CleanSpark’s $104.5M stake in AI infrastructure expansion draws investor interest amid a 25% annual revenue decline in Q1.
CleanSpark (NASDAQ:CLSK), a Bitcoin miner, is expanding into AI infrastructure with 1.8 GW of contracted power capacity, doubling its current 808 MW. The move comes despite a 25% year-over-year revenue drop in Q1 due to Bitcoin price declines, as the company seeks growth beyond crypto mining.
While peers like Core Scientific and IREN have secured hyperscaler contracts, CleanSpark has yet to land a major customer. Short interest remains high at 32.76% of shares outstanding, though shares have risen 63% over the past year on AI pivot optimism.
Investors are weighing the potential of CleanSpark’s power assets against execution risks in the competitive AI data center market.