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CLSK — CleanSpark: a bitcoin miner learning to be a landlord
One of the largest U.S. bitcoin miners by hashrate and a growing owner of power and land. In 2026 it signed its first AI data-center lease — the start, but only the start, of a shift beyond mining.
01The 30-second read
Fast read
CleanSpark runs roughly 50 EH/s of operational bitcoin-mining hashrate and controls about 1.8 GW of contracted power, land, and data centers across the U.S. Mining still drives essentially all revenue: fiscal Q3 2026 (quarter ended June 30, 2026) revenue was $138.0M, down 30.5% year over year, with a $239.8M net loss driven mainly by bitcoin mark-to-market adjustments.
The AI pivot is early but real. In July 2026 CleanSpark executed its first HPC lease — a 20-year triple-net agreement at Sandersville, Georgia, worth about $6.6B of contracted revenue (up to ~$11.6B if two five-year options are exercised) — covering 175 MW of critical IT load with deliveries expected to begin in Q4 2027.
The catch is that this is one lease at one site, while the mining business that funds it is losing money at current bitcoin prices. Bulls see a scarce power portfolio plus a marquee first tenant; bears see a still loss-making miner that must spend heavily before any of the new rent arrives.
02The bull case, briefly
Scale, a first lease, and a funded balance sheet
- Scale in power. ~50 EH/s operational hashrate and 1.8 GW under contract, including 585 MW of ERCOT-approved capacity, with 808 MW utilized.
- A marquee first tenant. A 20-year triple-net lease at Sandersville for ~$6.6B of contracted revenue (up to ~$11.6B with options) and ~$330M average annual NOI at a nearly 100% margin.
- Capital and hard assets. Working capital of ~$1.0B and total stockholders’ equity of ~$1.0B at March 31, 2026, alongside ~$925M of bitcoin and ~$1.8B of long-term debt.
- Analysts remain constructive. A “Strong Buy” consensus with an average target of ~$23.81 — roughly +65% versus the September 18 close.
03The bear case, briefly
Losses, one lease, and heavy capex ahead
- Still loss-making. Fiscal Q2 2026 net loss was $378.3M and Q3 was $239.8M; revenue fell 24.9% then 30.5% year over year as bitcoin prices declined.
- Effectively one tenant, one site. The HPC story rests on a single Sandersville agreement with an unnamed tenant; revenue does not begin until Q4 2027.
- Capital-hungry. Landlord project costs are estimated at $10–12M per MW of critical IT load, so scaling beyond one site implies large future funding needs.
- Bitcoin price sensitivity. The company held ~13,931 BTC as of July 31, 2026, so quarterly results swing sharply with BTC mark-to-market.
04Key numbers
| Metric | Value | Note |
|---|---|---|
| Price (Sep 18, 2026) | $14.40 | Intraday range $13.39–$14.49 |
| Market cap | ~$3.7B | ~257M shares outstanding (derived) |
| 52-week range | $8.00–$23.61 | |
| Fiscal Q3 2026 revenue | $138.0M | −30.5% YoY; ended Jun 30, 2026 |
| Fiscal Q3 2026 net loss | $239.8M | −$0.89/share; consensus was −$0.33 |
| Fiscal Q2 2026 net loss | $378.3M | −$1.52/share; revenue $136.4M (−24.9%) |
| Fiscal Q2 2026 adjusted EBITDA | −$241.2M | vs −$57.8M a year earlier |
| Cash & bitcoin (Mar 31, 2026) | $260.3M / $925.2M | Total assets $2.9B; long-term debt $1.8B |
| Hashrate / power | 50 EH/s / 1.8 GW | 808 MW utilized; 585 MW ERCOT-approved |
| First HPC lease | ~$6.6B | Sandersville 20-yr NNN; 175 MW; from Q4 2027 |
Sources & method
- CleanSpark fiscal Q3 2026 results, press release (August 6, 2026): revenue $138.0M (−30.5% YoY), net loss $239.8M (−$0.89/share); Sandersville 20-year $6.6B triple-net lease
- CleanSpark fiscal Q2 2026 results, press release (May 11, 2026): revenue $136.4M (−24.9%), net loss $378.3M (−$1.52/share), adjusted EBITDA −$241.2M; cash $260.3M, bitcoin $925.2M, total assets $2.9B, long-term debt $1.8B, equity $1.0B
- CleanSpark July 2026 operational update, press release (August 5, 2026): 20-year NNN lease at Sandersville (~$6.6B initial / ~$11.6B with options; ~$330M average annual NOI; 175 MW; deliveries from Q4 2027; $10–12M per MW project cost); 50 EH/s operational hashrate; 1.8 GW under contract; 808 MW utilized; 13,931 BTC held at July 31, 2026
- CleanSpark August 2026 operational update (September 8, 2026): construction ongoing at Sandersville with $6.6B contracted revenue; ERCOT conditional batch-zero classification for two Texas sites
- Market data: price $14.40 (Sep 18, 2026, Robinhood), 52-week range $8.00–$23.61, shares outstanding ~257M (WallStreetZen; other sources report ~268M), market cap derived at ~$3.7B
- Analyst aggregation: consensus “Strong Buy”, average target ~$23.81 (13 analysts, S&P Global via stockanalysis.com); MarketBeat ~$22.34; other aggregators ~$19.80–$23.70
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