Key Takeaways
- CleanSpark fell 17% today as bitcoin dropped below $76,000, and the AI data center selloff also hit IREN and Core Scientific.
- Investors now value CleanSpark mostly on its bitcoin, with little credit for its data center plans.
- Its Georgia lease is signed, but its Texas plans face a governor-elect who wants to pause data centers.
- The next test is whether CleanSpark signs a Texas lease.
CleanSpark (CLSK) fell another 17% today as bitcoin slid below $76,000 and tech sold off hard.
IREN (IREN), which builds in Texas, dropped 17% ahead of its report tonight. And Core Scientific (CORZ) fell 11% on the same day it reported colocation revenue up nearly 60% from the second quarter.
Priced on its bitcoin
CleanSpark had already fallen 11% on Wednesday, after Texans elected Gina Hinojosa governor and Keefe Bruyette downgraded the stock.
It held 13,703 coins at the end of August, worth roughly $1 billion at today’s price. That’s more than half of what the whole company is worth now.
That leaves little value for Sandersville, Georgia, where a 20-year lease carries $6.6 billion of contracted revenue.
Until its first hall opens in late 2027, though, this is a mining business. Analysts’ estimates, made before the election, see revenue falling in fiscal 2026, which ended in September, and barely growing in fiscal 2027:
And mining already wasn’t paying for its machines. In the June quarter, gross profit was $52.5 million, short of the $99.9 million of miner depreciation.
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CleanSpark needs a Texas lease
The election doesn’t touch Georgia. But the Sandersville tenant holds exclusivity over up to 885 megawatts in Texas and hasn’t signed a lease. Austin County, home to the Sealy site, paused AI data centers in July, and Hinojosa takes office on Jan. 19.
On Wednesday, Bernstein’s Gautam Chhugani said the approved gigawatt-scale power held by IREN, Riot and Cipher “may be considered scarce and valuable” if tougher rules keep others off the grid. CleanSpark wasn’t on that list.
Investors sold the signed leases too. Core Scientific was billing on 485 megawatts at Sept. 30, and its third-quarter adjusted EBITDA more than tripled from the second quarter to $133.6 million. Four of its 11 facilities are in Texas, and the stock fell anyway.
Too cheap for a signed lease
CleanSpark traded at 3.3x forward sales at Monday’s close, just under its five-year average of 3.5x, and the past two days have taken it below 3x:
Bottom line: today’s drop was about bitcoin and the sector. A signed 20-year lease with an investment-grade tenant deserves more credit than it’s getting.
Of course, investors may not pay up for the landlord business until CleanSpark signs a second lease. Watch for a Texas deal, or the exclusivity running out, and for fiscal fourth-quarter results in late November.
So what is CleanSpark stock actually worth?
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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 of the stocks mentioned. Thank you for reading, and happy investing!
