$SLNH | How Joint Ventures Could Accelerate Soluna’s 6.3 GW Development Pipeline Soluna's partnership with Applied Digital at Dorothy 3 offers a clearer picture of how the company intends to finance and develop its expanding AI infrastructure portfolio. With approximately 6.3 GW in its development pipeline, including around 1.6 GW in planning and development and another 4.5 GW being assessed with power partners, Soluna has opportunities extending far beyond its two flagship AI projects. Developing infrastructure on that scale requires considerable financial resources, specialized engineering expertise and extensive construction capabilities. Attempting to finance and build every campus independently would consume substantial capital and potentially limit how quickly the company could expand. Joint ventures offer a practical way to address those requirements. At Dorothy 3, Applied Digital brings substantial experience in hyperscale construction and capital formation, alongside established supplier relationships. Soluna contributes its site, renewable-power infrastructure and expertise in integrating large computing loads with the electricity grid. The proposed project also has a potential tenant, ChronoScale, which has signed a non-binding letter of intent for a triple-net lease. At Kati 2, Metrobloks contributes its own data center development and operational capabilities through a separately structured partnership. By combining resources with established industry partners, Soluna can pursue multiple developments without having to provide the full amount of capital or execute every aspect of construction independently. Rather than concentrating its resources on one major project and waiting for that facility to become operational before advancing the next, Soluna can pursue different construction schedules, financing arrangements and customer agreements across its portfolio. As individual facilities enter operation, they could begin generating recurring revenue while other projects remain under development. Over time, this approach could produce several important advantages: - Faster expansion: Multiple AI campuses can advance simultaneously instead of competing for the same limited financial and operational resources. - More efficient financing: Sharing project-level capital requirements can reduce the amount Soluna needs to raise directly, preserving financial flexibility for additional developments. - Growing recurring income: Completed facilities could progressively contribute new revenue streams and distributable cash flow. - Greater financial capacity: A larger portfolio of operating assets and established rental income could improve access to institutional financing and support reinvestment into subsequent projects. - Improved execution: Experience gained through successive developments could help standardize engineering, procurement and construction processes, potentially reducing costs and shortening delivery schedules. Soluna also enters this transition with an existing operating business. Its Bitcoin hosting facilities provide an established revenue base, while the acquisition of the 150 MW Briscoe Wind Farm and consolidation of Dorothy 1 have strengthened its ownership of energy and computing infrastructure. At Dorothy 3, the company's economic interests could extend beyond its equity stake in the proposed data center through its ownership of the adjacent wind generation asset, depending on the final power-supply agreements. Another important aspect of the strategy is the development of Soluna's internal hyperscale organization. The company has recruited Ryan Carver as Chief Development Officer following his experience leading major AI data center construction programs at Microsoft, including work on the Fairwater campus in Wisconsin. Neil Robinson subsequently joined as Vice President of Construction Management, also from Microsoft, where he served as Director of AI Construction.

$SLNH $APLD | Soluna and Applied Digital Strike 50 MW AI Data Center Deal — The ChronoScale Connection Is Now Confirmed (Impressive milestone for Soluna. Well done, @jbelizaireCEO!) On October 21, Soluna Holdings announced a definitive transaction agreement with Applied Digital ($APLD) to establish a joint venture for the development of a 50 MW critical IT AI/HPC data center at Project Dorothy 3 in Briscoe County, Texas. For those who have followed the ChronoScale developments we examined last week, today's announcement is particularly significant. What previously appeared through regulatory filings and corporate connections has now developed into a publicly announced commercial agreement. The transaction Under the proposed joint venture structure: - Applied Digital — 51% ownership: Expected to contribute development capital and bring its experience building and operating large-scale AI infrastructure. - Soluna — 49% ownership: Expected to contribute a portion of its Dorothy 3 site, including land and power-related project assets. - Initial development — 50 MW critical IT: A purpose-built AI/HPC facility drawing electricity from both the 150 MW Briscoe Wind Farm and the ERCOT grid. - Proposed tenant — ChronoScale ($CHRN): Applied Digital's majority-owned AI compute subsidiary has signed a non-binding letter of intent for a triple-net lease. - Expected closing — Q4 2026: Subject to the remaining approvals, definitive agreements and other closing conditions. The arrangement brings together two complementary capabilities. Soluna has spent years assembling renewable generation, land, interconnection infrastructure and operational experience at Dorothy. Applied Digital brings a track record in developing institutional-scale AI data centers, securing tenants and arranging construction financing. For Soluna, the proposed