# data center revenue — X 热门讨论 (2026-10-10 04:46 UTC)

## @perspez (Perspez) · 10-09 20:11 · ♥39 ↻2 💬4 $SLNH | The AI Data Center Selloff: Why I'm Still Bullish on Soluna

The AI data center sector has been taking a beating lately, with IREN, Cipher, TeraWulf, Applied Digital and several other infrastructure developers facing considerable selling pressure.

Soluna has been caught in the same downturn, with its shares once again trading below $1.

Higher financing costs, concerns about AI infrastructure spending and growing scrutiny of capital-intensive development projects have made investors increasingly cautious. Companies with signed long-term contracts are finding it easier to justify their valuations, while developers still working toward major commercial agreements are facing a tougher market.

Some of that caution is understandable. These projects require enormous amounts of capital, and the returns will ultimately depend on lease economics, financing terms and successful execution.

Still, I believe the negative sentiment has become excessive, particularly when looking at the progress Soluna has made throughout 2026.

The financial performance tells a very different story from the share price.

With so much attention focused on Kati 2, the growth of Soluna's existing business has received surprisingly little recognition.

Consider the first-half results:

- H1 revenue: $24.45 million, compared with $12.09 million in H1 2025, representing approximately 102% reported growth. - H1 hosting revenue: $19.34 million, compared with $5.54 million a year earlier, an increase of roughly 249%. - Q2 revenue: $15.06 million, up 145% year over year as reported, or approximately 73% on a comparable basis after adjusting for the electricity pass-through accounting change. - Adjusted EBITDA: The quarterly loss narrowed from $2.09 million in Q1 to $1.56 million in Q2, an improvement of approximately 25%. - Operating capacity: Kati 1 reached its full 83 MW capacity in September, bringing company-wide operating capacity to approximately 206 MW. - Liquidity: $113.4 million in unrestricted cash at the end of June.

The accounting change affects reported revenue growth, but the expansion of the hosting business is still substantial.

Adjusted EBITDA has also improved considerably from the $6.4 million quarterly loss reported in Q3 2025. Soluna hasn't reached consolidated adjusted EBITDA breakeven, but the trend gives me reason to believe that positive adjusted EBITDA is becoming an increasingly realistic objective as the operating platform grows.

Kati 1 is particularly relevant here. The final 14 MW was energized in September, with construction completed on schedule and within the infrastructure budget. The recent expansion of the Bitdeer agreement from 28 MW to 35 MW also fully subscribed the K1BC phase.

That additional capacity wasn't contributing for the full second quarter. I'm interested in what the expanded platform can deliver as these deployments ramp and contribute over longer periods.

Briscoe is another example of operational progress that I believe has been overlooked.

When Soluna acquired the 150 MW Briscoe Wind Farm in April, ten of its 81 turbines were out of service.

Management moved quickly to address the maintenance backlog, incurring approximately $1.5 million in repair and maintenance expenses during Q2.

CFO Michael Picchi subsequently confirmed that all ten turbines had been repaired and returned to service by early Q3.

That's encouraging for two reasons. The wind farm has regained previously unavailable generating capacity, and the unusually heavy maintenance burden experienced immediately after the acquisition may ease.9

There is also the seasonal element. Wind conditions are generally more favorable during fall and winter, potentially supporting improved generation, although actual results will depend on production and market conditions.

Beyond its immediate financial contribution, Briscoe gives Soluna direct ownership of an important generation asset serving the Dorothy campus. https://x.com/perspez/status/2108651473060188653

## @CVResearch_ (CV Research) · 10-09 15:34 · ♥31 ↻2 💬2 $BE is worth about $85 billion. $INIO is worth $14.4 billion. This year they will book almost the same revenue.

$INIO guides to $3.8 to $3.9 billion in 2026 revenue. $BE guides to $3.9 to $4.2 billion. INNIO shipped 3.4 gigawatts of engines last year. Bloom ended 2025 with about 1 gigawatt of annual factory capacity. INNIO is building toward 10 gigawatts a year by 2030.

An AI campus needs power on a specific date and the grid cannot promise one. In the busiest regions, connecting a large new load takes five to seven years.

Sell-side estimates value getting power one year earlier at about $4.50 per watt. INNIO's engines sell for $0.45 to $0.70 per watt. The buyer is paying for the date, not the hardware.

The J624 is a 5 megawatt gas engine that gets trucked in on a trailer and takes load in about 15 seconds. Nothing larger takes load that fast.

The demand is already on paper.

Backlog went from $1.0 billion at the end of 2024 to $6.6 billion in June. Customers have prepaid $1.4 billion. 2026 and 2027 are sold out and reservations reach into 2030 and 2031.

We traced about 8 gigawatts of Jenbacher engines to named sites. $AMZN specified 280 J620s in a Pennsylvania permit. $ORCL and OpenAI's Frontier campus runs on Jenbachers through VoltaGrid. Liberty Energy filed the first real price in an 8-K: $493 million for 100 J624s.

Then there is the part nobody prices. Services were 48% of 2025 revenue and about 65% of segment profit. A data center engine runs about 8,000 hours a year against 2,000 to 4,000 on the legacy fleet, and the parts wear by the hour. The first wave hits major overhauls from 2029.

So why is it $19.20, 29% below the $27 IPO and 55% below the June high?

Because of who is selling. The IPO was 100% secondary. The sponsors still own 86% and only about 14% of the company trades. One quarter of tariff hit margins did the rest.

The lockup expires November 30. Now run the math. At $19.20 the market is pricing capacity that stops at about 5.7 gigawatts, short of the Austrian expansion already under construction, with the new Wisconsin line adding nothing.

Our base case is $27, about 40% above today. Bear is $14.40 and bull is $38.

The risks are real. The Texas permit pause. A sponsor with 646 million shares to sell. VoltaGrid at 41% of 2025 orders. All of it is in the report, along with what would change our mind.

The dates that decide it: October 19 TCEQ's report, October 29 Enerflex earnings, mid November INNIO's Q3, November 30 the lockup, and around December 10 when ERCOT finishes its review.

The grid will get there eventually. The data center cannot wait for it. INNIO sells the time in between. https://x.com/CVResearch_/status/2108581832048496924