What happened
Event / reporting date: October 21, 2026.
The companies agreed to form a venture for a planned 50-megawatt critical-IT data center at Dorothy 3 in Texas. Applied Digital is expected to contribute capital and hold 51%; Soluna would contribute land and power-related assets for 49%. Closing is conditional on approvals and definitive operating, lease and power documents. ChronoScale's tenant indication is a nonbinding letter of intent.
Why it matters for owners, operators and investors
Power and land owners have a monetization option beyond outright sale, but retained equity must be evaluated against funding obligations, dilution and control over development decisions.
Development cost, definitive tenancy, final power arrangements and closing are not established.
- 01
What is our contributed asset worth relative to cash funding?
- 02
Who funds overruns and controls additional capital calls?
- 03
What rights protect us if a tenant or development milestone slips?
What to watch next
Definitive tenant and power contracts, project approvals and completion of the venture.
- Soluna announcement filed with the SEC ↗Soluna announcement filed with the SEC