structure creates a route to participate in a capital-intensive AI development while bringing in a partner expected to fund its development. The ChronoScale connection: How we got here Several developments now form a revealing timeline. August 27: ChronoScale announced plans for a 50 MW AI computing deployment in North America in partnership with Microsoft. The deployment was expected to feature NVIDIA GB300 NVL72 systems and advanced liquid cooling. September 8: The Texas Comptroller's official data center registry recorded Project Dorothy 3A under STX-01 LLC, explicitly identifying ChronoScale Corporation as the occupant. September 14: Soluna announced that ERCOT had conditionally classified 100 MW at its existing Dorothy campus as Base Load under Batch Zero. The company also confirmed that an additional 50 MW interconnection request was under study. October 21: Soluna publicly confirmed its agreement with Applied Digital to develop the 50 MW Dorothy 3 project, alongside ChronoScale's letter of intent to lease the facility. The significance of today's announcement is that the ChronoScale–Dorothy 3 relationship is no longer merely an inference drawn from administrative records. It is now explicitly acknowledged by Soluna in a transaction announcement. There is still an important distinction concerning Microsoft. ChronoScale's previously announced 50 MW Microsoft deployment is documented, but today's release does not identify Microsoft as the ultimate customer at Dorothy 3 or establish that the two 50 MW developments are the same project. That remains an interesting connection to monitor. Why this matters for Soluna shareholders The economics of AI data center development are fundamentally different from Bitcoin hosting. A modern, high-density AI facility requires substantial investment in electrical infrastructure, cooling, buildings and supporting systems. Financing and development expertise are therefore as important as securing land and electricity. Today's agreement addresses an important part of that challenge.

$SLNH | Former Google Infrastructure Executive Dan Golding Joins Soluna’s Board as AI Development Advances Soluna Holdings announced today that shareholders have elected Dan Golding, a former Google infrastructure executive and a veteran of the global data center industry, to its Board of Directors following the company's October 16 annual meeting. The appointment deserves attention, particularly given Golding's background and his longstanding involvement with Soluna's AI infrastructure strategy. Golding has served on Soluna's Advisory Board since November 2023, meaning he has spent nearly three years working with management as the company developed its approach to renewable-powered AI data centers. His election now formalizes that relationship at the board level, giving Soluna greater access to his expertise in corporate oversight and strategic decision-making. His professional background is substantial: - Google (2014–2023): Held senior infrastructure leadership positions, including Managing Director of Global Infrastructure. His experience extended across Google's global networking and advanced data center technology teams. - $25 billion+ in data center infrastructure: According to his industry biographies, Golding participated in engineering, design and construction teams responsible for more than $25 billion in data center projects, representing thousands of megawatts of infrastructure. - $600 million+ in leasing transactions: His background includes negotiating, evaluating and participating in wholesale data center leasing transactions exceeding $600 million. - Iron Mountain and RagingWire (now NTT Data Centers): Previously held senior engineering and operational leadership positions at major data center operators. - ASG: Currently serves as Chief Technology Officer, advising on digital infrastructure, hyperscale development and technology strategy. What makes this appointment particularly relevant is the combination of engineering, commercial and operational experience. Developing a hyperscale AI campus requires considerably more than securing land and electricity. Developers must translate customer requirements into facilities capable of supporting increasingly demanding computing workloads, while coordinating electrical infrastructure, cooling, networking, construction schedules and financing. These are areas where Golding has spent much of his career. For Soluna, that expertise could be valuable across several priorities: 1. Project Kati 2: Supporting decisions around hyperscale campus architecture, high-density computing requirements, power resilience, technical specifications and phased development. 2. Project Dorothy 3: Providing additional technical and strategic oversight as Soluna advances its next major AI infrastructure campus. 3. Customer negotiations: Helping management understand how sophisticated hyperscale and AI infrastructure customers evaluate proposed facilities, including operational reliability, deployment timelines, technical flexibility and commercial requirements. 4. Project execution and financing: Applying experience with large-scale developments and leasing transactions to help Soluna structure projects that meet customer expectations and the requirements of infrastructure capital providers. An additional detail worth highlighting is Golding's public commentary on the data center industry. Through his Age of Fake Datacenters research series, he has emphasized the importance of understanding actual computing workloads and distinguishing executable infrastructure developments from speculative project announcements. That perspective is particularly relevant as the industry experiences unprecedented AI infrastructure investment and competition for available power.

