Soluna Holdings

Sources - 39

Every claim above cites one of these, or states the reasoning that derived it. The quote is frozen at the date it was read: a link can rot, and an agent fetch returns a reading of a page rather than the page. Backs counts the whole claim ledger, so it can name a claim this page does not surface.

1. S01primarycompany filing2026-03-30
   Form 10-K for the fiscal year ended 31 December 2025
   Item 1 business, projects and competition (22 named rivals), Item 1A risk factors including the terminated HPE agreement, 2025 customer concentration, headcount, the auditor's going-concern critical audit matter and Note 1
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2. S02primarycompany release2026-03-30
   Fiscal 2025 results release, Exhibit 99.1 to the 8-K of 30 March 2026
   the 4.3 GW pipeline at March 2026, $142M raised in 2025 and the Metrobloks memorandum for Kati 2 at '100+ MW' with a roadmap 'to over 300 MW'

   In 2025, the Company signed an MOU with Metrobloks for an initial 100+ MW critical IT development, with a roadmap to expand to over 300 MW.

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3. S03primarycompany filing2026-08-13
   Form 10-Q for the quarter ended 30 June 2026
   the statements; Notes 1, 2, 5 (Briscoe), 10 (debt and the Generate covenant), 11 (preferred, share counts, SEPA and ATM), 12, 14 (stock awards), 16 (Dorothy 2, Kati 1 and Kati 2 variable interest entities and their waterfalls), 17 (segments and concentration), 18; MD&A pipeline table, HPC section and liquidity; the two new risk factors
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4. S04primarycompany release2026-08-13
   Q2 2026 results release, Exhibit 99.1 to the 8-K of 13 August 2026
   the pass-through presentation change, the 6.3 GW pipeline split, Kati 1's first gross profit, the adjusted EBITDA reconciliation and the post-quarter share count

   As of August 1, 2026, Soluna operated approximately 192 MW across three fully energized sites, with an additional 14 MW under construction at Project Kati 1.

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5. S05primarytranscript2026-08-13
   Q2 2026 earnings call transcript (FMP), held 13 August 2026
   management on the Kati 2 letter of intent, the 15-month build, the Las Majadas substation expansion and gas firming, the ERCOT audit and 80% loan-to-cost project debt; eleven analyst turns from four analysts (H.C. Wainwright, Compass Point, Rosenblatt, Water Tower Research), the questions a separate origin from the answers

   engineering is underway to expand the Las Majadas substation by an additional 100 megawatts in support of future phases with those upgrades expected early next year. And we executed a gas pipeline access agreement to improve resiliency.

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6. S06primarycompany release2026-08-24
   Dorothy 3 land release, Exhibit 99.1 to the 8-K of 24 August 2026
   397 acres closed for a planned campus 'with a potential capacity of up to 300 MW'; no price, tenant or financing

   The land will host Project Dorothy 3, Soluna's planned renewable-first AI computing campus with a potential capacity of up to 300 MW.

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7. S07primarycompany release2026-08-25
   Bitdeer co-mining release, Exhibit 99.1 to the 8-K of 25 August 2026
   28 MW, 1.93 EH/s, deployment from September 2026, Bitdeer owns the machines and the parties share mining proceeds

   Bitdeer will deploy approximately 28 MW of Bitcoin mining equipment, representing approximately 1.93 EH/s of hash rate, at Soluna's Project Kati 1 in South Texas.

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8. S08primarycompany release2026-09-08
   Kati 1 completion and Batch Zero release, Exhibit 99.1 to the 8-K of 8 September 2026
   Kati 1 fully energised at 83 MW, 206 MW operating, and ERCOT's conditional Base Load classification of the 166 MW Kati campus, of which 83 MW is Kati 2

   Kati 1, the 83 MW first phase, is dedicated to Bitcoin hosting. Kati 2 will add 83 MW for AI and high-performance computing.

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9. S09primarycompany release2026-09-14
   Dorothy Batch Zero release, Exhibit 99.1 to the 8-K of 14 September 2026
   ERCOT's conditional Base Load classification of the 100 MW Dorothy campus, 98 MW of which is energised Dorothy 1 and 2, and a further 50 MW request under study by the wires utility

   Project Dorothy is a 100 MW wind-powered campus in Briscoe County, Texas, built behind the meter at the 150 MW Briscoe Wind Farm, which Soluna acquired in April 2026. Dorothy 1 and Dorothy 2 account for 98 MW of energized capacity.

