Soluna Holdings has asked shareholders to vote on expanding its authorized common stock to 1 billion shares from 375 million, a move designed to provide greater financing flexibility as the data-center developer pursues its infrastructure pipeline.
According to an SEC filing, investors will also consider a separate proposal at the company's Oct. 16 annual meeting that would permit Soluna to issue more than 20% of its outstanding shares under a standby equity agreement with YA II PN. The company had 246.7 million shares outstanding as of Aug. 21. The second proposal relates to a March agreement allowing Soluna to sell YA up to $250 million of common stock over time.
Neither vote will immediately issue shares or guarantee that the full amount is raised, but approval would grant management more room to use equity for expansion. Soluna has noted that its projects require substantial capital, though additional share issuances could dilute existing investors' earnings per share and voting power.
The capital requirements come as Soluna advances Project Dorothy 3, a planned artificial intelligence and high-performance computing campus in Texas with a potential capacity exceeding 300 MW. The company has acquired 397 acres for the initial buildout and started master planning and design work. Soluna also acquired the 150 MW Briscoe Wind Farm for $53 million to support the broader Dorothy complex, noting that some capital raised in the second quarter went toward the land acquisition. Dorothy 3 remains in development and is not part of Soluna's currently energized capacity.
Concurrently, Soluna is generating revenue from existing infrastructure. On Aug. 25, the company signed an agreement with Bitdeer to deploy approximately 28 MW of Bitcoin-mining equipment at Project Kati 1 in Texas, representing about 1.93 exahashes per second. Under the arrangement, Bitdeer owns the mining machines while Soluna provides the site, electricity, and operations, with both companies sharing the proceeds.
Soluna currently operates about 192 MW with another 14 MW under construction. Approximately 1.6 GW of its 6.3 GW pipeline is in planning and development, while another 4.5 GW remains in assessment, leaving roughly 3% of the reported pipeline energized.
