Cleanspark (CLSK)
Market Price (8/8/2026): $12.36 | Market Cap: $3.3 BilSector: Information Technology | Industry: Internet Services & Infrastructure
Cleanspark (CLSK)
Market Price (8/8/2026): $12.36Market Cap: $3.3 BilSector: Information TechnologyIndustry: Internet Services & Infrastructure
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include Crypto & Blockchain, and Renewable Energy Transition. Themes include Bitcoin Mining, Solar Energy Generation, Show more. | Weak multi-year price returns2Y Excs Rtn is -54% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -358 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -53% Weak revenue growthRev Chg QQuarterly Revenue Change % is -31% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 11% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -78%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -153% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 58% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -35% Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 29% Key risksCLSK key risks include [1] potential community backlash, Show more. |
| Megatrend and thematic driversMegatrends include Crypto & Blockchain, and Renewable Energy Transition. Themes include Bitcoin Mining, Solar Energy Generation, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -54% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -358 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -53% |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is -31% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 11% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -78%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -153% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 58% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -35% |
| Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 29% |
| Key risksCLSK key risks include [1] potential community backlash, Show more. |
Qualitative Assessment
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Cleanspark (CLSK) stock has remained largely at the same level since 4/30/2026 because of the following key factors:
1. Bitcoin Price Volatility and Mining Profitability Pressure.
Cleanspark's stock trend since April 30, 2026, was significantly influenced by the volatile movement of Bitcoin (BTC) prices, which pressured mining profitability. Bitcoin traded near $64,500 as of July 30, 2026, recovering from a June 2026 low of approximately $57,000 to $60,000, but remained roughly 49% below its October 2025 all-time high of $126,198. This decline is reflected in CleanSpark's fiscal Q3 2026 (which ended June 30, 2026) average revenue per Bitcoin mined, which decreased by 5% to $72,000 from $76,000 in the prior fiscal quarter. The company's Adjusted EBITDA also significantly declined to negative $113.0 million in fiscal Q3 2026 from positive $377.7 million in fiscal Q3 2025, largely due to Bitcoin price volatility and mark-to-market accounting.
2. Strategic Pivot Towards AI Data Centers and Key Lease Agreement.
A core reason for the stock's consolidation, despite short-term headwinds, is CleanSpark's ongoing strategic shift to become a diversified digital infrastructure platform, expanding into high-performance computing (HPC) and AI data centers. This transition was highlighted by a significant 20-year triple-net lease agreement at its Sandersville, Georgia campus with a high investment-grade global technology company, announced in July and August 2026. This contract is projected to generate approximately $6.6 billion in contracted revenue over the initial term, with a potential to reach $11.6 billion if two five-year extension options are exercised, and carries a nearly 100% net operating income (NOI) margin. The company has fully funded the equity portion and pre-paid for long-lead items for the 175 MW critical IT load, with deliveries anticipated to begin in calendar Q4 2027, thereby de-risking the project's execution.
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Cleanspark (CLSK) stock has remained largely at the same level since 4/30/2026 because of the following key factors:
1. Bitcoin Price Volatility and Mining Profitability Pressure.
Cleanspark's stock trend since April 30, 2026, was significantly influenced by the volatile movement of Bitcoin (BTC) prices, which pressured mining profitability. Bitcoin traded near $64,500 as of July 30, 2026, recovering from a June 2026 low of approximately $57,000 to $60,000, but remained roughly 49% below its October 2025 all-time high of $126,198. This decline is reflected in CleanSpark's fiscal Q3 2026 (which ended June 30, 2026) average revenue per Bitcoin mined, which decreased by 5% to $72,000 from $76,000 in the prior fiscal quarter. The company's Adjusted EBITDA also significantly declined to negative $113.0 million in fiscal Q3 2026 from positive $377.7 million in fiscal Q3 2025, largely due to Bitcoin price volatility and mark-to-market accounting.
