A general class of holographic theories with a nontrivial θ‐angle are analyzed. The instanton density operator is dual to a bulk axion field. We calculate the ground‐state solutions with nontrivial source, aUV, for the axion, for both steep and soft dilaton potentials in the IR, and both in d=3 and d=4. We find all cases to be qualitatively similar. We also calculate the spin=2, 0 glueball spectra and show that the glueball masses monotonically decrease as functions of aUV (or θ‐angle). The slopes of glueball masses are different, generically, in different potentials. In the case of steep dilaton potentials, the glueball (masses)2 turn negative before the maximum of aUV is attained. We interpret this as a signal for a favored instanton condensation in the bulk. We also investigate strong CP‐violation in the effective glueball action.