Investment Opportunities in AI Data Centers
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 23 2026
0mins
Source: Fool
- Pipeline Comparison: Soluna Holdings leads in development pipeline with 4.3 gigawatts of projects as of Q1, compared to Mara Holdings' 2.2 gigawatts, positioning Soluna for greater future revenue potential.
- Profitability Differences: While Soluna Holdings generated $9.4 million in Q1, a 58% year-over-year increase, Mara Holdings reported $174.6 million in revenue, an 18% decline, highlighting their differing progress in transitioning profitability.
- Partnership Dynamics: Mara Holdings' partnership with Starwood Capital Group to co-develop and operate digital infrastructure will alleviate financial burdens and expedite AI data center monetization, while Soluna also utilizes joint ventures to minimize costs.
- Market Outlook: Goldman Sachs projects that AI data center power demand will double by 2027 compared to 2025, indicating both companies are well-positioned to benefit from rising AI demand, although investors must be patient for pipeline conversion into revenue.
Trade with 70% Backtested Accuracy
Stop guessing "Should I Buy SLNH?" and start using high-conviction signals backed by rigorous historical data.
Sign up today to access powerful investing tools and make smarter, data-driven decisions.
Analyst Views on SLNH
Wall Street analysts forecast SLNH stock price to rise
1 Analyst Rating
1 Buy
0 Hold
0 Sell
Moderate Buy
Current: 1.170
Low
5.00
Averages
5.00
High
5.00
Current: 1.170
Low
5.00
Averages
5.00
High
5.00
About SLNH
Soluna Holdings, Inc. is a digital infrastructure company specializing in transforming surplus renewable energy into computing resources. It operates modular data centers co-located with wind, solar, and hydroelectric power plants, supporting compute-intensive applications, including bitcoin mining, generative artificial intelligence (AI), and scientific computing. Its segments include Cryptocurrency Mining, Data Center Hosting, and High-Performance Computing (HPC). Its Soluna Cloud Services business provides HPC services to support generative AI workstreams and proprietary software MaestroOS helps to energize a greener grid while delivering computing solutions and superior returns. It offers colocation and hosting services for companies seeking to train large language models (LLMs), fine-tune existing artificial intelligence models, and deploy other compute-intensive AI or HPC workloads. It also provides hosting services to third-party Bitcoin mining customers at its data centers.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Comparison of Soluna and Mara in AI Data Centers
- Development Pipeline Comparison: Soluna Holdings boasts a larger development pipeline with 4.3 gigawatts of projects as of Q1, compared to Mara Holdings' 2.2 gigawatts, indicating Soluna's potential for greater future revenues despite Mara's closer path to monetization.
- Revenue and Profitability Status: Soluna generated $9.4 million in Q1, a 58% year-over-year increase, while Mara reported $174.6 million, which, despite being higher, reflects an 18% decline year-over-year, highlighting both companies' struggles with net losses during their transition.
- Partnership and Financing Strategies: Mara Holdings has partnered with Starwood Capital Group to co-develop digital infrastructure projects, easing its financial burden, while Soluna also utilizes joint ventures to minimize costs, showcasing differing financial management strategies.
- Market Outlook and Risks: While Soluna has greater long-term potential, Mara is closer to monetizing its AI data centers; with the AI market projected to grow at a 30.6% compound annual rate, investors must weigh the risks and rewards of both companies.
See More
Investment Opportunities in AI Data Centers
- Pipeline Comparison: Soluna Holdings leads in development pipeline with 4.3 gigawatts of projects as of Q1, compared to Mara Holdings' 2.2 gigawatts, positioning Soluna for greater future revenue potential.
- Profitability Differences: While Soluna Holdings generated $9.4 million in Q1, a 58% year-over-year increase, Mara Holdings reported $174.6 million in revenue, an 18% decline, highlighting their differing progress in transitioning profitability.
- Partnership Dynamics: Mara Holdings' partnership with Starwood Capital Group to co-develop and operate digital infrastructure will alleviate financial burdens and expedite AI data center monetization, while Soluna also utilizes joint ventures to minimize costs.
- Market Outlook: Goldman Sachs projects that AI data center power demand will double by 2027 compared to 2025, indicating both companies are well-positioned to benefit from rising AI demand, although investors must be patient for pipeline conversion into revenue.
See More
Soluna Reports 58% YoY Revenue Growth in Q1 2026
- Significant Revenue Growth: Soluna (SLNH) reported a 58% year-over-year revenue increase in Q1 2026, marking its fourth consecutive quarter of revenue growth, which demonstrates a strong upward trend in its business and boosts market confidence in its future prospects.