2. Strategic Pivot Towards AI Data Centers and Key Lease Agreement.
A core reason for the stock's consolidation, despite short-term headwinds, is CleanSpark's ongoing strategic shift to become a diversified digital infrastructure platform, expanding into high-performance computing (HPC) and AI data centers. This transition was highlighted by a significant 20-year triple-net lease agreement at its Sandersville, Georgia campus with a high investment-grade global technology company, announced in July and August 2026. This contract is projected to generate approximately $6.6 billion in contracted revenue over the initial term, with a potential to reach $11.6 billion if two five-year extension options are exercised, and carries a nearly 100% net operating income (NOI) margin. The company has fully funded the equity portion and pre-paid for long-lead items for the 175 MW critical IT load, with deliveries anticipated to begin in calendar Q4 2027, thereby de-risking the project's execution.
3. Mixed Fiscal Q3 2026 Financial Results.
CleanSpark reported mixed financial results for its fiscal Q3 2026 (ended June 30, 2026), which contributed to the stock's stable yet volatile movement. The company's quarterly revenues were $138.0 million, representing a 30.5% year-over-year decrease from $198.6 million and missing analyst estimates of $148.94 million. CleanSpark also reported a net loss of ($239.8 million), or ($0.89) per basic share, missing analyst estimates for a loss of ($0.48) per share. However, the GAAP net loss narrowed from ($378.3 million) in the prior quarter, driven by a smaller mark-to-market adjustment on Bitcoin holdings. Management also noted that normalized adjusted EBITDA would have been positive $20 million, excluding a $133 million non-cash Bitcoin valuation charge. As of June 30, 2026, the company maintained a strong balance sheet with $202.6 million in cash and $814.9 million in total Bitcoin holdings.
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Stock Movement Drivers
Fundamental Drivers
The -1.8% change in CLSK stock from 4/30/2026 to 8/7/2026 was primarily driven by a -13.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302026 | 8072026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.53 | 12.30 | -1.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 785 | 679 | -13.5% |
| P/S Multiple | 4.5 | 4.9 | 8.2% |
| Shares Outstanding (Mil) | 281 | 268 | 4.9% |
| Cumulative Contribution | -1.8% |
Market Drivers
4/30/2026 to 8/7/2026| Return | Correlation | |
|---|---|---|
| CLSK | -1.8% | |
| Market (SPY) | 7.6% | 44.9% |
| Sector (XLK) | 17.8% | 56.6% |
Fundamental Drivers
The 3.9% change in CLSK stock from 1/31/2026 to 8/7/2026 was primarily driven by a 11.4% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 8072026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.84 | 12.30 | 3.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 766 | 679 | -11.4% |
| P/S Multiple | 4.4 | 4.9 | 11.4% |
| Shares Outstanding (Mil) | 282 | 268 | 5.2% |
| Cumulative Contribution | 3.9% |
Market Drivers
1/31/2026 to 8/7/2026| Return | Correlation | |
|---|---|---|
| CLSK | 3.9% | |
| Market (SPY) | 12.1% | 56.9% |
| Sector (XLK) | 30.8% | 60.6% |
Fundamental Drivers
The 8.2% change in CLSK stock from 7/31/2025 to 8/7/2026 was primarily driven by a 26.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312025 | 8072026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.37 | 12.30 | 8.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 537 | 679 | 26.4% |
| P/S Multiple | 5.9 | 4.9 | -18.2% |
| Shares Outstanding (Mil) | 281 | 268 | 4.6% |
| Cumulative Contribution | 8.2% |
Market Drivers
7/31/2025 to 8/7/2026| Return | Correlation | |
|---|---|---|
| CLSK | 8.2% | |
| Market (SPY) | 23.4% | 48.1% |
| Sector (XLK) | 43.7% | 50.8% |
Fundamental Drivers
The 104.7% change in CLSK stock from 7/31/2023 to 8/7/2026 was primarily driven by a 467.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312023 | 8072026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.01 | 12.30 | 104.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 120 | 679 | 467.0% |
| P/S Multiple | 4.0 | 4.9 | 20.4% |
| Shares Outstanding (Mil) | 80 | 268 | -70.0% |
| Cumulative Contribution | 104.7% |
Market Drivers
