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Can CleanSpark's Data Center Push Unlock New AI Revenue Streams?
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Key Takeaways
CleanSpark is shifting from pure Bitcoin mining to building data centers for AI and HPC demand.
CLSK acquired a 271-acre Texas site and partnered with Submer to develop efficient AI data centers.
CLSK's diversification aims to stabilize growth, with fiscal 2026 revenues expected to rise 34.2% to $1.04B.
CleanSpark, Inc. (CLSK - Free Report) is trying to transform its business from a pure-play Bitcoin miner to a diversified digital infrastructure company. CleanSpark is currently focusing on providing data center solutions for the growing demand in artificial intelligence (AI) or high-performance computing (HPC), which could be its second engine of growth over the long run.
CleanSpark is leveraging its existing assets, including power infrastructure and land portfolio, to build out sophisticated data centers for the rapidly accelerating AI and HPC industries. The company owns and operates a portfolio of more than 1.3 gigawatts (GW) of power and land across various U.S. states, including Georgia, Mississippi, Tennessee, New York and Texas.
CleanSpark is actively pursuing opportunities to convert or expand its existing sites for AI use and is developing large-scale facilities to satisfy future customer demand. In October 2025, the company acquired a 271-acre site in Austin County, TX, with 285 MW of power specifically for its first dedicated AI data center.
In the same month, CleanSpark formed a strategic partnership with Submer to design and construct efficient AI data centers across North America. Submer provides immersion cooling technology for data centers, enabling more efficient cooling for high-performance computing, AI and blockchain applications.
This diversification is a smart move that positions CleanSpark to tap into secular growth drivers that extend beyond the cyclical nature of Bitcoin prices. Having a dual exposure to both crypto mining and AI infrastructure gives CleanSpark more stable growth prospects over the long run. This strategic pivot helps de-risk the company's future revenue streams. The Zacks Consensus Estimate for fiscal 2026 indicates that revenues will increase 34.2% year over year to $1.04 billion.
How Competitors Fare Against CleanSpark
CleanSpark’s close competitors, Marathon Digital (MARA - Free Report) and Cipher Mining (CIFR - Free Report) , are also expanding their capabilities in the AI and HPC spaces.
Marathon Digital is primarily a Bitcoin miner. However, the company is piloting AI inference projects and exploring the use of its energy transformation capabilities for broader graphics processing unit deployments. To strengthen its capabilities in the data center space, Marathon Digital recently entered an agreement to acquire a 64% stake in Exaion, a French HPC and AI infrastructure company, from the EDF Group for approximately $168 million.
Cipher Mining has a large-scale Bitcoin mining operation in Texas. The company is foraying into the AI and HPC segment by leveraging its extensive data center infrastructure and power capacity. Cipher Mining has secured a 15-year, $5.5 billion lease agreement with Amazon Web Services to provide approximately 300 megawatts (MW) of AI computing capacity at its Black Pearl site in Texas. It has also secured a 10-year, $3 billion hosting agreement with Fluidstack, an AI cloud platform backed by Google, for 168 MW of IT load at its Barber Lake facility.
CLSK’s Share Price Performance, Valuation and Estimates
Shares of CleanSpark have risen 16.6% year to date compared to the Zacks Finance – Miscellaneous Services industry’s decline of 9.7%.
CleanSpark YTD Price Return Performance
Image Source: Zacks Investment Research
From a valuation standpoint, CLSK trades at a forward price-to-sales ratio of 3.17, modestly higher than the industry’s average of 2.95.
CleanSpark Forward 12-Month P/S Ratio
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for CleanSpark’s fiscal 2026 earnings implies a year-over-year decrease of 43.2%. Estimates for fiscal 2026 earnings have been revised downward in the past 60 days.
Image: Bigstock
Can CleanSpark's Data Center Push Unlock New AI Revenue Streams?
Key Takeaways
CleanSpark, Inc. (CLSK - Free Report) is trying to transform its business from a pure-play Bitcoin miner to a diversified digital infrastructure company. CleanSpark is currently focusing on providing data center solutions for the growing demand in artificial intelligence (AI) or high-performance computing (HPC), which could be its second engine of growth over the long run.
CleanSpark is leveraging its existing assets, including power infrastructure and land portfolio, to build out sophisticated data centers for the rapidly accelerating AI and HPC industries. The company owns and operates a portfolio of more than 1.3 gigawatts (GW) of power and land across various U.S. states, including Georgia, Mississippi, Tennessee, New York and Texas.
CleanSpark is actively pursuing opportunities to convert or expand its existing sites for AI use and is developing large-scale facilities to satisfy future customer demand. In October 2025, the company acquired a 271-acre site in Austin County, TX, with 285 MW of power specifically for its first dedicated AI data center.
In the same month, CleanSpark formed a strategic partnership with Submer to design and construct efficient AI data centers across North America. Submer provides immersion cooling technology for data centers, enabling more efficient cooling for high-performance computing, AI and blockchain applications.
This diversification is a smart move that positions CleanSpark to tap into secular growth drivers that extend beyond the cyclical nature of Bitcoin prices. Having a dual exposure to both crypto mining and AI infrastructure gives CleanSpark more stable growth prospects over the long run. This strategic pivot helps de-risk the company's future revenue streams. The Zacks Consensus Estimate for fiscal 2026 indicates that revenues will increase 34.2% year over year to $1.04 billion.
How Competitors Fare Against CleanSpark
CleanSpark’s close competitors, Marathon Digital (MARA - Free Report) and Cipher Mining (CIFR - Free Report) , are also expanding their capabilities in the AI and HPC spaces.
Marathon Digital is primarily a Bitcoin miner. However, the company is piloting AI inference projects and exploring the use of its energy transformation capabilities for broader graphics processing unit deployments. To strengthen its capabilities in the data center space, Marathon Digital recently entered an agreement to acquire a 64% stake in Exaion, a French HPC and AI infrastructure company, from the EDF Group for approximately $168 million.
Cipher Mining has a large-scale Bitcoin mining operation in Texas. The company is foraying into the AI and HPC segment by leveraging its extensive data center infrastructure and power capacity. Cipher Mining has secured a 15-year, $5.5 billion lease agreement with Amazon Web Services to provide approximately 300 megawatts (MW) of AI computing capacity at its Black Pearl site in Texas. It has also secured a 10-year, $3 billion hosting agreement with Fluidstack, an AI cloud platform backed by Google, for 168 MW of IT load at its Barber Lake facility.
CLSK’s Share Price Performance, Valuation and Estimates
Shares of CleanSpark have risen 16.6% year to date compared to the Zacks Finance – Miscellaneous Services industry’s decline of 9.7%.
CleanSpark YTD Price Return Performance
Image Source: Zacks Investment Research
From a valuation standpoint, CLSK trades at a forward price-to-sales ratio of 3.17, modestly higher than the industry’s average of 2.95.
CleanSpark Forward 12-Month P/S Ratio
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for CleanSpark’s fiscal 2026 earnings implies a year-over-year decrease of 43.2%. Estimates for fiscal 2026 earnings have been revised downward in the past 60 days.
Image Source: Zacks Investment Research
CleanSpark currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.