Soluna Holdings (NASDAQ:SLNH) shares are up during Tuesday's premarket session. The company announced its fourth expansion with Blockware to grow renewable-powered data-center capacity for AI and Bitcoin mining.

The move is also getting a tailwind from a risk-on tape after major indices rose on Monday.

Details

Soluna said its new 3.3 MW deployment marks Blockware's first presence at Project Dorothy 1B, pushing total capacity past 17 MW across their partnership.

CEO John Belizaire tied the expansion to scaling "renewable-powered infrastructure for AI and Bitcoin mining." At the same time, Blockware CEO Mason Jappa said Soluna has "consistently delivered" as Blockware's capacity needs grow.

Soluna recently completed a $53 million acquisition of the Briscoe Wind Farm, strengthening its ability to vertically integrate power generation with its data center operations.

With this addition, Blockware's total deployed capacity alongside Soluna has now surpassed 17 MW across its sites.

Acquired Full Ownership of Project Dorothy 1A

Last week, the company announced its acquisition of full ownership of Project Dorothy 1A for $16.5 million. It is aimed at accelerating its vertical integration and AI campus development.

Soluna previously owned a 14.6% stake in D1A's Class B interests; with this transaction, it now holds full ownership of D1A, alongside its existing 100% stake in Class A interests.

To help finance the acquisition, the company also entered into a $12 million unsecured promissory note maturing on May 15, 2027, which closed alongside the deal.

The deal grants Soluna full ownership of the D1A facility in Silverton, Texas, representing its second key move toward vertically integrating the Dorothy campus after acquiring the Briscoe Wind Farm for $53 million earlier this month.

With D1A and Briscoe together delivering 150 MW of owned renewable power, Soluna is advancing plans to transition the Dorothy campus toward AI computing.

As Dorothy 3 progresses, the company also aims to attract new equity partners aligned with its AI-focused strategy.

Technical Analysis

The broader market saw gains on Monday, with the Technology sector rising 0.40%. Soluna's rise comes as the sector performed well, suggesting that the stock is moving in line with broader market trends.

Soluna is trading significantly above its 20-day simple moving average (SMA) by 99.6%, indicating strong short-term momentum. The stock is also 40.2% above its 100-day SMA, suggesting a bullish intermediate trend, which is supported by the recent acquisition news.

The relative strength index (RSI) stands at 80.95, indicating that the stock is in overbought territory, which could suggest a potential pullback or consolidation phase ahead. The moving average convergence divergence (MACD) is currently bullish, with the MACD line above the signal line, indicating positive momentum.

  • Key Resistance: $1.75 — A level where selling pressure may emerge.
  • Key Support: $1.50 — A potential area for buyers to step in.

Company Context

Soluna Holdings Inc is a U.S.-based company engaged in the development and operation of data centers powered by renewable energy. The company utilizes excess or curtailed energy from renewable sources to support high-performance computing applications, including cryptocurrency mining, artificial intelligence, and machine learning. Its business model focuses on converting underutilized renewable energy into computing resources through co-located data center infrastructure.

Earnings & Analyst Outlook

Looking further out, the next major catalyst for the stock arrives with the May 15, 2026 (estimated) earnings report.

  • EPS Estimate: Loss of 62 cents (up from loss of 88 cents)
  • Revenue Estimate: $10.40 million (up from $5.94 million)

Analyst Consensus & Recent Actions: The stock carries a Buy Rating with an average price target of $5.00. Recent analyst moves include:

  • HC Wainwright & Co.: Upgraded to Buy (Target $5.00) (Dec. 11, 2025)

SLNH Price Action: Soluna Holdings shares were up 16.43% at $1.63 during premarket trading on Tuesday, according to Benzinga Pro data.

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