CLSK: Texas AI Data Center Campus Will Unlock Billions In Shareholder Value

CleanSpark's analyst price target has been trimmed modestly, with the updated fair value estimate edging down by about $1 per share as analysts balance softer peer multiples and higher near term spending against accelerating high performance computing and AI data center growth prospects.

Analyst Commentary

Street research on CleanSpark reflects a generally constructive outlook on the company’s transition toward high performance computing and AI data centers, even as near term spending and sector multiple compression lead to some modest target reductions.

Bullish analysts highlight that the stock’s valuation is increasingly supported by a diversified earnings profile, with sum of the parts frameworks now assigning explicit value to high performance computing EBITDA and megawatt capacity alongside the legacy bitcoin mining business.

At the same time, more cautious voices point to the need for clearer execution milestones on lease up, tenant wins, and capital discipline before the market is willing to underwrite the full upside implied by the company’s gigawatt scale development plans.

Bullish Takeaways

• Bullish analysts see accelerating expansion into high performance computing and AI data centers as a key multiple driver. They argue that long duration, contracted revenue streams can justify premium valuation versus traditional miners.
• Several research notes point to recent wins such as reaching 50 EH of operational hash rate, inline to better than expected EBITDA, and site acquisitions in Texas as tangible execution markers that de risk growth assumptions embedded in price targets in the mid to high $20s.
• Forecasts increasingly model incremental value from the growing megawatt portfolio and anticipated high performance computing leases. Some estimates suggest the Texas site alone could unlock several billion dollars of equity value by 2027 if build out and utilization track to plan.
• Commentary around tenant demand suggests CleanSpark may secure initial high density data center customers faster than peers. If realized, this would help pull forward cash flow inflection and support target price increases despite broader sector volatility.

Bearish Takeaways

• Bearish analysts stress that higher upfront capital spending to retrofit and expand infrastructure for high performance computing could pressure free cash flow and introduce execution risk, which in their view warrants more conservative valuation multiples.
• With peer group EBITDA multiples under pressure, some targets have been cut, reflecting concern that sector wide de rating may cap near term upside even if company specific fundamentals remain strong.
• JPMorgan’s move to Neutral, with a relatively low target in the mid teens, underscores the view that the current share price already discounts recent capacity expansions, leaving limited margin of safety absent greater transparency on high performance computing strategy and returns.
• There is a lingering risk that lease up timelines, tenant negotiations, or power procurement for large scale AI data centers take longer or cost more than expected. This could delay the realization of the more aggressive valuation scenarios put forth by bullish analysts.

What's in the News

• CleanSpark formally announced its expansion into high performance computing data center infrastructure, with Clear Street calling it the initiation of a long anticipated catalyst and reiterating its $30 price target and Buy rating (Periodicals).
• The company acquired rights to approximately 271 acres in Austin County, Texas, along with 285 megawatts of long term power agreements, to develop a next generation AI and cloud focused data center campus, with initial energization of more than 200 MW expected in the first half of 2027 (Key Developments).
• CleanSpark entered into a strategic collaboration framework with Submer to develop AI focused, liquid cooled, modular data center campuses across North America, integrating power generation, data center development, and AI service delivery (Key Developments).
• The Board authorized a major share repurchase program of up to $400 million tied to a convertible notes offering, with repurchases to be executed at the prevailing market closing price, which signals confidence in long term equity value (Key Developments).
• The company continues to report strong bitcoin production, with between 587 and 629 Bitcoin mined in recent monthly updates and over 6,500 Bitcoin year to date through October 31, 2025, which underscores the cash generation supporting its diversification into high performance computing (Key Developments).

Valuation Changes

• Fair Value Estimate has edged down modestly from approximately $23.98 to $23.16 per share, reflecting a small reduction of about 3 percent.
• Discount Rate has decreased slightly from about 9.17 percent to 9.10 percent, indicating a marginally lower perceived risk profile.
• Revenue Growth has risen meaningfully from roughly 25.50 percent to 28.92 percent, signaling higher expected top line expansion.
• Net Profit Margin has declined from about 22.35 percent to 20.17 percent, implying somewhat lower projected profitability on future revenues.
• Future P/E has fallen significantly from around 31.4x to 18.6x, suggesting a notable compression in forward valuation multiples applied to earnings.