CleanSpark (CLSK)
Operates U.S. bitcoin mines and develops leased data centers for advanced computing.
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CleanSpark is a bitcoin miner: warehouses of computers across the American South and West that earn new coins, and that is essentially all of its revenue today. It is becoming a landlord for AI computing, re-letting its power-connected land to a big tech tenant on long leases. The first lease is signed, but rent starts only once the first building is finished, so shrinking bitcoin income and borrowed money carry the company until then.
Item facts: FY2025 · year ended Sep 30, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
5 in detail · 11 more below
Bitcoin Mining
About 200,000 mining machines that brought in $766.3M in FY2025, every dollar paid through one pool operator, Foundry Digital. Watch the price per coin: it slid from about $100K to about $72K, and quarterly sales fell with it.
Competes with Bitcoin mining fleet (MARA Holdings) · Self-mining fleet (Bitdeer) · Bitcoin mining (Riot Platforms)
In plain English
Think of bitcoin as a never-ending raffle that pays out new coins to whoever holds the most tickets. CleanSpark's tickets are about two hundred thousand specialised computers doing nothing but guessing numbers, around the clock, in warehouses across Georgia, Tennessee, Wyoming and Mississippi.
Rather than wait for a lucky solo win, it feeds that guessing into a mining pool — a co-op that combines many miners' work and pays each a steady share. Income is simply coins earned times the bitcoin price; the big bill is electricity. After power and site costs it kept about 55 cents of each sales dollar in FY2025, but only about 38 cents by the June 2026 quarter as the coin price fell.
Metro Atlanta Sites (College Park, Norcross)
More than 100 megawatts of fiber-connected mining sites around Atlanta's airport, which management ranks second only to Sandersville for AI interest. They still mine today; watch for a first tenant — so far there are only inbound inquiries.
Competes with Atlanta wholesale colocation (QTS) · Atlanta interconnection data centers (Equinix) · Self-built AI campuses (Google, Microsoft, Meta, Amazon)
In plain English
Small sites, good address. Around Atlanta's airport CleanSpark runs more than a hundred megawatts of mining machines on land already wired into fiber — the glass cables that carry internet traffic. Management pitches them for AI that answers requests in real time, where a short trip to users matters, and says interest trails only Sandersville.
For now they mine, and their coins count in the mining total. If a tenant signs, the machines would move out to remote sites on power deals written for bitcoin miners, and the Atlanta land would be re-let. The local market is tight: roughly one percent of wholesale data-center space sits empty.
Sandersville Lease
AI data-center space leased for twenty years to an unnamed top-rated tech company, averaging about $330M a year once delivered. First hall due December 2027; the roughly $2B build is paid for with $2.276B of new bonds at 7.875%.
Competes with Beacon Point AI data-center lease (Hut 8) · Fluidstack-leased HPC campus (Cipher Digital) · Self-built AI data centers (Meta)
In plain English
A landlord deal, not a tech product. Next to a Georgia campus that today runs roughly a fifth of CleanSpark's mining machines, it is putting up large buildings wired with power and cooling for someone else's AI computers. The tenant — an unnamed global technology company with a top-tier credit rating — brings the computers; CleanSpark supplies the building.
The tenant has signed for twenty years, pays the running costs, taxes and insurance on top of rent, and the rent steps up every year. The catch is timing: rent starts only when the first hall is handed over, and most of the construction money is borrowed up front. The miners now on the site are to be moved elsewhere when the halls take over.
Houston Area Infrastructure Hub (Sealy and Brazoria)
Two Texas parcels with rights to about 885 megawatts of grid power, under short-term exclusivity to the Sandersville tenant but with no lease signed. Watch Texas grid approvals: Sealy's first power is slated for the first half of 2027.
Competes with Beacon Point campus, Texas (Hut 8) · CoreWeave-leased data centers (Core Scientific) · Other large Texas grid-queue projects (Various developers)
In plain English
Near Houston, CleanSpark holds two big parcels — Sealy and Brazoria — that come with rights to draw large amounts of power from the Texas grid. At Sealy a substation is already being built. The tech company renting Sandersville holds a short-term exclusive right to all of it, a bit like first dibs: nobody else gets a look while it decides.
Money arrives only if that turns into a signed lease and the Texas grid operator, ERCOT, gives final approval. That approval has been slow: an audit ordered by the Texas governor paused new hookups for big data centers, and the sites now hold only conditional places in the first batch to be cleared.
Digital Asset Management and Bitcoin Treasury
An in-house trading desk earning fees on part of the roughly 13,700 bitcoin CleanSpark holds — about $35M of cash over the four quarters to June 2026, kept outside sales. Watch coins leaving: 744 went out in August 2026 as trades settled.
