Rosenblatt Initiates Soluna Coverage With Buy Rating

Rosenblatt Securities initiated coverage of Soluna with a Buy rating and a $4 price target, implying substantial upside from the stock’s recent trading level. The firm’s thesis centers on Soluna’s planned conversion from cryptocurrency hosting to AI and high-performance computing infrastructure in Texas, including up to 118 megawatts of critical IT capacity that could generate more than $200 million in annualized revenue if fully developed. Rosenblatt expects the company to secure its first HPC customer before year-end, but customer contracting and construction financing remain key hurdles. Soluna’s second-quarter revenue was about $15.1 million, while it reported a larger-than-expected loss and no AI/HPC service revenue, underscoring the early stage of the transition. Other analysts remain divided, with ratings ranging from Strong Buy and Buy to Hold and Sell, producing an overall consensus ranging from Hold to Moderate Buy depending on the source.