Bull case
Cleanspark is viewed positively because it is transitioning from lower-margin bitcoin mining into higher-value, contracted AI data center colocation, anchored by a 20-year Sandersville lease with a high investment-grade tenant worth $6.6bn in total contract value for 175 MW of IT load, with potential to reach about $11.6bn. The economics appear attractive, with expected capex of $10m-$12m per MW and about $330m of average annual NOI implying roughly 12.8% year 1 yield on cost and 17.1% average yield on cost, while management expects debt project financing to cover more than 90% of required capex without further equity needs. Meanwhile, the company’s existing mining fleet still generates cash and preserves operational optionality, helping monetize power immediately and support future site development, even as recent revenue of $138.0m and gross profit of $52.5m show mining headwinds from lower bitcoin prices and higher network difficulty.