Competes with Treasury sales to fund AI build (Riot Platforms) · Treasury sold down to zero (Bitdeer) · Widened treasury-sale policy (MARA Holdings)
In plain English
A pile of saved-up bitcoin, put to work. Since late May 2025 an in-house desk has used roughly 40% of the pile to sell other traders options: for a fee today, CleanSpark promises to sell coins at a set higher price later, or to buy more at a set lower one.
It works like taking a deposit from someone for the right to buy your car at an agreed price: you keep the deposit either way, and if they use the right, the car is gone. The target is about 4% a year on the whole pile. The fees are cash rather than sales, and they shrank when bitcoin's price slid.
Bitcoin MiningAbout 200,000 mining machines that brought in $766.3M in FY2025, every dollar paid through one pool operator, Foundry Digital. Watch the price per coin: it slid from about $100K to about $72K, and quarterly sales fell with it.About 200,000 mining machines that brought in $766.3M in FY2025, every dollar paid through one pool operator, Foundry Digital. Watch the price per coin: it slid from about $100K to about $72K, and quarterly sales fell with it.
In plain English
Think of bitcoin as a never-ending raffle that pays out new coins to whoever holds the most tickets. CleanSpark's tickets are about two hundred thousand specialised computers doing nothing but guessing numbers, around the clock, in warehouses across Georgia, Tennessee, Wyoming and Mississippi.
Rather than wait for a lucky solo win, it feeds that guessing into a mining pool — a co-op that combines many miners' work and pays each a steady share. Income is simply coins earned times the bitcoin price; the big bill is electricity. After power and site costs it kept about 55 cents of each sales dollar in FY2025, but only about 38 cents by the June 2026 quarter as the coin price fell.
Competes with Bitcoin mining fleet (MARA Holdings) · Self-mining fleet (Bitdeer) · Bitcoin mining (Riot Platforms)
Metro Atlanta Sites (College Park, Norcross)More than 100 megawatts of fiber-connected mining sites around Atlanta's airport, which management ranks second only to Sandersville for AI interest. They still mine today; watch for a first tenant — so far there are only inbound inquiries.More than 100 megawatts of fiber-connected mining sites around Atlanta's airport, which management ranks second only to Sandersville for AI interest. They still mine today; watch for a first tenant — so far there are only inbound inquiries.
In plain English
Small sites, good address. Around Atlanta's airport CleanSpark runs more than a hundred megawatts of mining machines on land already wired into fiber — the glass cables that carry internet traffic. Management pitches them for AI that answers requests in real time, where a short trip to users matters, and says interest trails only Sandersville.
For now they mine, and their coins count in the mining total. If a tenant signs, the machines would move out to remote sites on power deals written for bitcoin miners, and the Atlanta land would be re-let. The local market is tight: roughly one percent of wholesale data-center space sits empty.
Competes with Atlanta wholesale colocation (QTS) · Atlanta interconnection data centers (Equinix) · Self-built AI campuses (Google, Microsoft, Meta, Amazon)
Sandersville LeaseAI data-center space leased for twenty years to an unnamed top-rated tech company, averaging about $330M a year once delivered. First hall due December 2027; the roughly $2B build is paid for with $2.276B of new bonds at 7.875%.AI data-center space leased for twenty years to an unnamed top-rated tech company, averaging about $330M a year once delivered. First hall due December 2027; the roughly $2B build is paid for with $2.276B of new bonds at 7.875%.
In plain English
A landlord deal, not a tech product. Next to a Georgia campus that today runs roughly a fifth of CleanSpark's mining machines, it is putting up large buildings wired with power and cooling for someone else's AI computers. The tenant — an unnamed global technology company with a top-tier credit rating — brings the computers; CleanSpark supplies the building.
The tenant has signed for twenty years, pays the running costs, taxes and insurance on top of rent, and the rent steps up every year. The catch is timing: rent starts only when the first hall is handed over, and most of the construction money is borrowed up front. The miners now on the site are to be moved elsewhere when the halls take over.
Competes with Beacon Point AI data-center lease (Hut 8) · Fluidstack-leased HPC campus (Cipher Digital) · Self-built AI data centers (Meta)
Houston Area Infrastructure Hub (Sealy and Brazoria)Two Texas parcels with rights to about 885 megawatts of grid power, under short-term exclusivity to the Sandersville tenant but with no lease signed. Watch Texas grid approvals: Sealy's first power is slated for the first half of 2027.Two Texas parcels with rights to about 885 megawatts of grid power, under short-term exclusivity to the Sandersville tenant but with no lease signed. Watch Texas grid approvals: Sealy's first power is slated for the first half of 2027.
In plain English
Near Houston, CleanSpark holds two big parcels — Sealy and Brazoria — that come with rights to draw large amounts of power from the Texas grid. At Sealy a substation is already being built. The tech company renting Sandersville holds a short-term exclusive right to all of it, a bit like first dibs: nobody else gets a look while it decides.
