CleanSpark (CLSK) Stock Forecast & Price Target

Cleanspark is viewed positively because its signed 20-year Sandersville lease with an investment-grade global technology tenant validates its transition from bitcoin mining toward higher-value AI data center colocation, with $6.6bn of total contract value for 175 MW and potential expansion to about $11.6bn. The project’s expected $10m-$12m per MW capex and roughly $330m of average annual NOI imply a year 1 yield on cost of about 12.8% and an average yield of about 17.1%, while management has already funded its equity portion and secured all long-lead items. Even though mining revenue was only modestly higher at $138.0m and gross margin compressed to 38% amid weaker bitcoin economics, the company can still use modular mining to monetize power quickly and bridge sites toward firm, long-duration data center leases.

Cleanspark is facing a weakening fundamental profile as lower Bitcoin prices have pressured mining revenue, prompting reduced FY26 and FY27 revenue and adjusted EBITDA estimates and contributing to a -$113.0M GAAP Adj. EBITDA loss in FQ3/26 versus consensus at -$37.3M. Although ex- unrealized Bitcoin marks, adjusted EBITDA was $19.8M and gross mining margin remained 38.1%, both metrics point to a business still heavily exposed to volatile crypto economics and a margin trend that slipped from 40.1% in the prior quarter. The outlook also reflects execution and funding risk tied to the AI/HPC buildout, including potential delays at Sandersville, supply-chain issues, and the likelihood of an equity raise to finance the next phase of expansion.