Soluna Expands Pipeline to 4.3 GW, Raises $142 M and Launches AI Infrastructure
Soluna doubled its operating capacity in 2025, growing its power pipeline to 4.3 GW and completing the 48 MW Dorothy 2 data center while starting construction on the 83 MW Kati 1 facility. The company raised $142 million in capital, boosting total cash by 750% to $88.8 million and launching an AI infrastructure initiative.
1. 2025 Operational Highlights
Soluna doubled its operating capacity during 2025 and grew its power pipeline to over 4.3 GW by adding six new development-stage projects and advancing curtailment assessments. The company also crossed 1 GW of renewable-powered computing with Projects Gladys and Fei entering operation or development.
2. Key Project Milestones
Project Dorothy 2 (48 MW) was completed, fully energized and marketed in November 2025, enhancing data center profitability and customer diversification. Construction on the 83 MW Kati 1 facility commenced in Q3 2025 with ERCOT approval for phased commissioning, and an MOU for a 100+ MW AI campus at Kati 2 was signed with potential expansion to over 300 MW.
3. Financial Performance and Financing
Soluna raised approximately $142 million in 2025 through debt issuances, SEPA draws, RDOs and ATM transactions, increasing total cash by 750% to $88.8 million and improving its current ratio to 1.9x. Key project-level partners include Generate Capital ($17 M), Galaxy Digital ($5 M) and continued support from Spring Lane Capital ($30 M), underpinned by a $100 M scalable credit facility.
4. Outlook and Growth Drivers
Revenue from the Kati 1 facility is expected to ramp up through the first half of 2026 as commissioning progresses, while the Kati 2 AI campus aims to deliver critical IT capacity starting at 100 MW. The expanded pipeline and strengthened balance sheet position Soluna to scale additional AI and computing projects across its platform.