Key Takeaways
- CleanSpark stock is up about 21% in 2026 even though fiscal Q3 revenue fell 31% year over year to $138 million on weaker Bitcoin output and prices.
- A 20-year Sandersville lease adds $6.6 billion in contracted revenue and about $330 million in expected average annual net operating income once deliveries begin in Q4 2027.
- A $2.28 billion secured note sale priced in September funds that build without new equity, and the lowest Street price target has climbed from $14 to $21.
Mining revenue shrank while the stock climbed. Track CleanSpark’s revenue and Street targets on TIKR for free →
CleanSpark Stock Found a New Growth Case in a Georgia Lease
On March 31, CleanSpark (CLSK) closed at $8.51. Bitcoin mining was the whole story, and it wasn’t a good one: the company had just posted net losses of about $378 million in each of its first two fiscal quarters.
The stock rallied through spring, peaking near $19 in early June, then gave much of it back. The event that changed the investment case came on July 14. CleanSpark signed a 20-year triple-net lease with a high investment-grade technology company for its Sandersville, Georgia campus: 175 MW of critical IT load, $6.6 billion in base-term revenue, and up to $11.6 billion with two five-year extensions. Because the tenant carries taxes, insurance, and maintenance, management expects that revenue to convert to net operating income at close to 100%.
The same tenant also took exclusivity over up to 885 MW in Texas. That piece is less certain. Governor Abbott ordered an audit of data center grid connections in early August, and CEO Matt Schultz said plainly on the Q3 2026 earnings call that “we don’t know” what follows. The stock drifted as low as about $11 by early September.
The lease pays from Q4 2027, while mining pays today. Watch CleanSpark’s mining revenue and margins on TIKR for free →
The Debt Deal Made the Lease Fundable
A signed lease still needed $1.75 billion to $2.1 billion in construction spending before the first data hall could open. The open question was who would pay for it.
On September 17, CleanSpark proposed a $2.227 billion notes offering. It priced $2.276 billion of 7.875% senior secured notes due 2031 at 98.5% of par on September 18, then closed the offering on September 25.The financing reduces the immediate equity need, but CleanSpark remains exposed through a customary completion guarantee if the project’s note proceeds prove insufficient.
Proceeds cover the remaining build-out, reimburse equity already contributed, and fund debt service reserves. CleanSpark’s parent-level role is a completion guarantee. Management had promised no equity or equity-linked raise for Sandersville, and the notes keep that promise. Shares climbed to about $15 before closing at $13.95 on September 25.
Analysts have moved with the story. TIKR showed a $23.89 mean target and a $21 low target on September 25.
The financing reduces the immediate equity need, but CleanSpark remains exposed through a customary completion guarantee if the note proceeds prove insufficient. Holdings fell to 13,703 coins in August as CleanSpark produced 593 Bitcoin and sold 821. Of that balance, 3,951 Bitcoin was posted as collateral or receivable in derivative transactions. Texas is the next test. The tenant holds exclusivity over the portfolio, not a signed lease, while final ERCOT determinations and commercial terms remain outstanding. A signed Texas lease would show the lease model can extend beyond Sandersville. A stalled deal leaves CleanSpark with one contract, a 2027 delivery date, and a mining business still tied to Bitcoin prices.
Texas is the next proof point for the lease model. Follow CleanSpark’s debt and Bitcoin holdings on TIKR for free →
Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing!