7/31/2023 to 8/7/2026| Return | Correlation | |
|---|---|---|
| CLSK | 104.7% | |
| Market (SPY) | 74.9% | 43.4% |
| Sector (XLK) | 114.7% | 41.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CLSK Return | -67% | -79% | 441% | -17% | 10% | 26% | -56% |
| Peers Return | 64% | -87% | 402% | 62% | 65% | 50% | 316% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 105% |
Monthly Win Rates [3] | |||||||
| CLSK Win Rate | 17% | 42% | 67% | 42% | 58% | 38% | |
| Peers Win Rate | 53% | 31% | 75% | 50% | 65% | 50% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| CLSK Max Drawdown | -76% | -87% | -54% | -65% | -58% | -40% | |
| Peers Max Drawdown | -69% | -89% | -58% | -59% | -60% | -38% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MARA, RIOT, CORZ, HUT, CIFR.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/7/2026 (YTD)
How Low Can It Go
| Event | CLSK | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -32.1% | -18.8% |
| % Gain to Breakeven | 47.2% | 23.1% |
| Time to Breakeven | 43 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -27.6% | -7.8% |
| % Gain to Breakeven | 38.1% | 8.5% |
| Time to Breakeven | 89 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -43.5% | -9.5% |
| % Gain to Breakeven | 76.9% | 10.5% |
| Time to Breakeven | 56 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -29.3% | -6.7% |
| % Gain to Breakeven | 41.3% | 7.1% |
| Time to Breakeven | 11 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -70.5% | -24.5% |
| % Gain to Breakeven | 238.9% | 32.4% |
| Time to Breakeven | 420 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -70.0% | -33.7% |
| % Gain to Breakeven | 233.3% | 50.9% |
| Time to Breakeven | 98 days | 140 days |
In The Past
Cleanspark's stock fell -32.1% during the 2025 US Tariff Shock. Such a loss loss requires a 47.2% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | CLSK | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -32.1% | -18.8% |
| % Gain to Breakeven | 47.2% | 23.1% |
| Time to Breakeven | 43 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -27.6% | -7.8% |
| % Gain to Breakeven | 38.1% | 8.5% |
| Time to Breakeven | 89 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -43.5% | -9.5% |
| % Gain to Breakeven | 76.9% | 10.5% |
| Time to Breakeven | 56 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -29.3% | -6.7% |
| % Gain to Breakeven | 41.3% | 7.1% |
| Time to Breakeven | 11 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -70.5% | -24.5% |
| % Gain to Breakeven | 238.9% | 32.4% |
| Time to Breakeven | 420 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -70.0% | -33.7% |
| % Gain to Breakeven | 233.3% | 50.9% |
| Time to Breakeven | 98 days | 140 days |
In The Past
Cleanspark's stock fell -32.1% during the 2025 US Tariff Shock. Such a loss loss requires a 47.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Cleanspark (CLSK)
CleanSpark, Inc. (CLSK) operates primarily in two distinct technology sectors: digital currency mining and energy solutions. In its Digital Currency Mining segment, the company is actively involved in the mining of bitcoin, a process that requires significant computing power to validate blockchain transactions and generate new cryptocurrency.
The Energy segment provides a comprehensive suite of solutions focused on microgrids and distributed energy systems. CleanSpark offers specialized engineering, design, and software development, along with custom hardware and energy storage solutions. These offerings help a diverse customer base, including military, commercial, and residential clients, enhance their energy resilience, efficiency, and management. Key products in this segment include control platforms like mPulse and mVoult, which integrate and optimize various energy sources, as well as software for energy market communications and managing load shifting programs.
Furthermore, CleanSpark extends its services to include general technology-based consulting, data center services (such as providing rack space, power, and equipment), and various cloud computing services, including virtual, virtual storage, and data backup solutions. This positions CleanSpark as a provider of both foundational infrastructure for digital currencies and advanced, integrated energy management technologies.