$SLNH | The Selloff, the Fundamentals, and Why I Remain Conviction-Bullish on Soluna Last week, @jbelizaireCEO made it clear that nothing fundamental has changed in Soluna's business outlook. The company continues to execute its strategy, yet the stock has been trading as though its long-term opportunity has somehow deteriorated. I believe the recent selloff is the result of several factors converging at once, creating an almost perfect storm of negative sentiment. First, the macro environment. Rising Treasury yields and renewed concerns about interest rates have put considerable pressure on growth stocks, particularly smaller companies tied to capital-intensive AI infrastructure development. Soluna has not been immune to that broader market weakness. Second, disappointment over the Kati 2 tenant timeline. Many short-term investors expected a definitive agreement during Q3. When that did not materialize, frustration turned into speculation about substantial delays. But missing an anticipated announcement window does not necessarily mean negotiations have stalled or that the underlying project has deteriorated. Third, dilution concerns. Some investors expected a major tenant announcement before the shareholder vote to expand the company's authorized common shares to one billion. The approval has created additional anxiety about future dilution, even though increasing authorized shares is not the same as actually issuing them. Financing flexibility and dilution risk need to be evaluated separately. Fourth, the psychological impact of trading below $1. This has introduced another layer of uncertainty, with investors increasingly discussing potential Nasdaq compliance issues, delisting and reverse splits. These concerns can reinforce selling pressure even though trading below $1 does not trigger immediate delisting. Finally, short selling and momentum-driven trading. I suspect bearish positioning has contributed to the pressure, particularly in an environment where uncertainty makes less-informed shareholders more vulnerable to panic. The precise contribution of short sellers is difficult to establish, but the conditions have certainly been favorable for bearish speculation. What I find remarkable is how little attention is being paid to the progress Soluna has already made. Kati 1 has reached its full 83 MW operating capacity. The company has consolidated ownership of Project Dorothy 1 and acquired the 150 MW Briscoe Wind Farm. Its AI development pipeline has expanded, while Kati 2 and Dorothy 3 have secured important regulatory and development milestones. The company also reported $113.4 million in unrestricted cash at the end of Q2, providing a meaningful financial cushion as it advances its AI strategy. That figure is a historical balance, not a guarantee of today's available liquidity, but it demonstrates how significantly Soluna strengthened its balance sheet earlier this year. And then there is the part I believe the market is seriously underestimating. Kati 2 and Dorothy 3 are progressing in parallel, not sequentially. We are looking at two major AI campuses with approximately 650 MW of planned critical IT capacity combined. Kati 2 already has a tenant LOI, while Dorothy 3 has attracted considerable customer interest. My expectation is that the eventual commercial agreements for these developments could arrive much closer together than the market currently anticipates. Furthermore, the first definitive agreement would represent far more than an isolated milestone. It could validate Soluna's development model, strengthen its ability to secure project-level financing and create momentum for subsequent phases and additional tenant agreements. In my view, that is where the potential acceleration begins.

