Soluna Secures $100M Credit Line for Bitcoin & AI

Soluna has secured a $100 million credit facility from Generate Capital at around 15% borrowing cost. The funds will be used to expand its Bitcoin mining and AI data center projects in Texas.

Soluna raises funds for expansion

US-based data center developer Soluna, focused on Bitcoin mining and artificial intelligence, announced it has secured up to $100 million in debt financing from Generate Capital. The deal carries an effective borrowing cost in the mid-teens, reflecting current lending market dynamics.

The agreement begins with an initial $12.6 million draw to refinance and expand its Dorothy 1A facility in Texas. Another $22.9 million is allocated to Dorothy 2 and the new Kati 1 project, while an additional $64.5 million is available through an accordion facility.

Loan structure and conditions

According to SEC filings, the loan is structured into three tranches:

• Tranche A-1: $5.5 million
• Tranche A-3: $11.5 million
• Tranche B: $18.5 million

The loans mature in September 2030. Interest is calculated as Term SOFR +10% (3.5% floor) or ABR +9%. In case of default, rates increase by 2 percentage points.

The debt is secured by project assets, equity pledges, and site mortgages. Generate also received warrants for 4 million Soluna shares and a board observer seat.

Strategy for Bitcoin and AI growth

The financing strengthens Soluna’s push into high-performance computing. Funds will accelerate Bitcoin mining operations while supporting AI infrastructure growth. Earlier in 2025, the company raised more than $30 million from Galaxy Digital and Spring Lane Capital.