AI Analysis | Feedback
1. A Bitcoin mining company, similar to Marathon Digital, that also operates as a specialized energy technology firm, providing microgrid and smart energy management solutions.
2. Imagine a Bitcoin miner like Riot Platforms that also develops and sells advanced software and hardware for distributed energy systems and microgrids.
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- Bitcoin Mining: Engages in the computational process of validating transactions and adding them to the Bitcoin blockchain.
- Microgrid and Distributed Energy Solutions: Provides comprehensive engineering, design, software, custom hardware, solar, and energy storage solutions for military, commercial, and residential microgrids.
- Energy Management Platforms (mPulse, mVoult): Develops control platforms that enable the integration and optimization of multiple energy sources within microgrids.
- Canvas Middleware: A software platform for grid operators and aggregators to administrate load shifting programs.
- Plaid Middleware: A software platform enabling controls and Internet-of-Things product companies to participate in load shifting programs.
- mVSO Energy Modeling Software: Energy modeling software utilized for internal microgrid design.
- Gasification Energy Technologies: Owns gasification energy technologies for various applications, including feedstock for di-methyl ether generation.
- Technology Consulting Services: Offers design, software development, and other technology-based consulting services.
- Data Center Services: Provides rack space, power, and equipment for data operations.
- Cloud Services: Offers virtual, virtual storage, and data backup services.
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CleanSpark, Inc. (CLSK) serves the following major categories of customers:
- Military customers: These customers utilize CleanSpark's engineering, design, software, custom hardware, solar, and energy storage solutions for microgrids and distributed energy systems.
- Commercial customers: This broad category includes various businesses, such as grid operators and aggregators (for platforms like Canvas), and controls and Internet-of-Things products companies (for platforms like Plaid). They are served with energy technology solutions, software platforms, data center services, cloud services, and technology-based consulting.
- Residential customers: Individuals who purchase CleanSpark's solutions for microgrids and distributed energy systems, including solar and energy storage.
CleanSpark's Digital Currency Mining segment primarily engages in mining bitcoin directly for its own operations and does not have external customers for this core activity in the same manner as its Energy segment.
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Matt Schultz, Chief Executive Officer and Chairman
Matt Schultz is a co-founder of CleanSpark, Inc., established in March 2014. He was re-appointed as CEO in August 2025. Schultz previously served as CEO from 2014 to October 2019. He spearheaded CleanSpark's evolution from an alternative energy generator, utilizing patented gasifier technology, into the renewable energy sector, notably by identifying critical software for microgrid deployments such as at Camp Pendleton. He has been instrumental in raising over a billion dollars in capital, contributing significantly to CleanSpark becoming a prominent data center developer and bitcoin mining company in North America.
Gary A. Vecchiarelli, President and Chief Financial Officer
Gary A. Vecchiarelli brings over two decades of finance and accounting expertise to CleanSpark, having been appointed Chief Financial Officer in December 2021 and later named President in September 2025. His responsibilities include overseeing financial strategy, treasury operations, capital markets, legal, and compliance, while also driving organizational and operational excellence. Vecchiarelli has guided CleanSpark through several acquisitions and strategic debt financings. Prior to his role at CleanSpark, he served as CFO for Imatrex, a high-tech medical imaging solutions company, and led finance operations for Golden Entertainment and Galaxy Gaming. He also played a key role in opening BDO's Las Vegas audit practice. He is a licensed Certified Public Accountant in Nevada and California.
Scott Garrison, Chief Development Officer and Executive Vice President
Scott Garrison oversees infrastructure expansion, corporate development, business operations, and government affairs at CleanSpark. With over 30 years of experience, he has developed and implemented business plans across various sectors including technology, software, hospitality, gaming, and media. Garrison founded Linq360 and The Integration Center, companies that provide technology solutions to businesses globally.
Taylor Monnig, Chief Operating Officer and Chief Technology Officer
Taylor Monnig is responsible for leading operational excellence in mining and driving technology innovation at CleanSpark. He is recognized as an Intel innovation award recipient and holds several data center patents.