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10. S10primarycompany filing2026-08-24
    Definitive proxy statement (DEF 14A) for the 16 October 2026 annual meeting
    the proposals to raise authorised common shares to 1,000,000,000 and to lift the 20% cap on the $250M equity line, 246,702,047 shares at the 21 August record date, the 2025 summary compensation table and the evergreen plan reserves
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11. S11primarycompany filing2026-02-26
    Galaxy Digital Inc. Form 10-K for the year ended 31 December 2025 Galaxy Digital
    Helios: 133 MW of critical IT load on about 200 MW of gross power for CoreWeave on a 15-year lease, 393 MW more leased, and 1.6 GW of gross power approved by ERCOT in the West Texas panhandle
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12. S12primarycompany filing2025-12-11
    Galaxy Digital Inc. 8-K of 11 December 2025, Exhibit 99.1 (analyst day presentation) Galaxy Digital
    the counterparty's own statement of its hosting agreement with Soluna
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13. S13primarycompany filing2026-07-29
    Applied Digital Corp. Form 10-K for the fiscal year ended 31 May 2026 Applied Digital
    1,410 MW of executed 15-year leases worth about $36.2B, and a 150 MW design built in 14 to 18 months
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14. S14primarytranscript2026-07-27
    Applied Digital fiscal fourth-quarter 2026 earnings call transcript, held 27 July 2026 Applied Digital
    a rival's build cost per megawatt, raised by an analyst and answered by the chief executive

    it appears your projects are still tracking in that $11 million to $13 million per megawatt range

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15. S15primarycompany filing2026-03-02
    Core Scientific, Inc. Form 10-K for the year ended 31 December 2025 Core Scientific
    its three segments, one of them 'Digital Asset Hosted Mining', hosting other companies' mining machines
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16. S16primaryregulator2026-06-18
    ERCOT news release, 18 June 2026: PUCT approves ERCOT's Batch Zero process for connecting large electricity users ERCOT
    the size and composition of the large-load queue behind Batch Zero

    ERCOT is tracking more than 438,000 MW of large load requests, nearly 89 percent from data centers alone.

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17. S17primaryregulator2026-08-03
    Office of the Texas Governor, 3 August 2026: Governor Abbott directs comprehensive data center audit Office of the Texas Governor
    the audit directive, the 474 GW of requests and the rule that no data centre moves forward until it is done

    ERCOT is currently considering approximately over 474 gigawatts of requests to connect to the Texas grid, more than five times Texas’ record peak electricity demand for ERCOT. The PUCT and ERCOT must complete this audit before any data center project moves forward. Any project that fails to comply with the requirements set forth by the PUCT and ERCOT will be denied connection to the Texas grid.

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18. S18primarygovernment data2023-07-13
    U.S. Energy Information Administration, Today in Energy, 13 July 2023: As Texas wind and solar capacity increase, energy curtailments are also likely to rise EIA
    a statistical agency's measure of the wasted wind and solar the company's model rests on

    In 2022, the Electric Reliability Council of Texas (ERCOT), the grid manager for most of Texas, curtailed 5% of its total available wind generation and 9% of total available utility-scale solar generation. By 2035, however, we project wind curtailments in ERCOT could increase to 13% of total available wind generation, and solar curtailments could reach 19%.

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19. S19primarygovernment data2025-11-06
    U.S. Energy Information Administration, Today in Energy: ERCOT increasingly meets rising demand with solar, wind, and batteries EIA
    the rate at which Texas grid demand is growing

    From January through September 2025, demand for electric power in ERCOT increased 5% compared with the same period in 2024 to 372 terawatthours (TWh), 23% more than the same months in 2021. Together, wind and solar generation met 36% of ERCOT’s electricity demand in the first nine months of 2025.

