Monitor Briscoe County tax abatement approval and execution of definitive lease with ChronoScale. Closing by year-end 2026 is the next catalyst; failure to secure tax abatement or lease would materially reduce the project's value.
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Executive Summary
Soluna Holdings entered into a definitive agreement with Applied Digital Corporation (NASDAQ: APLD) to form a jointly owned company to develop a 50 MW critical IT data center for AI and HPC at Project Dorothy 3 in Texas. Applied will provide capital and hold a 51% interest, while Soluna contributes land and power assets for a 49% stake. ChronoScale Holdings (NASDAQ: CHRN) signed a non-binding LOI to triple-net lease the facility. Closing is subject to conditions including tax abatement approval and is expected by year-end 2026.
Key Facts
- Definitive agreement with Applied Digital (APLD) to form a jointly owned company for a 50 MW AI/HPC data center at Project Dorothy 3.
- Applied Digital to provide capital and hold 51% interest; Soluna contributes land and power assets for 49% interest.
- ChronoScale Holdings (CHRN) signed non-binding LOI to triple-net lease the facility.
- Project to be powered by the 150 MW Briscoe Wind Farm and the grid.
- Closing subject to tax abatement approval, title policies, corporate approvals, and definitive agreements; expected by end of calendar year 2026.
Financial Impact
No financial terms disclosed; Soluna retains 49% of a 50 MW AI data center with a potential triple-net lease tenant (ChronoScale).
Risk Factors
- Closing conditions include tax abatement approval, title policies, and corporate approvals — any failure could scuttle the deal.
- ChronoScale lease is non-binding; no assurance a definitive lease will be signed.
- No capital contribution amounts disclosed for Soluna; potential dilution or cash needs if Soluna must fund its 49% stake.
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001493152-26-047846 |
| Exhibit: ex99-1.htm | 0001493152-26-047846 |
| Document: 0001493152-26-047846-index-headers.html | 0001493152-26-047846 |
| Document: 0001493152-26-047846-index.html | 0001493152-26-047846 |
| Document: 0001493152-26-047846.txt | 0001493152-26-047846 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 today | 8-K | $0.5454 | awaiting T+20 | — | $0.5431 (−0.42%) |
Oct 21, 2026 4d ago | 8-K | $0.5340 | awaiting T+20 | — | $0.5431 (+1.70%) |
Oct 21, 2026 5d ago | 8-K | $0.5607 | awaiting T+20 | — | $0.5431 (−3.14%) |
Oct 21, 2026 5d ago | Press Release | $0.5607 | awaiting T+20 | — | $0.5431 (−3.14%) |
Oct 20, 2026 6d ago | 8-K | $0.5770 | awaiting T+20 | — | $0.5431 (−5.88%) |
Sep 28, 2026 28d ago | 8-K | $1.18 | awaiting T+20 | — | $0.5431 (−53.97%) |
Sep 14, 2026 6w ago | 8-K | $1.15 $0.8500 | ▼ −26.09% | ▼ −28.35% | $0.5431 (−52.77%) |
Sep 9, 2026 6w ago | 8-K | $1.24 $1.01 | ▼ −18.55% | ▼ −20.49% | $0.5431 (−56.20%) |
Sep 8, 2026 6w ago | 8-K | $1.27 $1.05 | ▼ −17.32% | ▼ −19.04% | $0.5431 (−57.24%) |
Aug 31, 2026 7w ago | Insider Cluster | $1.05 $1.14 | ▲ +8.57% | ▲ +8.46% | $0.5431 (−48.28%) |
US Market Status
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