Mara Holdings vs. Soluna Holdings: Which AI Pivot Is More Compelling?

Marc Guberti, The Motley Fool

Tue, June 23, 2026 astatine 8:05 AM CDT 5 min read

When astir tech assemblage investors deliberation of neocloud businesses, the ones that travel to caput are Nebius (NASDAQ: NBIS) and Iren (NASDAQ: IREN). And some of them person performed good for those who person held their shares implicit the past twelvemonth and a half, delivering multibagger returns.

However, astatine this point, the AI information halfway operators offering investors the champion chances for precocious returns whitethorn beryllium a mates that aren't connected astir people's radars.

Missed Nvidia successful 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" awesome flashed for a little-known chipmaker called Nvidia. For the archetypal clip successful years, that aforesaid "Total Conviction" awesome is flashing for a institution 1/100th the size of Nvidia. Continue »

Mara Holdings (NASDAQ: MARA) and Soluna Holdings (NASDAQ: SLNH) don't person arsenic overmuch attraction successful this industry. They are smaller than Nebius and Iren, but some person pivoted distant from crypto mining and present person multigigawatt pipelines of AI information halfway projects nether development. These projects should nutrient tremendous recurring revenues erstwhile they are complete. Here are immoderate cardinal details to see erstwhile comparing these 2 maturation stocks.

Soluna Holdings has a larger gigawatt pipeline

If you're looking conscionable astatine their improvement pipelines, Soluna Holdings is the winner. It closed retired the archetypal 4th with 4.3 gigawatts (GW) of information centers successful the works. Mara Holdings lone said it had 2.2 gigawatts of combined operational and improvement capableness successful a caller property release.

For information halfway operators, securing gigawatts of powerfulness and improvement capableness puts them connected people for higher yearly recurring revenues successful the future. Soluna Holdings has much potential, particularly since it has added gigawatts quickly. The company's pipeline exceeded 1 gigawatt successful Q3 2025 and reached 4.3 gigawatts successful Q4 2025. Management cited "new curtailment assessments, progressive word expanse discussions, and six caller development-stage projects" arsenic the catalysts that resulted successful that elevated powerfulness pipeline.

Soluna Holdings is pursuing a akin playbook to Iren's: Get the gigawatts present and fig retired the monetization later. For now, Soluna Holdings continues to pain done cash, but that's a occupation crossed the full industry.

Mara Holdings is person to monetizing its sites

Although Soluna Holdings has a much awesome improvement pipeline, astir of its sites are inactive successful the aboriginal stages of construction. Mara Holdings is person to artificial quality (AI) monetization, and the institution precocious outlined a near-term extremity of delivering much than 1 gigawatt of IT capacity. Most of Soluna Holdings' 4.3 gigawatt pipeline is aggregate years distant from energization.