- Record Hash Rate: The company achieved a record hash rate while managing 147 MW of capacity, which not only enhances its competitive position in the cryptocurrency mining market but also lays a solid foundation for future expansion.
- Surge in Bitcoin Hosting Revenue: Soluna's Bitcoin hosting revenue skyrocketed by 178% year-over-year, reflecting robust demand for its cryptocurrency hosting services and significantly contributing to overall revenue growth.
- Stock Price Surge: SLNH shares rose 3.7% in premarket trading, indicating investor recognition of the company's financial health and potentially attracting more investors to its future growth potential.
See More
Soluna Holdings Announces Project Updates for May 2026
- Strong Financial Performance: Soluna Holdings reported a 58% year-over-year revenue increase in Q1 2026, marking its fourth consecutive quarter of growth, which underscores the robust market demand for Bitcoin hosting and AI infrastructure, further solidifying its industry position.
- Project Consolidation Completed: The company has completed the full acquisition of Project Dorothy 1B, enhancing its capacity to advance the development of Project Dorothy 3 AI, indicating an accelerated strategic positioning in the AI infrastructure sector.
- New Project Progressing Well: The Kati 2 project, with over 350 MW under development, has entered a critical phase with a definitive joint venture agreement signed and design development initiated, showcasing the company's expansion potential in AI and high-performance computing hosting.
- Renewable Energy Integration: Successfully integrated the 150 MW Briscoe Wind Farm into Soluna's operations, marking a significant milestone in the synergy between renewable energy and data center operations, thereby enhancing the long-term reliability of its assets.
See More
Soluna Acquires Dorothy 1B for $8.8M, Enhancing AI Infrastructure
- Acquisition Completed: Soluna has acquired the remaining equity interest in Project Dorothy 1B from Navitas Global for approximately $8.8 million, completing the vertical integration of the Dorothy campus and marking a significant expansion in the green data center sector.
- Energy Control: This acquisition grants Soluna 100% ownership of Dorothy 1B in Silverton, Texas, and, combined with the 150 megawatts of renewable energy from the Briscoe Wind Farm, establishes a complete generation-to-compute ownership chain of 50 megawatts.
- Strategic Transformation: This unencumbered ownership position lays the groundwork for converting the campus to AI and high-performance computing workloads, while also supporting the future marketing of Dorothy 3's AI infrastructure development to prospective customers.
- Growth Prospects: Soluna's development pipeline now exceeds 4.3 gigawatts, including over 1 gigawatt of projects in development and operations, showcasing the company's strong potential in integrating renewable energy with computing resources.
See More
Soluna Holdings Q1 Earnings Highlights
- Earnings Performance: Soluna Holdings reported a Q1 GAAP EPS of -$0.24, indicating a loss, yet revenue surged to $9.39 million, reflecting a 58.1% year-over-year increase, showcasing the company's potential for revenue growth despite ongoing profitability challenges.
- Partnership Expansion: The addition of 3.3 MW at the West Texas site in partnership with Blockware not only strengthens Soluna's position in the blockchain infrastructure sector but also lays the groundwork for future revenue growth opportunities.
- Market Dynamics: DeFi development recorded the highest short interest in March, indicating rising market attention in this sector, which could impact Soluna's stock price volatility, particularly in its blockchain-related operations.
- Rating Update: Seeking Alpha's Quant Rating on Soluna Holdings reflects mixed market sentiment regarding its future performance, as the company faces challenges, yet some investors remain optimistic about its long-term potential.
See More
Comparison of Soluna and Mara in AI Data Centers
- Development Pipeline Comparison: Soluna Holdings boasts a larger development pipeline with 4.3 gigawatts of projects as of Q1, compared to Mara Holdings' 2.2 gigawatts, indicating Soluna's potential for greater future revenues despite Mara's closer path to monetization.
- Revenue and Profitability Status: Soluna generated $9.4 million in Q1, a 58% year-over-year increase, while Mara reported $174.6 million, which, despite being higher, reflects an 18% decline year-over-year, highlighting both companies' struggles with net losses during their transition.
- Partnership and Financing Strategies: Mara Holdings has partnered with Starwood Capital Group to co-develop digital infrastructure projects, easing its financial burden, while Soluna also utilizes joint ventures to minimize costs, showcasing differing financial management strategies.
- Market Outlook and Risks: While Soluna has greater long-term potential, Mara is closer to monetizing its AI data centers; with the AI market projected to grow at a 30.6% compound annual rate, investors must weigh the risks and rewards of both companies.
