Three years of building one of the largest domestic Bitcoin mining operations didn't win CleanSpark many fans. The market saw a commodity business - power costs, hash rate, block rewards - and valued it accordingly. What the market missed is that accumulating a gigawatt of contracted US power is extraordinarily difficult and extraordinarily valuable. You cannot buy it from Amazon. You cannot build it in six months. It takes a decade of relationships with utility commissions, land developers, and grid operators.
CleanSpark now owns that gigawatt. It also earned $766 million in FY2025 revenue at 55% gross margins, repurchased 11% of its own outstanding shares, holds over 13,000 Bitcoin on the balance sheet - mined, not purchased - and issued a $1.15 billion convertible at 0% interest to fund what comes next. What comes next is AI data centers.
The narrative is shifting. In late November 2025, a senior director of site selection from a global hyperscaler called the CEO the evening of the earnings call to confirm they were "still in the running" for the Sandersville, Georgia facility. That call was not from a neocloud. It was from a hyperscaler. The demand is institutional, the timeline is 2026–2027, and the re-rating - when it arrives - will not be gradual.
We're building a position at the inflection point. Downside is hard-floored by Bitcoin mining economics. Upside comes from 535 MW of AI-ready land the market is currently valuing at zero. That's an unusual risk profile for a company this profitable.
1+ Gigawatt of Contracted US Power
The asset that took a decade to build and cannot be replicated in the current grid environment
Bitcoin Mining
The cash engine that finances everything else. 50 EH/s of fully owned, 100% US-based infrastructure generating revenue at a 55% gross margin, with the world's most efficient immersion-cooled fleet.
- FY2025 Revenue$766 million
- Gross Margin55%
- Marginal Cost / BTC~$43,000
- BTC Treasury13,054 coins
- Hashrate50 EH/s
- Fleet Efficiency13.5 J/TH (S21 XP)
AI Data Centers
The optionality the market is currently pricing at zero. $0 AI revenue today - but two dedicated sites are being commercialised for hyperscaler tenants, with industry contracts benchmarking at $1–$1.5M per MW per year.
- Sandersville Capacity250 MW (AI-ready)
- Texas Capacity285 MW (ERCOT approved)
- First TX EnergizationH1 2027 (200+ MW)
- AI Head (Jeff Thomas)ex-President, Humain
- Modular PartnerSubmer (MOU signed)
- Revenue Potential (535 MW)$535M–$800M / yr