CleanSpark

What CleanSpark does

CleanSpark, Inc. (Nasdaq: CLSK) is a US-listed digital infrastructure developer headquartered in Henderson, Nevada, that operates a dual business model spanning large-scale Bitcoin mining and AI/high-performance computing (HPC) data center hosting. As of FY2025 (fiscal year ending September 30), the company generated $766.3 million in revenue — more than double the prior year — and $364.5 million in net income, leveraging a fleet of approximately 235,588 Bitcoin miners operating at 50 EH/s with peak efficiency of 16.07 J/Th. The company mined approximately 7,746 BTC in calendar 2025 and maintains a treasury of roughly 13,453 BTC, selling a portion of monthly production to fund expansion.

The company's underlying asset is its energy-native infrastructure portfolio: 1.8 GW of contracted power capacity across six US states (Georgia, Tennessee, Texas, Mississippi, Wyoming, and others), supported by secured grid interconnections on ERCOT and TVA. This portfolio underwrites both the legacy mining business and the forward AI/HPC pivot, in which CleanSpark is pursuing anchor hyperscaler tenants — most notably for a 250 MW Sandersville, Georgia campus and 447-acre Brazoria County, Texas site (300 MW expandable to 600 MW). Operational credibility is supported by demonstrated demand-response capability at 11 Tennessee sites within 10 minutes of TVA requests and a Ferveret partnership testing liquid immersion cooling that claims 35% higher compute output per watt.

CleanSpark monetizes primarily through Bitcoin self-mining (revenue highly correlated with BTC price and network difficulty) and is positioning for managed-services-style data center hosting contracts with hyperscalers on quote-based, multi-year terms. Capital structure has expanded aggressively to support the pivot — including a $1.15 billion zero-coupon convertible notes offering (November 2025), a $200 million revolving credit facility with Coinbase Global, the $155 million GRIID Infrastructure merger (June 2024) adding 400+ MW in Tennessee, and the addition of a former Keefe, Bruyette & Woods senior banker as SVP of Finance to lead capital markets and M&A activity. Long-term debt has nearly tripled to approximately $1.8 billion, reflecting the funding intensity of the multi-gigawatt buildout.

Name

CleanSpark

Legal name

CleanSpark, Inc.

Website

https://cleanspark.com

Company type

Public

Founded year

1987

Operating status

Operating

Headcount range

101–250 employees

Short description

CleanSpark is a US-listed digital infrastructure developer operating large-scale Bitcoin mining and pivoting to AI/HPC data center hosting, leveraging 1.8 GW of contracted power across six states to sell power-dense compute capacity to hyperscalers and enterprise customers.

Ownership category

akta.pro rank

Product category

Digital Infrastructure / Data Center Development

NAICS

Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (51821)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Services-Computer Programming, Data Processing, Etc. (7370)

akta.pro industry

PRIMARYFSADAOAG

Mining Infrastructure & Energy Procurement (Power, Cooling, Grid Services)

Financial & Insurance/Crypto & Digital Assets/Crypto Mining and Staking Services

Keywords

• Bitcoin mining operations
• AI data center hosting
• Energy infrastructure development
• High-performance computing
• Digital infrastructure

Headquarters

HQ city

Henderson

HQ country

United States

HQ region

North America

Offices9 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Technology or R&D, Marketing or Sales, Personnel, Supply Chain

Revenue model

1. Bitcoin Mining: CleanSpark generates revenue through Bitcoin mining operations, producing Bitcoin with deployed mining hardware. The company mined approximately 7,746 BTC in calendar year 2025 (10% YoY increase), with monthly production ranging from 568-671 BTC. Revenue is highly dependent on Bitcoin price and network difficulty.
2. Bitcoin Treasury Management: The company maintains a significant Bitcoin treasury (approximately 13,453-13,470 BTC), selling Bitcoin production to fund operations and AI infrastructure expansion. Sold 553 BTC in February 2026 for $36.6 million, and sold 97% of February production to fund AI pivot.
3. AI/HPC Data Center Hosting: CleanSpark is pivoting toward AI infrastructure, pursuing contracts to host high-performance computing and AI workloads at its data center facilities. The company is in advanced discussions with an investment-grade hyperscaler for its Sandersville, Georgia 250 MW data center, targeting anchor tenant capacity. Revenue from this stream is not yet contracted as of early 2026.
4. Data Center Development Services: The company develops large-scale data center infrastructure for compute, offering power capacity and facility hosting to AI and HPC customers. The company acquired a second Texas campus adding 300 MW of ERCOT-approved capacity, expanding toward a multi-gigawatt platform.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels4 records

Core offering

CleanSpark is a large-scale digital infrastructure developer that owns and operates a multi-gigawatt portfolio of data center campuses across the United States. Its core business combines Bitcoin mining operations (deploying approximately 235,588 ASIC miners at 50 EH/s) with the development and hosting of AI and high-performance computing (HPC) data center capacity for enterprise and hyperscaler customers, secured through 1.8 GW of contracted power across six U.S. states.