Harry Sudock, Chief Business Officer
As Chief Business Officer, Harry Sudock manages investor relations, strategic communications, provides sector leadership, and contributes significantly to the broader corporate strategy of CleanSpark. Before this role, he was CleanSpark's Senior Vice President and Chief Strategy Officer for GRIID, where he was the first employee in 2018, responsible for developing and executing corporate strategy initiatives.
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The key risks to CleanSpark's business are primarily driven by the inherent volatility and operational demands of its core segments.
- Bitcoin Price Volatility: CleanSpark's revenues, earnings, and balance sheet stability are highly sensitive to the fluctuating market price of Bitcoin. As a bitcoin mining company, its financial performance is directly linked to these price movements, impacting the value of its mined Bitcoin holdings and overall profitability.
- High and Volatile Energy Costs: Bitcoin mining is an extremely energy-intensive operation. Significant increases in electricity prices can erode CleanSpark's profit margins, and securing access to reliable and cost-effective power sources is critical for its operational efficiency and competitiveness.
- Evolving Regulatory Landscape for Cryptocurrency: The cryptocurrency industry, including Bitcoin mining, operates within a rapidly changing and often uncertain regulatory environment. Potential changes in government regulations, increased scrutiny regarding the environmental impact of mining, or new financial regulations could significantly affect CleanSpark's operations, compliance costs, and profitability.
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CleanSpark, Inc. (CLSK) operates in two primary segments: Digital Currency Mining and Energy. The addressable markets for its main products and services are substantial, with figures predominantly reflecting global market sizes.
Digital Currency Mining
The global cryptocurrency mining market, which includes bitcoin mining, was valued at approximately USD 2.77 billion in 2025 and is projected to grow to about USD 9.18 billion by 2035, exhibiting a compound annual growth rate (CAGR) of 12.73% from 2026 to 2035. Another report indicates the global cryptocurrency mining market is projected to grow from USD 4.66 billion in 2024 to USD 14.09 billion by 2035, at a CAGR of 10.57%.
Energy Technology Solutions
CleanSpark's energy segment provides a range of solutions, including microgrids, distributed energy systems, solar, and energy storage.
- Microgrids: The global microgrid market size was estimated at USD 99.76 billion in 2025 and is projected to reach USD 406.23 billion by 2033, expanding at a CAGR of 19.7% from 2026 to 2033. North America held the largest share of this market in 2025.
- Distributed Energy Systems: The global distributed energy generation market was valued at USD 509.83 billion in 2025. It is projected to grow to USD 854.22 billion by 2034, with a CAGR of 5.9% during this period. Another estimate indicates the market size at USD 389.65 billion in 2025, expected to cross USD 1.23 trillion by 2035.
- Solar Energy Solutions: The global solar energy market was valued at USD 0.4 trillion (USD 400 billion) in 2024 and is projected to reach USD 1.6 trillion by 2034, growing at a CAGR of 15.2% from 2025 to 2034. The Asia-Pacific region dominated the market in 2024. For rooftop solar PV specifically, the global market size was estimated at USD 63.4 billion in 2024 and is projected to reach USD 88.9 billion by 2030.
- Energy Storage Solutions: The global stationary energy storage market size was valued at USD 120.69 billion in 2025 and is projected to grow from USD 137.07 billion in 2026 to USD 262.15 billion by 2034, at a CAGR of 10.18%. Asia Pacific held the largest market share in 2025. Focusing on battery energy storage, the global market size is projected to reach USD 11.5 billion in 2025 and is expected to grow to USD 96 billion by 2035.
Other Technology-Based Services
CleanSpark also provides data center services and various cloud services.
- Data Center Services: The global data center service market size is projected to be USD 148.31 billion in 2025 and USD 172.2 billion in 2026, with a forecast to reach USD 422.16 billion by 2032.
- Cloud Services: The global cloud services market size was accounted for USD 618.04 billion in 2024 and is expected to exceed around USD 2,726.94 billion by 2034, growing at a CAGR of 16.00% from 2025 to 2034. The market size for cloud computing was valued at USD 781.27 billion in 2025.
