Soluna to form 49% joint venture with Applied Digital for 50 MW Texas data center
On October 20, 2026, Soluna entered into a Subscription Agreement with affiliates of Applied Digital to form a jointly owned company that will develop a planned 50 megawatt Critical I.T. data center at Project Dorothy 3 near Silverton, Texas. Soluna would hold 49% of the Project Company and Applied 51%, and the closing is expected on or before December 1, 2026, subject to conditions including a Tax Abatement Vote. If the deal fails to close, Soluna would reimburse 80% of Applied's funded development costs, up to $45 million.
Key points
- Soluna Investor would hold 49% and Applied Investor 51% of the Project Company membership interests at closing
- Soluna's ground sublease is attributed a value of $18,750,000, while Applied Investor contributes $19,515,306 in cash, less credits for certain prior costs
- Soluna would issue Applied a warrant for up to 7,644,444 shares of common stock at $0.74 per share, exercisable for seven years
- Closing is expected on or before December 1, 2026, with the outside date no later than December 31, 2026
The filing
Written by AI on Nov 9, 2026, 8:51 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on October 21, 2026.
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