Soluna Holdings, Inc. (NASDAQ: SLNH), a developer of green data centers for intensive computing applications including Bitcoin mining and artificial intelligence, released its December 2025 project site-level operational updates and corporate developments, highlighting financial strengthening and advancements across its project pipeline.
Soluna Holdings completed a $32 million registered direct offering, priced at the market under Nasdaq rules. This offering aims to enhance the company’s balance sheet, providing capital to support ongoing growth initiatives.
Company leadership communicated recent insights through various channels. CTO Dip Patel published two essays, “Why the AI Era Belongs to Systems Engineers — Not Cloud Architects” and “The Second Decoupling: Bringing Compute to Power,” focusing on AI infrastructure and energy systems. Additionally, Soluna was featured in Cointelegraph, which highlighted its wind-powered Bitcoin mining partnership with Canaan, underscoring the company’s reliance on renewable energy amidst fluctuating hash prices.
Regarding key project updates, Project Dorothy 1A (D1A), a 25 MW Bitcoin hosting site, is currently undergoing a 20 MW fleet upgrade. Project Dorothy 1B (D1B), also 25 MW for Bitcoin prop-mining, continued its operations, experiencing extended curtailment periods early in the month due to the onset of the winter demand response program. Project Dorothy 2 (D2), a 48 MW Bitcoin hosting facility, achieved its first full month of operation at full capacity after construction concluded in November. Similar to D1, D2 was also impacted by the winter demand response program at the beginning of the month. Project Sophie, a 25 MW Bitcoin hosting site, operated at full capacity following deployment efforts from the previous month, with annual maintenance completed in preparation for the new calendar year.
Construction on Project Kati 1 (K1), an 83 MW Bitcoin hosting site, continued with significant progress. The main network installation was completed, setting the stage for initial commissioning. Phase K1A, a 48 MW Galaxy deployment, saw all containers and power infrastructure installed, with electrical installation and termination of medium- and low-voltage cabling underway, targeting substantial completion by the end of January. For Phase K1B, a 35 MW Soluna MDC deployment, civil construction advanced with concrete pads formed and poured, allowing mechanical framing of the buildings to commence.
Looking ahead, Project Kati 2 (K2), designated for AI/HPC hosting, is under development with a non-binding letter of intent from a potential Neocloud tenant. Soluna is collaborating with EDF to secure an additional 50MW+ from the Las Majadas wind farm to facilitate project expansion. Further due diligence and the receipt of designer and general contractor bids for K2 are anticipated to conclude in January. Additionally, Project Grace, a 2 MW AI/HPC hosting site at Dorothy 2, is nearing finalization of its detailed engineering for microgrid electrical design for AI load integration.
In its pipeline, Soluna is finalizing Power Purchase Agreements (PPA) and Retail Electric Provider (REP) agreements for projects Ellen, Hedy, and Rosa. Work is also progressing on PPA agreements for projects Annie, Gladys, and Fei. The company has entered into definitive Purchase and Sale Agreements to acquire land for projects Rosa, Ellen, and Hedy, further solidifying its development roadmap.
Customer success initiatives include the completion of preparation for a 20 MW deployment at Project Dorothy 1, with both current and new customer agreements scheduled to energize in 2026. Furthermore, the Request for Information (RFI) process for 35 MW of hosting capacity at Project Kati 1 is concluding, having generated interest from both existing and new partners.
