Soluna Advances AI Campus Plans and Leadership Transition

Soluna Holdings ( (SLNH) ) just unveiled an update.

On February 12, 2026, Soluna reported its January 2026 operational update, highlighting collaborations with Siemens to manage GPU power volatility in behind-the-meter AI setups and with Metrobloks to unlock more than 100 MW of AI and HPC capacity at its Project Kati 2 site. The company also announced the appointment of Michael Picchi as chief financial officer effective April 1, 2026, and increased media visibility through features and podcasts focused on green data centers and AI expansion.

Across its operational portfolio, Soluna noted that customer deployments for a 20 MW fleet upgrade at Project Dorothy 1A were underway and that its Dorothy and Sophie Bitcoin hosting sites operated reliably despite winter storms that increased curtailment time. Project Dorothy 2 ran at full customer capacity through January, although it too faced higher curtailment due to elevated grid demand during the severe weather.

Construction at the 83 MW Project Kati 1 advanced with ERCOT energization approval secured, power commissioning initiated for the first 24 MW phase, and subsequent phases scheduled to begin commissioning in March and April, while framing continued for the 35 MW K1B segment. Soluna also entered a new partnership to pilot Cormint’s proprietary container design on a 12 MW portion of K1B, signaling further optimization of its Bitcoin hosting infrastructure.

For Project Kati 2, Soluna detailed a joint venture with Metrobloks and an engineering plan for a 350 MW Tier 3 AI campus spread across seven buildings, supported by the acquisition of more than 500 acres of additional land. The company launched an RFP process with construction managers and entered negotiations with three potential single-tenant customers to pre-lease the entire AI campus, underscoring a strategic pivot toward large-scale AI and HPC hosting.

Soluna reported progress on Project Grace, a 2 MW AI/HPC microgrid initiative focused on design optimization and technical validation for AI load integration, and advanced power contracting across several pipeline projects. It moved forward with PPAs and power agreements for the Ellen, Hedy, and Rosa projects, secured land and grid-path planning for Project Annie without triggering ERCOT’s large flexible load process, and continued PPA negotiations for Annie, Gladys, and Fei, while supporting a 20 MW customer expansion at Dorothy 1A, collectively reinforcing its pipeline of renewable-powered computing assets.

The most recent analyst rating on (SLNH) stock is a Hold with a $1.00 price target. To see the full list of analyst forecasts on Soluna Holdings stock, see the SLNH Stock Forecast page.

Spark’s Take on SLNH Stock

According to Spark, TipRanks’ AI Analyst, SLNH is a Neutral.

The score is held down mainly by weak financial quality (profitability and negative operating cash flow) and bearish technicals with the stock trading well below key moving averages. Positive strategic and financing-related corporate developments provide some offset, but valuation support is limited given negative earnings and no dividend.

To see Spark’s full report on SLNH stock, click here.

More about Soluna Holdings

Soluna Holdings, Inc., listed on Nasdaq as SLNH, develops green data centers that convert surplus renewable energy into computing capacity. The company co-locates its digital infrastructure with wind, solar, and hydro plants to support Bitcoin mining, generative AI, and other high-performance computing workloads, using its MaestroOS software to optimize grid integration and costs.

Average Trading Volume: 5,701,236

Technical Sentiment Signal: Strong Sell

Current Market Cap: $97.07M

Learn more about SLNH stock on TipRanks’ Stock Analysis page.