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CleanSpark (CLSK) is expected to experience future revenue growth over the next 2-3 years driven by several key factors:
- Expansion of Bitcoin Mining Operations: CleanSpark is focused on significantly increasing its operational hashrate and improving fleet efficiency. The company achieved 50 exahashes per second (EH/s) in the first half of 2025 and is fully funded to progress beyond 60 EH/s, which directly translates to higher Bitcoin production and increased revenue.
- Strategic Expansion into AI and High-Performance Computing (HPC) Data Centers: CleanSpark is actively diversifying its business by developing large-scale data center campuses for artificial intelligence and high-performance computing workloads. This strategic pivot includes acquiring significant land and securing substantial power capacity in regions like Texas and Georgia, aiming to generate stable cash flows and high margins from this new segment.
- Strategic Acquisitions and Infrastructure Development: The company's growth strategy involves the acquisition of new Bitcoin mining facilities and continuous development of its energy infrastructure. These acquisitions and infrastructure enhancements, such as securing additional megawatts of contracted power, bolster its operational capacity and efficiency across both its Bitcoin mining and new data center segments.
- Bitcoin Price Appreciation: The market price of Bitcoin remains a significant driver of CleanSpark's revenue, as the company's primary business involves mining and monetizing the digital asset. Sustained or increased Bitcoin prices contribute directly to higher revenue generation from its mining operations.
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Share Repurchases
- In November 2025, CleanSpark repurchased 30.6 million shares for approximately $460 million, representing about 10.9% of its outstanding common stock, concurrently with a convertible senior notes offering.
- In December 2024, the company repurchased 11.76 million shares for approximately $145 million, coinciding with a separate convertible note offering.
- As of February 2026, CleanSpark reported repurchasing 20% of its own shares over the preceding 18 months.
Share Issuance
- CleanSpark completed an upsized $1.15 billion offering of 0.00% Convertible Senior Notes due 2032 in November 2025, which can be converted into shares in the future.
- In December 2024, the company completed a $650 million offering of 0.00% Convertible Senior Notes due 2030.
Inbound Investments
- In November 2025, CleanSpark secured approximately $1.13 billion in net proceeds from its $1.15 billion offering of 0.00% Convertible Senior Notes due 2032, a significant capital injection from institutional buyers.
- The company obtained approximately $633.6 million in net proceeds from its $650 million offering of 0.00% Convertible Senior Notes due 2030 in December 2024.
Outbound Investments
- CleanSpark has been expanding its power and land portfolio and developing data center infrastructure, utilizing proceeds from its convertible note offerings.
- In October 2025, the company acquired 271 acres in Austin County, Texas, and secured 285 MW of long-term power supply for a new data center campus.
- In March 2026, CleanSpark closed on a second Texas campus, adding 300 MW of ERCOT-approved capacity, as it advances its AI and high-performance compute initiatives.
Capital Expenditures
- CleanSpark's capital expenditures for the fiscal year ending September 30, 2025, were approximately $55.4 million, marking an 80.2% increase year-over-year.
- Capital expenditures were approximately $66 million for the fiscal year 2024, and $61 million for fiscal year 2023.
