Episode Details

We talk with Saluna Holdings CEO John Belizaire and new CFO Michael Picchi right after Q1 earnings about how the company plans to scale from Bitcoin hosting into AI and HPC data centers through 2026 and beyond. We break down what vertical integration really means when you own the wind farm, the grid connection, and the site roadmap to get from design to an energized AI campus. 

• Q1 highlights including revenue growth, megawatts under management, and the shift toward hosting revenue 
• Why Bitcoin hosting demand persists and how it funds AI pre-development work 
• Briscoe Wind Farm acquisition and what vertical integration adds beyond a low power rate 
• How Soluna “stacks” revenue across hosting, demand response, and power sales during curtailment 
• KATI 2 phase-one plan including schematic design, detailed design, customer proposals, and lease negotiations 
• Future-proofing AI data centers for heavier GPUs and changing chip generations 
• Capital formation realities for billion-dollar builds including debt vs equity expectations 
• Key bottlenecks ahead including MEP supply constraints, labor availability, and worker housing 
• Community engagement playbook and addressing water concerns with closed-loop cooling design 
• Dorothy 3 sequencing and applying KATI 2 learnings across the pipeline 

Let us know in the comment section below what you thought of Soluna results and if you're currently holding shares!

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