See More
Investment Opportunities in AI Data Centers
- Pipeline Comparison: Soluna Holdings leads in development pipeline with 4.3 gigawatts of projects as of Q1, compared to Mara Holdings' 2.2 gigawatts, positioning Soluna for greater future revenue potential.
- Profitability Differences: While Soluna Holdings generated $9.4 million in Q1, a 58% year-over-year increase, Mara Holdings reported $174.6 million in revenue, an 18% decline, highlighting their differing progress in transitioning profitability.
- Partnership Dynamics: Mara Holdings' partnership with Starwood Capital Group to co-develop and operate digital infrastructure will alleviate financial burdens and expedite AI data center monetization, while Soluna also utilizes joint ventures to minimize costs.
- Market Outlook: Goldman Sachs projects that AI data center power demand will double by 2027 compared to 2025, indicating both companies are well-positioned to benefit from rising AI demand, although investors must be patient for pipeline conversion into revenue.
See More
Soluna Reports 58% YoY Revenue Growth in Q1 2026
- Significant Revenue Growth: Soluna (SLNH) reported a 58% year-over-year revenue increase in Q1 2026, marking its fourth consecutive quarter of revenue growth, which demonstrates a strong upward trend in its business and boosts market confidence in its future prospects.
- Record Hash Rate: The company achieved a record hash rate while managing 147 MW of capacity, which not only enhances its competitive position in the cryptocurrency mining market but also lays a solid foundation for future expansion.
- Surge in Bitcoin Hosting Revenue: Soluna's Bitcoin hosting revenue skyrocketed by 178% year-over-year, reflecting robust demand for its cryptocurrency hosting services and significantly contributing to overall revenue growth.
- Stock Price Surge: SLNH shares rose 3.7% in premarket trading, indicating investor recognition of the company's financial health and potentially attracting more investors to its future growth potential.
See More
Soluna Holdings Announces Project Updates for May 2026
- Strong Financial Performance: Soluna Holdings reported a 58% year-over-year revenue increase in Q1 2026, marking its fourth consecutive quarter of growth, which underscores the robust market demand for Bitcoin hosting and AI infrastructure, further solidifying its industry position.
- Project Consolidation Completed: The company has completed the full acquisition of Project Dorothy 1B, enhancing its capacity to advance the development of Project Dorothy 3 AI, indicating an accelerated strategic positioning in the AI infrastructure sector.
- New Project Progressing Well: The Kati 2 project, with over 350 MW under development, has entered a critical phase with a definitive joint venture agreement signed and design development initiated, showcasing the company's expansion potential in AI and high-performance computing hosting.
- Renewable Energy Integration: Successfully integrated the 150 MW Briscoe Wind Farm into Soluna's operations, marking a significant milestone in the synergy between renewable energy and data center operations, thereby enhancing the long-term reliability of its assets.
See More
Soluna Acquires Dorothy 1B for $8.8M, Enhancing AI Infrastructure
- Acquisition Completed: Soluna has acquired the remaining equity interest in Project Dorothy 1B from Navitas Global for approximately $8.8 million, completing the vertical integration of the Dorothy campus and marking a significant expansion in the green data center sector.
- Energy Control: This acquisition grants Soluna 100% ownership of Dorothy 1B in Silverton, Texas, and, combined with the 150 megawatts of renewable energy from the Briscoe Wind Farm, establishes a complete generation-to-compute ownership chain of 50 megawatts.
- Strategic Transformation: This unencumbered ownership position lays the groundwork for converting the campus to AI and high-performance computing workloads, while also supporting the future marketing of Dorothy 3's AI infrastructure development to prospective customers.
- Growth Prospects: Soluna's development pipeline now exceeds 4.3 gigawatts, including over 1 gigawatt of projects in development and operations, showcasing the company's strong potential in integrating renewable energy with computing resources.
See More
Soluna Holdings Q1 Earnings Highlights
- Earnings Performance: Soluna Holdings reported a Q1 GAAP EPS of -$0.24, indicating a loss, yet revenue surged to $9.39 million, reflecting a 58.1% year-over-year increase, showcasing the company's potential for revenue growth despite ongoing profitability challenges.
- Partnership Expansion: The addition of 3.3 MW at the West Texas site in partnership with Blockware not only strengthens Soluna's position in the blockchain infrastructure sector but also lays the groundwork for future revenue growth opportunities.
- Market Dynamics: DeFi development recorded the highest short interest in March, indicating rising market attention in this sector, which could impact Soluna's stock price volatility, particularly in its blockchain-related operations.
- Rating Update: Seeking Alpha's Quant Rating on Soluna Holdings reflects mixed market sentiment regarding its future performance, as the company faces challenges, yet some investors remain optimistic about its long-term potential.
See More