- The primary focus of these expenditures is on expanding its power and land portfolio, developing data center infrastructure, and acquiring new bitcoin mining machines to increase its computational power, with a goal to reach 50 EH/s.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 18.85 |
| Mkt Cap | 6.9 |
| Rev LTM | 547 |
| Op Inc LTM | -374 |
| FCF LTM | -1,256 |
| FCF 3Y Avg | -858 |
| CFO LTM | -393 |
| CFO 3Y Avg | -254 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 23.3% |
| Rev Chg 3Y Avg | 62.2% |
| Rev Chg Q | -11.5% |
| QoQ Delta Rev Chg LTM | -3.2% |
| Op Inc Chg LTM | -88.0% |
| Op Inc Chg 3Y Avg | -93.0% |
| Op Mgn LTM | -57.6% |
| Op Mgn 3Y Avg | -59.6% |
| QoQ Delta Op Mgn LTM | -11.6% |
| CFO/Rev LTM | -87.4% |
| CFO/Rev 3Y Avg | -64.3% |
| FCF/Rev LTM | -207.3% |
| FCF/Rev 3Y Avg | -205.9% |
Price Behavior
| Market Price | $12.30 | |
| Market Cap ($ Bil) | 3.3 | |
| First Trading Date | 03/16/2018 | |
| Distance from 52W High | -47.0% | |
| 50 Days | 200 Days | |
| DMA Price | $14.99 | $12.92 |
| DMA Trend | down | indeterminate |
| Distance from DMA | -17.9% | -4.8% |
| 3M | 1YR | |
| Volatility | 93.2% | 92.9% |
| Downside Capture | 342.57 | 380.83 |
| Upside Capture | 214.21 | 310.20 |
| Correlation (SPY) | 44.5% | 48.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 6.14 | 3.16 | 3.26 | 3.76 | 3.51 | 2.91 |
| Up Beta | 13.84 | 5.65 | 5.74 | 4.77 | 4.03 | 2.64 |
| Down Beta | 2.61 | 1.98 | 2.68 | 2.84 | 3.23 | 2.05 |
| Up Capture | 507% | 212% | 331% | 694% | 1067% | 58519% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 9 | 19 | 34 | 67 | 131 | 346 |
| Down Capture | 471% | 295% | 236% | 239% | 185% | 112% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 13 | 24 | 29 | 59 | 121 | 401 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CLSK | |
|---|---|---|---|---|
| CLSK | 11.9% | 92.8% | 0.53 | - |
| Sector ETF (XLK) | 43.7% | 25.9% | 1.36 | 50.5% |
| Equity (SPY) | 23.3% | 12.8% | 1.36 | 47.7% |
| Gold (GLD) | 28.5% | 28.4% | 0.87 | 30.2% |
| Commodities (DBC) | 32.9% | 19.8% | 1.32 | 2.3% |
| Real Estate (VNQ) | 14.2% | 13.8% | 0.72 | 12.1% |
| Bitcoin (BTCUSD) | -44.2% | 42.9% | -1.23 | 59.5% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CLSK | |
|---|---|---|---|---|
| CLSK | -5.0% | 100.8% | 0.40 | - |
| Sector ETF (XLK) | 20.5% | 25.8% | 0.71 | 47.1% |
| Equity (SPY) | 13.5% | 17.2% | 0.61 | 48.3% |
| Gold (GLD) | 18.6% | 18.6% | 0.81 | 13.5% |
| Commodities (DBC) | 8.2% | 19.6% | 0.31 | 11.3% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 31.2% |
| Bitcoin (BTCUSD) | 8.8% | 53.0% | 0.35 | 56.2% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CLSK | |
|---|---|---|---|---|
| CLSK | -3.2% | 122.0% | 0.49 | - |
| Sector ETF (XLK) | 24.6% | 24.9% | 0.89 | 30.5% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 30.1% |
| Gold (GLD) | 12.1% | 16.2% | 0.61 | 11.0% |
| Commodities (DBC) | 7.4% | 18.0% | 0.33 | 10.8% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.20 | 20.5% |
| Bitcoin (BTCUSD) | 58.2% | 66.2% | 0.98 | 32.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/6/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/11/2026 | -5.8% | -6.0% | 4.2% |
| 2/5/2026 | 22.0% | 12.6% | 16.3% |
| 11/25/2025 | 13.8% | 27.2% | -11.8% |
