kati 1 and Project Kati 2, the development of Project Grace, the expansion of hosting arrangements at Project Dorothy 1B, the expected return to service of equipment at Project Dorothy 1A, our ability to develop and deploy AI and high-performance computing infrastructure, the growth and conversion of our project pipeline, and other statements that are predictive in nature. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” and similar statements. Readers are cautioned that any forward-looking information provided by us or on our behalf is not a guarantee of future performance. Actual results may differ materially from those contained in these forward-looking statements as a result of various factors disclosed in our filings with the Securities and Exchange Commission (“SEC”), including the “Risk Factors” section of our Annual Report on Form 10-K filed with the SEC on March 31, 2025. All forward-looking statements speak only as of the date on which they are made, and we undertake no duty to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except to the extent required by law.
About Soluna Holdings, Inc. (Nasdaq: SLNH)
Soluna is on a mission to make renewable energy a global superpower, using computing as a catalyst. The company designs, develops, and operates digital infrastructure that transforms surplus renewable energy into global computing resources. Soluna’s pioneering data centers are strategically co-located with wind, solar, or hydroelectric power plants to support high-performance computing applications, including Bitcoin Mining, Generative AI, and other compute-intensive applications. Soluna’s proprietary software MaestroOS(™) helps energize a greener grid while delivering cost-effective and sustainable computing solutions and superior returns. To learn more, visit solunacomputing.com and follow us on:
LinkedIn: https://www.linkedin.com/company/solunaholdings/
X (formerly Twitter): x.com/solunaholdings
YouTube: youtube.com/c/solunacomputing
Newsletter: bit.ly/solunasubscribe
Resource Center: solunacomputing.com/resources
Soluna regularly posts important information on its website and encourages investors and potential investors to consult the Soluna investor relations and investor resources sections of its website regularly.
Contact Information
Public Relations
West of Fairfax for Soluna
Soluna@westof.co