r/CleanSpark

Everyone is focused on the AI trade cooling off but depending upon the specific company, there is some "throwing the baby out with the bathwater" going on here.The question is what are the 
babies"?

The concern isn't limited to Nvidia ($NVDA) or the AI hyperscalers anymore. The pendulum swing from "obvious" overvaluation to undervaluation is spreading into every sector connected to AI—semiconductor manufacturers, data center developers, power infrastructure, cooling companies, and even Bitcoin miners that are the transition into AI and high-performance computing (HPC) infrastructure.

The large cap players in this space are well-known and have research coverage:

Iris Energy (NASDAQ: IREN) is no longer just a Bitcoin miner--- which has positioned itself as a provider of a digital infrastructure, building renewable-powered data centers that support both Bitcoin mining and AI. IREN has secured a power pipeline of roughly 2.9 gigawatts (2,910 MW), giving it one of the largest expansion runways in the industry. With a market capitalization of approximately $13.8 billion, the stock reached a 2026/YTD high of  $76.87 but has since declined to $33.62 closed on Friday, even as the company continues to expand its AI infrastructure.

TeraWulf (NASDAQ: WULF) has already pivoted into an AI infrastructure story.  Although still a Bitcoin miner, the company recently signed a major 20-year, $19 billion lease agreement with Anthropic (Yes, that Anthropic) to provide AI infrastructure services to supply 401 MW, with the ability to expand. With the overlay of the current negative sentiment in this sector, TeraWulf has declined from a YTD high of $29.84 to  $19.79, leaving the company with a market capitalization of around $9.6 billion.

CleanSpark (NASDAQ: CLSK) is one of the largest publicly traded Bitcoin miners in North America. Although its primary business is still Bitcoin mining, it controls a substantial portfolio of energy assets—more than 900 MW—that could eventually support AI or HPC workloads as demand evolves. The company announced last week the signing of a  20-year infrastructure lease agreement with an undisclosed, investment-grade global technology company. The initial contract is expected to generate $6.6 billion in contracted revenue, with two five-year extension options that could increase the total value to $11.6 billion. Under the agreement, CleanSpark will deliver 175 MW of AI/HPC computing capacity beginning in late 2027. Even more notable, the customer also signed a letter of intent granting exclusivity over CleanSpark's Texas portfolio, representing up to 885 MW of secured and planned power capacity. And yet, CLSK has retreated from its recent high of $19.00 to $13.00.

The microcap players below are underknown with basically no research coverage, but recent positive company-changing developments have not been reflected in the recent stock price.:

Big Digital Energy (NASDAQ: BGDE) is a restructured digital infrastructure company focused on AI, high-performance computing (HPC), and digital asset infrastructure. The company currently has 129 MW of energized capacity online and is repositioning itself as an infrastructure provider rather than simply a Bitcoin miner. Recently, Big Digital announced a strategic colocation agreement with the Endeavor Group, under which Endeavor will deploy approximately 25,000 mining computers utilizing 75 MW of Big Digital's available compute capacity in a 50/50 profit-sharing arrangement designed to generate near-term cash flow without requiring additional capital investment. In other words....increasong revenue significantly  vs 2025 revenue. The company also recently announced a joint venture in Texas aimed at expanding its digital infrastructure footprint and capitalizing on growing AI and HPC demand. Despite these positive developments, BGDE has retreated significantly from its recent high of over $11.00/share. and closed at $5.70 on Friday. highlighting what appears to be a disconnect between operational progress and market sentiment.

Sphere 3D (NASDAQ: ANY) remains a smaller player in the digital infrastructure space but owns a meaningful power portfolio consisting of 53 MW across five operating facilities in three states. While historically known as a Bitcoin mining company, Sphere 3D has positioned itself with infrastructure that could support future AI and HPC workloads as demand for compute and power continues to increase. Despite possessing established operating assets and available power capacity, the stock continues to trade well below its YTD highs, suggesting that investors have broadly discounted the entire AI-adjacent infrastructure sector rather than differentiating among individual companies. After a dramatic price spike to over $6.00 after a significant

The price action seems disconnected from the news flow and the potential revenue. Markets often overshoot in both directions. During periods of fear, investors don't spend much time separating the winners from the losers—they simply sell the entire sector.

So, IREN continues to expand AI cloud capacity. WULF signs one of the largest AI infrastructure agreements announced this year. BGDE, with only 5.6 million shares outstanding is ramping up to expand beyond its current 129 MW. And ANY has less than 9 million shares outstanding with 53 MW of power capacity.  Can you pick the"babies" out now?

NOTE: Please do your own due diligence. 

I know people are upset there is not rerate yet after the first great deal ? Any thoughts ? It seems to be related to current sector’ depression. Will CLSK become the first one which has no rerate after a large AI lease 😂. People are trying to find out reasons like waiting for financing / more lease but other miners got rerate long before financing / second lease. Maybe the rerate will happen when the sector recovers?

The market had expected CleanSpark to pursue AI/HPC hosting, but very few investors expected a signed 20-year lease with an investment-grade global technology company worth approximately $6.6 billion over the initial term, plus an exclusivity arrangement covering up to 885 MW of Texas capacity.

The stock did jump sharply on the news, but then gave back all of the gains plus some.

Bullish

The lease validates CleanSpark’s power strategy and diversifies its revenue streams beyond Bitcoin mining. Once operational, the triple-net lease economics could generate approximately $330 million in annual Net Operating Income (NOI).

Bearish

Revenue won’t start until late 2027, and the project requires substantial construction capital. There’s also a risk of dilution or financing issues which is a huge deal for investors.