| 8/8/2025 | -2.0% | -3.2% | -4.0% |
| 5/8/2025 | 6.0% | 7.8% | 16.6% |
| 2/6/2025 | 9.2% | 2.8% | -23.1% |
| 12/2/2024 | -3.9% | -6.6% | -34.9% |
| 8/9/2024 | -2.6% | 3.3% | -18.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 16 | 10 |
| # Negative | 11 | 8 | 14 |
| Median Positive | 11.6% | 21.2% | 19.2% |
| Median Negative | -7.5% | -8.2% | -12.4% |
| Max Positive | 32.9% | 86.3% | 74.4% |
| Max Negative | -16.7% | -24.1% | -34.9% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/11/2026 | -5.8% | -6.0% | 4.2% |
| 2/5/2026 | 22.0% | 12.6% | 16.3% |
| 11/25/2025 | 13.8% | 27.2% | -11.8% |
| 8/8/2025 | -2.0% | -3.2% | -4.0% |
| 5/8/2025 | 6.0% | 7.8% | 16.6% |
| 2/6/2025 | 9.2% | 2.8% | -23.1% |
| 12/2/2024 | -3.9% | -6.6% | -34.9% |
| 8/9/2024 | -2.6% | 3.3% | -18.4% |
| 5/9/2024 | 1.3% | 4.6% | -4.8% |
| 2/8/2024 | 32.9% | 64.1% | 61.0% |
| 11/30/2023 | 22.4% | 48.1% | 74.4% |
| 8/9/2023 | 16.0% | 23.2% | -12.9% |
| 5/10/2023 | -13.9% | -8.6% | -22.4% |
| 2/9/2023 | -8.8% | 4.6% | -29.6% |
| 12/14/2022 | -16.7% | -8.3% | 19.3% |
| 8/9/2022 | 27.8% | 19.2% | -3.4% |
| 5/10/2022 | -11.9% | 9.6% | -10.4% |
| 2/9/2022 | 11.6% | 28.5% | 19.1% |
| 12/15/2021 | -7.5% | -10.0% | -34.6% |
| 8/17/2021 | -15.1% | -8.1% | -7.4% |
| 5/7/2021 | 5.9% | -24.1% | -5.6% |
| 2/12/2021 | -3.6% | 24.1% | 0.2% |
| 12/17/2020 | 4.4% | 41.3% | 60.9% |
| 8/4/2020 | 3.7% | 86.3% | 58.3% |
| SUMMARY STATS | |||
| # Positive | 13 | 16 | 10 |
| # Negative | 11 | 8 | 14 |
| Median Positive | 11.6% | 21.2% | 19.2% |
| Median Negative | -7.5% | -8.2% | -12.4% |
| Max Positive | 32.9% | 86.3% | 74.4% |
| Max Negative | -16.7% | -24.1% | -34.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/11/2026 | 10-Q |
| 12/31/2025 | 02/05/2026 | 10-Q |
| 09/30/2025 | 11/25/2025 | 10-K |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/06/2025 | 10-Q |
| 09/30/2024 | 12/03/2024 | 10-K |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/08/2024 | 10-Q |
| 09/30/2023 | 12/01/2023 | 10-K |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 02/09/2023 | 10-Q |
| 09/30/2022 | 12/15/2022 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/11/2026 | 10-Q |
| 12/31/2025 | 02/05/2026 | 10-Q |
| 09/30/2025 | 11/25/2025 | 10-K |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/06/2025 | 10-Q |
| 09/30/2024 | 12/03/2024 | 10-K |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/08/2024 | 10-Q |
| 09/30/2023 | 12/01/2023 | 10-K |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 02/09/2023 | 10-Q |
| 09/30/2022 | 12/15/2022 | 10-K |
| 06/30/2022 | 08/10/2022 | 10-Q |
| 03/31/2022 | 05/10/2022 | 10-Q |
| 12/31/2021 | 02/09/2022 | 10-Q |
| 09/30/2021 | 12/14/2021 | 10-K |
| 06/30/2021 | 08/16/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 02/12/2021 | 10-Q |
| 09/30/2020 | 12/17/2020 | 10-K |
| 06/30/2020 | 08/04/2020 | 10-Q |
| 03/31/2020 | 05/11/2020 | 10-Q |
| 12/31/2019 | 02/10/2020 | 10-Q |
| 09/30/2019 | 12/16/2019 | 10-K |
Investor Activity (13F)
Updated Aug 8, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Internet Services & Infrastructure Resources |
| Data Center Dynamics |
| Data Center Frontier |
| Internet Society |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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