$SLNH | Microsoft's Nscale Withdrawal Puts a Premium on AI Infrastructure That Can Deliver Power Before 2030 Microsoft's reported withdrawal from Nscale's planned data center in Essex offers a revealing glimpse into how the economics of AI infrastructure are changing. The British company's proposed facility in Loughton has encountered repeated delays, and electricity network authorities reportedly do not expect to supply the site with power until the 2030s. The Telegraph first reported Microsoft's decision, with Bloomberg and Reuters subsequently covering the development. Although Microsoft has not publicly explained its withdrawal, the problems surrounding the project's electricity connection raise an increasingly consequential question for the industry: how much is future data center capacity worth when a customer cannot be certain when it will become operational? The implications extend well beyond Nscale. Hyperscalers are committing enormous amounts of capital to AI computing infrastructure, frequently planning deployments around successive generations of increasingly powerful and expensive accelerators. Those investments are sensitive to timing. A data center that becomes operational in 2028 can support years of workloads before another facility awaiting grid access in 2031 receives its first megawatt. For customers making long-term infrastructure commitments, several years of delay can materially change the financial assumptions behind a project. GPUs depreciate, new architectures improve performance per watt, and the opportunity to generate revenue from current-generation computing equipment does not wait for utilities to complete their transmission upgrades. This increasingly favors developers with credible near-term power delivery schedules over those whose principal assets remain land, development plans and distant interconnection dates. Soluna Holdings (NASDAQ: SLNH) has been positioning itself around precisely this constraint. The company's approach differs from conventional data center development, where securing a suitable site can be followed by years of negotiations over electricity supply and grid capacity. Soluna develops computing infrastructure alongside existing renewable generation, using behind-the-meter arrangements to access electricity close to its source while retaining the ability to interact with the wider grid. That model has already been deployed commercially, although Soluna's operating facilities currently serve primarily Bitcoin-related computing rather than high-density AI workloads. In September, Soluna completed the final 14 MW of Project Kati 1 in Willacy County, Texas, bringing the campus to its full 83 MW operating capacity and increasing the company's total energized computing portfolio to approximately 206 MW. According to Soluna, every phase of Kati 1 was delivered on schedule, with infrastructure costs remaining within budget. The achievement matters beyond the additional operating capacity. It provides evidence of the company's ability to build, energize and manage substantial computing loads within the Texas electricity market, a record that becomes relevant when prospective AI customers evaluate execution risk. September also brought a significant development on the regulatory side. ERCOT conditionally classified the full 166 MW Kati campus and 100 MW at Project Dorothy as Base Load under its Batch Zero framework, preserving their respective interconnection positions subject to verification. These classifications cover 266 MW of capacity across the two campuses, including existing operating facilities. At Kati, 83 MW is associated with the planned AI expansion at Kati 2. They do not mean that 266 MW of new AI infrastructure is ready for immediate deployment, or that the larger development pipeline has secured all the electricity it requires.

Their importance is more specific: Soluna is advancing its AI developments from established electrical infrastructure and previously studied interconnection positions, rather than beginning the entire process with an unconnected site. That distinction becomes particularly relevant at Project Kati 2. Developed in partnership with Metrobloks, Kati 2 is planned as a high-density AI campus with an initial phase exceeding 100 MW of critical IT capacity and a further 250 MW targeted for subsequent development. The company has progressed through design development, brought a general contractor into the process and secured commitments for certain long-lead electrical equipment. Engineering work is also underway to expand the Las Majadas substation by an additional 100 MW in support of future phases. One of the more consequential developments concerns the project's electricity architecture. Soluna has executed an access agreement with a natural gas pipeline operator and begun engineering the lateral connection to the site. That agreement does not establish a completed onsite generation facility or guarantee future gas-fired electricity output. It does, however, move an important part of the project's supplemental power strategy into a more concrete development stage. Kati 2 is being designed around a combination of renewable generation, grid access, onsite gas-fired generation and energy storage. The intention is to provide the continuous and resilient electricity supply required by modern AI computing, including workloads that cannot simply be interrupted whenever wind generation declines. It is an important evolution of the behind-the-meter model Soluna established through Bitcoin hosting. AI infrastructure requires a considerably different operating profile, with higher power densities, more demanding cooling systems and stricter availability requirements. On the commercial side, Soluna has signed a letter of intent with a prospective Kati 2 tenant and has been negotiating the terms of a definitive lease. The company has previously described a construction period of approximately 15 months from contract signing, subject to customer requirements and execution conditions. That places a potential initial delivery window in late 2027 or early 2028, provided the remaining contractual, financing and infrastructure milestones progress as planned. The timetable is still conditional, but it illustrates why Kati 2 could become more attractive as the market reassesses projects whose electricity connections are several years further away. Soluna has a second major development opportunity at Project Dorothy 3 in Briscoe County. In August, the company completed the acquisition of 397 acres adjacent to its existing Dorothy operations and the 150 MW Briscoe Wind Farm, which it acquired earlier this year. The property is intended to support a new AI campus with potential capacity of up to 300 MW. The wind farm's substation sits directly across from the acquired land. Soluna therefore controls an unusually valuable combination of existing electricity generation, operating computing infrastructure and adjacent development property. Dorothy 3 still requires additional engineering, utility coordination, commercial commitments and financing before its proposed AI capacity can be delivered. The existing wind farm cannot independently provide the continuous power needed for a 300 MW AI campus. Nevertheless, ownership of the generation asset and nearby land removes several uncertainties that other developers must resolve before construction can begin. The decision to appoint Ryan Carver as Chief Development Officer adds another dimension to Soluna's development strategy.