So while the announcement itself is now reflected in the stock price, I don’t think the long-term value is fully reflected if management executes successfully.

My price outlook through the end of the year

No one can predict prices with certainty, but based on fundamentals:

Bear case: CLSK’s value is likely to drop between $11 and $13 even much lower if CLSK dilutes shareholders. This scenario is driven by several factors, including a weakening Bitcoin, dominating financing concerns, and a fading excitement surrounding AI.

Base case: 14-16$ The most likely scenario is that Bitcoin’s value remains stable or trends higher. Investors gain confidence that the lease will be financed, and the Texas exclusivity progresses toward a definitive agreement.

Bull case: 16-20$ or higher if Bitcoin’s value is rally’s strongly in this scenario. The Texas lease becomes definitive, and the tenant is revealed to be a major technology company, such as Microsoft, Google, Amazon, Meta, or another prominent player in the industry. Multiple analysts raise their price targets in response to these developments.

Why I still like CleanSpark

What makes CleanSpark interesting is that investors may still be valuing it primarily as a Bitcoin miner, while management is trying to transform it into a digital infrastructure company. If the company successfully executes the Georgia project and converts the Texas exclusivity into long-term contracts, it could eventually be valued more like an infrastructure owner than a traditional miner.

That said, the biggest risks remain financing the build-out without excessive shareholder dilution and delivering the projects on schedule. Those will likely be the main drivers of the stock over the next 12–18 months.

What are the taxes for Sandersville deal for Cleanspark? How to calculate what % of NNN will be lost in taxes? And for the rest of sites - Sealy and Brazoria?

CleanSpark just dropped the announcement. Here are the key numbers:

The deal

•	20-year triple-net (NNN) lease with a high-investment-grade global technology company  
•	$6.6 billion contracted revenue over the initial 20-year term  
•	$11.6 billion if both five-year extension options are exercised  
•	175MW of critical IT load, first deliveries Q4 2027  
•	Average annual NOI of \~$330 million at nearly 100% margin  
•	Development cost of $10-12M per MW — disciplined relative to peers

The kicker everyone needs to focus on
The tenant has signed a letter of intent and exclusivity arrangement covering CleanSpark’s entire Texas portfolio — 718 acres, up to 885MW across Sealy and Brazoria. Sandersville is explicitly described as “the first chapter of a substantially larger relationship.”

This is not a single site deal. Total relationship value if Texas executes could approach $15-20 billion.

How it compares to peers

•	Longer duration than any comparable deal in the sector (20 years vs typical 10-15)  
•	Triple-net structure means \~100% NOI margin — exceptional  
•	Texas exclusivity LOI puts this in a different category to Core Scientific, TeraWulf, and Hut 8 announcements  
•	Morgan Stanley advised — institutional quality execution

The tenant
Still confidential. High-investment-grade global technology company. Conference call today at 11am ET — analysts will push hard on identity.

For those who were following my DD posts
The signals were all there. Accenture PMO in a town of 5,000 people. A city council utility amendment tabled on June 15th. NVIDIA Partner Network architect in Washington County. CleanSpark hiring construction lawyers and technical accounting managers. It all pointed here.

It is the same thing every day. Initial pop, then sells off around 9:40. What is the logic behind it?

Arbitrage fund bought the convertible notes… their algos just enter new short positions that counter whatever the morning gain is???

If so, how/when does it end?? I thought the deal announcement would force the shorts to cover and for this bs to end.

So we waited a year through all the “tick tocks” and anticipation of an hpc deal and we can barely hold $13? 😂😂🤦‍♂️🤦‍♂️😂😂

Im terrified to hold this through earnings. Thought deal would give us a good buffer from the single digits, but thats not the case. Im expecting a very ugly EPS number. Could see this diving back to single digits. Thoughts?

We read about this leak just over a month ago here in this community from articles like this one citing Green Street News Infrastructure. Is there any doubt that Meta is the tenant? I feel like they probably are especially given this leak and the now the notice of the high quality tenant just a month later.

Yesterday’s announcement reinforced my conviction in CleanSpark’s long-term strategy.

This wasn’t just another hosting agreement. It demonstrated that management is executing on a vision that extends well beyond Bitcoin mining.

What stood out to me:
• Leveraging existing infrastructure instead of building from scratch.
• Securing a long-term HPC customer that adds a new, recurring revenue stream.
• Pricing that appears highly competitive, with economics that compare favorably to many recently announced HPC hosting agreements.
• Maintaining the flexibility to mine Bitcoin with unused capacity until the HPC load ramps up.

To me, this is exactly how infrastructure should be monetized—multiple revenue opportunities from the same power assets.
What I also find encouraging is that CleanSpark didn’t appear to sacrifice economics just to announce its first HPC deal. Based on the information released, management seems to have negotiated attractive terms while preserving operational flexibility.

One agreement doesn’t transform the company overnight, but it is another strong indication that management is allocating capital wisely and building for the future.
I’m looking forward to seeing what comes next and I couldn’t be more happy with the terms of this first deal! 🚀

The first major risk in all this financing and dilution risk. This ended with issuing the convertible notes.

Second was actually singing the first deal which we just crossed.

The third I’m guessing is releasing the debt terms to actually start the build out? Based on what I read they should have enough cash for Sandersville but the actual terms of raising debt remain unknown.

In the future If BTC stays depressed how will they raise the cash for Texas sites? Could this risk by why the price is staying depressed?

Anyone smarter than me have any ideas?

Raised to $26 from $17

I bought shares around 13.90 and in my personal account 13.60 I should keep ?