Product overview

CleanSpark is a large-scale digital infrastructure developer that operates a dual business model combining bitcoin mining operations with AI and high-performance computing (HPC) data center hosting services. The company leverages its energy-native infrastructure expertise to build and operate multi-gigawatt campuses across the United States. Its core offerings include bitcoin mining operations (deploying over 235,000 miners at up to 50 EH/s hashrate), AI/HPC data center hosting for compute-intensive workloads, and energy infrastructure development securing over 1.8 GW of contracted power capacity. Supporting offerings include bitcoin treasury management and grid services through demand response programs.

Differentiator

Problem solved

Functional benefit

Products and services

• Bitcoin Mining Operations Large-scale bitcoin mining operations deploying over 235,000 ASIC miners with peak operational hashrate of 50 EH/s across U.S. campuses, producing bitcoin using renewable energy sources.
• AI and HPC Data Center Hosting Multi-gigawatt data center campuses developed for artificial intelligence and high-performance computing workloads, providing power-dense compute capacity to hyperscaler and AI customers through long-term hosting arrangements.
• Energy Infrastructure Development Procurement and development of scalable power infrastructure, securing energy supply agreements across multiple U.S. states and operating a portfolio of campuses totaling over 1.8 GW of contracted power capacity.

Quantifiable outcome

• Achieved 50 EH/s operational hashrate with 235,588 miners deployed
• +3 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• GRIID Infrastructure Inc.coreStrategic or Co-development Partner · 27 June 2024CleanSpark announced a merger agreement with GRIID Infrastructure Inc., a Bitcoin mining operator, valued at $155 million with expected closing in Q3 2024. The merger expands CleanSpark's Bitcoin mining capacity in the United States, adding over 400 MW of infrastructure in Tennessee and supporting growth plans through 2026. The transaction includes assumption of GRIID's debt and an exclusive hosting agreement for 20 MW of power.

Scale indicators14 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Marathon Digital Holdings: Largest US-listed Bitcoin miner with a similarly large hashrate and a stated strategy to monetize its power and data center footprint for AI/HPC workloads, making it the most directly comparable peer to CleanSpark's mining-plus-AI model.
• Riot Platforms: US Bitcoin miner operating utility-scale facilities in Texas with ERCOT exposure and evaluating AI/HPC colocation on its power portfolio, closely mirroring CleanSpark's Texas-led, energy-native strategy.
• Core Scientific: Bitcoin miner that emerged from bankruptcy with a high-power portfolio and signed a long-term CoreWeave AI/HPC hosting agreement, providing a directly comparable template for CleanSpark's hyperscaler pivot.
• Hut 8: Energy infrastructure platform combining Bitcoin mining with AI compute services across US and Canadian sites, structurally comparable to CleanSpark's dual mining and AI/HPC hosting model.
• Cipher Mining: US-focused Bitcoin miner developing large-scale Texas sites with ERCOT power, also exploring HPC/AI hosting opportunities on its contracted capacity.
• Iris Energy: Renewable-powered Bitcoin miner expanding into AI compute using its contracted renewable energy footprint, directly analogous to CleanSpark's energy-native infrastructure thesis.
• Applied Digital: Data center developer hosting AI/HPC workloads (including a major CoreWeave lease) that began as a crypto mining operator, representing the leading example of the miner-to-AI-host pivot CleanSpark is pursuing.
• Bitfarms: Vertically integrated Bitcoin miner with North American and South American operations also exploring HPC/AI opportunities on its power portfolio, a close functional peer to CleanSpark.

Broad incumbents

• Equinix: Global Tier-III/IV colocation incumbent and the benchmark hyperscaler data center partner, representing the established competitor CleanSpark must displace or partner with to win anchor AI tenants.
• Digital Realty Trust: Large-scale data center REIT serving hyperscalers and enterprises globally, providing the incumbent valuation and operating benchmark against which CleanSpark's AI/HPC ambitions will be measured.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/CleanSpark_Inc

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries1 record

Funding overview

Funding rounds11 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A6 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CleanSpark