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20. S20primarygovernment data2026-05-19
    U.S. Energy Information Administration, Today in Energy: data center server energy use EIA
    a government measure of the load the AI driver adds

    Across all cases, servers alone accounted for an estimated 7% of commercial sector electricity consumption in 2025. Data center server electricity use grows to 22%-33% of commercial building electricity use by 2050 across our cases.

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21. S21primaryindustry data2026-04-07
    Synergy Research Group: hyperscale operators to account for 67% of all data center capacity by 2031 Synergy Research Group
    the leased share of hyperscale capacity, and so how much of the buyer class builds for itself

    Almost 60% of that hyperscale capacity is now in own-built, owned data centers with the balance being in leased facilities.

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22. S22primaryindustry data2026-08-01
    CBRE, North America Data Center Trends H1 2026 CBRE
    vacancy, construction and pre-leasing. CBRE returned 403 to curl on 25 September 2026; the passage is the one this repo froze in the BTDR thesis on 19 September 2026, and that is the retrieval date carried

    primary market vacancy fell to a record low of 1.4% in H1 from 1.6% in H1 2025. Total under-construction capacity across primary markets increased by 24.8% in H1 to a record high of 7,481.1 MW. Preleasing activity accelerated with commitments made on 80.4% of all under-construction capacity, compared with 74.3% a year ago.

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23. S23primaryindustry data2026-09-24
    blockchain.com charts API: hash-rate and miners-revenue, one-year series blockchain.com
    network hash rate and total miner revenue per day, from which revenue per petahash per day was computed

    hash-rate 2026-09-24: 923,914,588 TH/s; 2025-09-25: 997,700,373 TH/s; 2026-06-30: 991,551,271 TH/s. miners-revenue 2026-09-24: $39,709,877 per day; 2025-09-25: $50,173,577; 2026-06-30: $32,232,726

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24. S24secondaryvendor data2026-09-25
    Research pack, 25 September 2026 (FMP market tier; FINRA short interest; price series; consensus history)
    the $1.25 close of 24 September 2026, the 52-week range, the price-move decomposition, FINRA short interest at the 15 September settlement, the analyst panel, and the $12.82 Series A preferred quote
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25. S25primarycompany filing2026-09-24
    Form 4 filings, 2025-2026, read through scripts/insider_fetch.py for the Rule 10b5-1 flag
    five open-market purchases of 200,000 shares by the chief executive and finance chief, 39 open-market sales of 173,257 shares of which 36 discretionary, and the December 2025 grants
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26. S26primarycompany filing2026-06-09
    Exhibit 10.1 to the 8-K of 9 June 2026: limited liability company agreement of Soluna MB KK II JVCo, LLC (Kati 2), redacted
    the joint venture's membership, capital-contribution and distribution articles; the 10-Q's Note 16 summary of the waterfall was checked against it
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27. S27primarycompany release2026-06-09
    Monthly business update, Exhibit 99.1 to the 8-K of 9 June 2026
    regained Nasdaq compliance and an investment bank engaged for Kati 2 capital
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28. S28primarycompany release2026-07-14
    Monthly business update, Exhibit 99.1 to the 8-K of 14 July 2026
    Russell index inclusion and site operations 'at full capacity' through the summer peak-pricing curtailments
    read, but no claim rests on it
29. S29primarycompany filing2026-08-10
    Galaxy Digital Inc. Form 10-Q for the quarter ended 30 June 2026 Galaxy Digital
    Helios developed at 133 MW of critical IT load on about 200 MW of gross power, and 393 MW more leased on 600 MW
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30. S30secondaryvendor data2026-09-26
    Research pack, refreshed 26 September 2026, frozen at content/SLNH/research-pack.json (FMP market tier; filed statements with the shareholders' net loss)
    the $1.22 close of 25 September 2026 and the price-move decomposition over the 252 sessions to that close
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31. S31primarycompany release2026-09-28
    Bitdeer amendment release, Exhibit 99.1 to the 8-K of 28 September 2026 (the exhibit is stamped 'confidential draft' in the filed text)
    the added 7 MW, 35 MW and 2.42 EH/s in total, completion in November 2026, the K1BC phase fully subscribed, same co-mining structure

    Bitdeer will deploy approximately 7 MW of additional Bitcoin mining equipment at Soluna's Project Kati 1 in South Texas, bringing its total deployment at the site to 35 MW and approximately 2.42 EH/s of hash rate.

