CleanSpark, Inc. (NASDAQ:CLSK) stock rose Wednesday as the company’s latest quarterly update signaled a sharp strategic pivot toward high-demand AI infrastructure, even as near-term earnings lagged expectations.
The shift positions the miner-turned-infrastructure player for potentially transformative colocation deals that could reshape its revenue mix long before its Bitcoin-dependent operations fade.
On Tuesday, CleanSpark reported fourth-quarter revenue of $223.65 million, missing analyst estimates of $236.97 million and a loss of 1 cent per share, missing estimates for positive earnings of 38 cents per share.
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Rapidly Shifting To AI Infrastructure
Chardan analyst James McIlree stated that revenue exceeded their $215 million estimate and noted that the company is rapidly shifting to AI infrastructure, leveraging 1.3 GW of contracted power, including 285 MW near Houston, TX, and 230 MW at Sandersville, GA, both ready for AI lease by early 2027.
The analyst says that these sites will transition additional capacity from Bitcoin mining to AI, boosting revenue and margins.
McIlree writes that Sandersville alone could generate $233 million in annualized revenue, while recent contracts covering 230 MW may yield over $300 million in revenue at 80%+ margins.
However, CleanSpark faces short-term costs from payroll, professional fees, and G&A to support its AI site buildout, with capital needs around $10 million per MW, adds the analyst.
In the next 12–18 months, the analyst expects results to remain driven by Bitcoin mining. Bitcoin price recovery could lift hashprice, but ongoing mining investment continues to exert downward pressure, adds the analyst.
Poised For An Early Colocation Win
H.C. Wainwright & Co. analyst Mike Colonnese reiterated a Buy rating and writes that the company could secure a multibillion-dollar HPC/AI colocation deal sooner than expected.
The analyst writes that management revealed plans to repurpose the 250 MW Sandersville, which offers 200 MW of critical IT capacity, immediate availability, and strong Georgia market attributes.
It could generate around $400 million in annual recurring revenue from a single colocation deal, adds the analyst.
Colonnese says that beyond near-term HPC/AI upside, CleanSpark benefits from 13k+ Bitcoin (CRYPTO: BTC/USD) holdings and a strong HPC/AI position supported by its power portfolio, Submer partnership, solid balance sheet, and proven large-scale infrastructure expertise.
HPC Lease(s) Expected Soon
Needham analyst John Todaro raised the price forecast to $25 from $23, while keeping a Buy rating.
The analyst writes that CleanSpark is making significant progress in HPC, with management noting that two customers want to sign by year-end.
The analyst remains conservative on lease timing but raised their probability of HPC leases at several sites, including Sandersville.
The analyst modestly raised 2026 hash assumptions and introduced 2027 estimates, which factor in 172 MW of HPC contribution. Todaro believes CleanSpark remains attractively valued given near-term HPC opportunities.
Favor CleanSpark’s Positioning In Tier‑1 Markets
JP Morgan analyst Reginald L. Smith says that, as expected, CleanSpark focused on HPC conversion, reporting strong interest from potential tenants for long-term colocation at its Sandersville site and newly acquired Austin County site.
Smith writes that they continue to favor CleanSpark’s positioning in Tier‑1 data center markets and look forward to updates on deals and construction at Sandersville and Austin County.
Elevated Short Interest
The company has a short float of 57.70 million shares, representing 22.20% of its publicly traded float, indicating a notably elevated level of bearish positioning among investors betting against the stock.
CLSK Price Action: Cleanspark shares were up 7.36% at $12.69 at the time of publication on Wednesday, according to Benzinga Pro data.
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