Money arrives only if that turns into a signed lease and the Texas grid operator, ERCOT, gives final approval. That approval has been slow: an audit ordered by the Texas governor paused new hookups for big data centers, and the sites now hold only conditional places in the first batch to be cleared.
Competes with Beacon Point campus, Texas (Hut 8) · CoreWeave-leased data centers (Core Scientific) · Other large Texas grid-queue projects (Various developers)
Digital Asset Management and Bitcoin TreasuryAn in-house trading desk earning fees on part of the roughly 13,700 bitcoin CleanSpark holds — about $35M of cash over the four quarters to June 2026, kept outside sales. Watch coins leaving: 744 went out in August 2026 as trades settled.An in-house trading desk earning fees on part of the roughly 13,700 bitcoin CleanSpark holds — about $35M of cash over the four quarters to June 2026, kept outside sales. Watch coins leaving: 744 went out in August 2026 as trades settled.
In plain English
A pile of saved-up bitcoin, put to work. Since late May 2025 an in-house desk has used roughly 40% of the pile to sell other traders options: for a fee today, CleanSpark promises to sell coins at a set higher price later, or to buy more at a set lower one.
It works like taking a deposit from someone for the right to buy your car at an agreed price: you keep the deposit either way, and if they use the right, the car is gone. The target is about 4% a year on the whole pile. The fees are cash rather than sales, and they shrank when bitcoin's price slid.
Competes with Treasury sales to fund AI build (Riot Platforms) · Treasury sold down to zero (Bitdeer) · Widened treasury-sale policy (MARA Holdings)
Named in filings, launches and programs
- Georgia mining sitesPlatformFifteen sites, including Dalton and LaFayette, on 620 MW of power — the biggest state block of the fleet at the end of FY2025.
- Tennessee mining sitesPlatformEleven sites on 234 MW of Tennessee Valley Authority power, about a quarter of the fleet's computing power at the end of FY2025.
- Cheyenne, WyomingPlatformA 110 MW mining site and AI candidate, won against a big cloud company by committing to switch the power on within about six months.
- Mississippi sitesPlatformFive mining sites on 63 MW of power, adding a small slice of the fleet's computing power.
- Washington, GeorgiaPlatformMining site grown from 36 to 86 MW; management calls it the next most likely AI conversion, with a new power line under study.
- Jackson, TennesseePlatformA 60 MW site acquired and flagged as a possible AI conversion.
- South Dakota sitePlatform15 MW of mining on a power deal built for bitcoin miners that lets the utility interrupt supply.
- GRIID InfrastructureBrandTennessee miner bought in October 2024, bringing 68 MW of developed sites and more than 400 MW of identified room to grow.
- Bitmain S21 XP immersion programProduct line · RampingAbout 19,000 newer, more efficient Bitmain machines cooled in liquid baths, deploying through 2026; $86.3M of deposits paid by June 2026.
- SubmerService · AnnouncedPartner under a November 2025 memorandum for factory-built, liquid-cooled power and cooling modules for the AI halls.
- Bitcoin-backed credit linesService$400M of borrowing room secured by bitcoin, including $200M from Coinbase Prime — fully undrawn as of May 2026.
Georgia mining sitesPlatform
Fifteen sites, including Dalton and LaFayette, on 620 MW of power — the biggest state block of the fleet at the end of FY2025.
Tennessee mining sitesPlatform
Eleven sites on 234 MW of Tennessee Valley Authority power, about a quarter of the fleet's computing power at the end of FY2025.
Cheyenne, WyomingPlatform
A 110 MW mining site and AI candidate, won against a big cloud company by committing to switch the power on within about six months.
Mississippi sitesPlatform
Five mining sites on 63 MW of power, adding a small slice of the fleet's computing power.
Washington, GeorgiaPlatform
Mining site grown from 36 to 86 MW; management calls it the next most likely AI conversion, with a new power line under study.
Jackson, TennesseePlatform
A 60 MW site acquired and flagged as a possible AI conversion.
South Dakota sitePlatform
15 MW of mining on a power deal built for bitcoin miners that lets the utility interrupt supply.
GRIID InfrastructureBrand
Tennessee miner bought in October 2024, bringing 68 MW of developed sites and more than 400 MW of identified room to grow.
Bitmain S21 XP immersion programProduct line · Ramping
About 19,000 newer, more efficient Bitmain machines cooled in liquid baths, deploying through 2026; $86.3M of deposits paid by June 2026.
SubmerService · Announced
Partner under a November 2025 memorandum for factory-built, liquid-cooled power and cooling modules for the AI halls.
Bitcoin-backed credit linesService
$400M of borrowing room secured by bitcoin, including $200M from Coinbase Prime — fully undrawn as of May 2026.