The Obs€rver

$SLNH | Rosenblatt initiates coverage of @SolunaHoldings with a Buy rating and $4 price target. The target will get the attention, but the assumptions behind it are more interesting. Rosenblatt points directly to Kati 2 and Soluna’s first major HPC contract: • 118 MW of Critical IT capacity • More than $200M of annualized revenue • Exclusive LOI currently in place • First contract expected before year-end • Financing the buildout becomes the next major step The firm also highlights Soluna’s 266 MW across Kati and Dorothy now conditionally classified as Base Load in ERCOT’s Batch Zero process. Perhaps the most important line in the coverage: Rosenblatt believes Soluna still trades like a stressed Bitcoin miner despite the progress being made toward HPC infrastructure. That is essentially the rerating thesis in one sentence. The question now is execution. Convert the LOI, secure the financing and move Kati 2 from development into contracted AI infrastructure.

Big hire for $SLNH, @jbelizaireCEO adds another Microsoft Fairwater veteran to its AI infrastructure team • 6+ years at Microsoft Neil most recently served as Director, AI Construction within Microsoft’s Datacenter Delivery organization. • He worked on Fairwater His own profile says he was accountable for large-scale AI data center programs across the Milwaukee metro, including MKE03/04 and MKE07–14. MKE03/04 are part of Microsoft’s Fairwater / Mount Pleasant AI buildout. • That directly overlaps with Ryan Carver’s Microsoft work Ryan Carver led Microsoft’s Fairwater construction program in Wisconsin before joining Soluna as Chief Development Officer. So we now have two former Microsoft AI infrastructure leaders at Soluna with overlap inside the same hyperscale AI construction program. • Neil brings exactly the execution skillset Soluna now needs His Microsoft work included: - advanced electrical distribution - liquid-to-chip cooling - centralized utility plants - integrated commissioning - energy management - supply-chain and construction risk - hyperscale AI delivery • And the transition is notable Microsoft: through Sep. 2026 Soluna: Sep. 2026 No gap. He moved directly from Microsoft into Soluna. • At Soluna, Neil says he is now leading the construction organization responsible for delivering hyperscale AI infrastructure across a rapidly expanding national portfolio. Ryan joined Soluna in July to build the development and execution platform. Now, just weeks later, another Microsoft AI construction executive who worked within the Fairwater ecosystem follows him to Soluna. This is a very strong signal that Soluna is building a serious hyperscale execution team around its AI pipeline. The Microsoft connection around SLNH keeps getting stronger. For anyone who missed my 12-part research series on the Soluna–Microsoft connection, you can catch up here: 👇 teapaw.org/perspez/status/2091229…

$SLNH I think some people still misunderstand what Soluna is actually building. AI/HPC should become the largest part of the business as Kati 2 and Dorothy 3 scale, but Soluna is being built as a broader power and digital-infrastructure platform, not around one single workload. The Bitdeer deal is a good example of that. @jbelizaireCEO has described Soluna as a platform built around power, where the power model is essentially the product and different kinds of compute can sit on top of it. He has used Bitcoin, AI training and high-performance computing as examples, and has also described the broader organization as a platform spanning power, design, construction and operations. Soluna finds power opportunities, secures the site, works through interconnection, develops the electrical and data-center infrastructure, gets the MW energized and operates the facility. From there, those MW can be matched with different workloads and different commercial structures. Briscoe adds another layer. Soluna now also owns generation, which means part of the economics can come from the power itself before you even get to the compute side. Then look at Bitdeer. Bitdeer brings and owns the mining hardware at Kati 1. Soluna brings the powered site and runs the operation, and the mining proceeds are shared. Soluna gets another way to earn from capacity it has already developed without funding and owning another large proprietary mining fleet. Traditional Bitcoin hosting is another model already running across the portfolio. Kati 2 and Dorothy 3 take the same development platform into a much larger class of data-center infrastructure. Kati 2 is being developed as a 350+ MW campus and Dorothy 3 has potential for up to 300 MW. At that scale, AI/HPC should naturally become the biggest part of Soluna's business as those campuses come online. Bitcoin can still sit alongside it. Some MW can remain traditional hosting. Some can use revenue-share structures like Bitdeer. Much larger blocks can go to AI training and HPC. Other compute-intensive workloads can be added over time, while owned generation creates another source of economics on the power side. That is the diversification people sometimes miss. The Bitdeer revenue will move with mining economics because Soluna participates in the proceeds, but the relevance of that exposure changes with the size and mix of the company. 28 MW means a lot more inside today's Soluna than it would alongside several hundred MW of AI/HPC capacity, additional compute workloads and a growing portfolio of owned generation.

$SLNH has closed the purchase of 397 acres in Briscoe County, Texas for Project Dorothy 3 its planned renewable-first AI campus of up to 300 MW. The site sits directly across from the substation at Soluna’s 150 MW Briscoe Wind Farm, positioning Dorothy 3 for direct behind-the-meter access to company-owned generation. Land secured. Power next door. Another major development risk removed.