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32. S32primaryindustry data2026-08-11
    JLL news release - Data center demand exceeds expectations as H1 2026 absorption hits record 25 GW (North America Data Center Report, Midyear 2026) JLL
    a leasing broker's measure of North American absorption, construction, pre-commitment and Texas capacity, the tenant mix (hyperscalers 59%, neoclouds 11%, AI companies 7%) and its expectation of near-zero vacancy through 2028; read through ir_fetch

    North America data center demand reached an all-time high in the first half of 2026 with 25 GW of absorption, double the level from a year ago and five times that of two years prior. ... North America now has 66 GW under construction, 95% of which is pre-committed. Texas has cemented its position as the state for data centers, with 26 GW of existing and under-construction capacity ... “What’s remarkable is that even with 66 gigawatts under construction, we’re likely to see vacancy remain near zero through 2028.”

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33. S33primarygovernment data2024-12-20
    US Department of Energy press release - DOE Releases New Report Evaluating Increase in Electricity Demand from Data Centers (LBNL 2024 United States Data Center Energy Usage Report) US Department of Energy / Lawrence Berkeley National Laboratory
    the government laboratory's range for US data-centre electricity use in 2028, an independent bound on how much new load there is to house; read through ir_fetch

    The report finds that data centers consumed about 4.4% of total U.S. electricity in 2023 and are expected to consume approximately 6.7 to 12% of total U.S. electricity by 2028. The report indicates that total data center electricity usage climbed from 58 TWh in 2014 to 176 TWh in 2023 and estimates an increase between 325 to 580 TWh by 2028.

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34. S34secondaryindustry data2026-09-15
    CoinShares, Bitcoin mining report - Q2 2026 CoinShares
    an asset manager's tally, from the listed miners' own disclosures, of AI capacity contracted and billing across the converting miners, their backlog and annualised revenue, conversion cost a megawatt and the sales multiples the market pays with and without a tenant; read through ir_fetch

    Companies with contracted AI or HPC capacity trade at an average 12.9x EV/NTM sales, compared with 3.7x for the mining companies without contracts. ... More than US$100bn of disclosed backlog currently supports only around US$1.1bn of annualised AI/HPC revenue, with roughly 550MW billing against more than 4GW contracted. ... More than 4GW of IT capacity is now contracted across the companies covered, but only around 550MW is billing. Disclosed backlogs of more than US$100bn therefore sit against less than US$800m of annualised colocation revenue. ... Converting mining infrastructure to AI grade facilities costs an estimated US$8m to US$15m per MW against US$0.7m to US$1m for mining

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35. S35secondaryindustry data2026-03-25
    CoinShares, Bitcoin Mining Report - Q1 2026 CoinShares
    the same tally six months earlier, so the pace at which converting miners sign AI contracts; read through ir_fetch

    Over the course of 2025 and early 2026, Bitcoin miners have signed a number of GPU co-location and cloud service deals with hyperscalers, worth over US$70 billion in aggregate.

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36. S36primarycompany filing2026-10-19
    Form 8-K (Items 5.03, 5.07) on the 16 October 2026 annual meeting
    the vote counts on raising authorised common shares to 1 billion and on the equity line's 20% exchange cap; the amendment's effect on 16 October
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37. S37primarycompany filing2026-10-21
    Form 8-K Item 7.01 and Exhibit 99.1: Soluna agrees to form a strategic partnership with Applied Digital
    the definitive agreement to form a jointly owned company with Applied Digital for a 50 MW AI data centre at Dorothy 3, the 51%/49% split, the closing conditions and ChronoScale's non-binding letter of intent
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38. S38secondaryvendor data2026-10-21
    FMP end-of-day prices, SLNH, close of 2026-10-20
    the $0.577 close of 2026-10-20, the last completed session
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39. S39primarycompany filing2026-10-26
    Form 8-K and Exhibit 99.1: Soluna completes full repayment of Generate Capital debt
    that the Generate facility was repaid in full ($19.1M in August, the rest in October), terminated and its liens released, and that total debt principal fell from $37.9M at 30 June to $9.2M
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