TLDR
- Northland initiated coverage on CleanSpark (CLSK) with an Outperform rating and $22.50 price target, representing over 80% upside from current $12.33 price
- CleanSpark operates approximately 50 EH/s of Bitcoin mining capacity across the United States and reported 102% revenue growth to $766.31 million
- The company is expanding into high-performance computing and AI datacenters to leverage existing infrastructure beyond Bitcoin mining
- CleanSpark produced 7,746 Bitcoin in 2025, a 10% year-over-year increase, and expanded contracted power capacity to over 1.4 gigawatts
- Multiple analysts maintain positive ratings with price targets ranging from $14 to $30, citing the company’s diversification strategy and megawatt portfolio value
Northland initiated coverage on CleanSpark on Tuesday with an Outperform rating and a $22.50 price target. The target represents over 80% upside from the current trading price of $12.33.
The research firm positioned CleanSpark as one of the largest Bitcoin miners in the industry. The company operates approximately 50 EH/s of capacity across the United States.
CleanSpark has delivered 102% revenue growth over the last twelve months. The company generated $766.31 million in revenue during this period.
The stock currently trades with a market capitalization of $2.97 billion. Year-to-date, shares have gained 18.18%.
Analyst consensus strongly favors a Buy rating on the stock. Price targets from various firms range from $14 to $30.
Expansion Into High-Performance Computing
CleanSpark is moving beyond traditional Bitcoin mining operations. The company is expanding into high-performance computing and AI datacenters.
Northland cited “abundant opportunities” for CleanSpark to secure HPC leases on attractive terms. Multiple potential tenants are actively seeking to secure power in the near to medium term.
This expansion allows CleanSpark to leverage its existing infrastructure. The move creates new revenue streams beyond cryptocurrency mining.
The shift comes as demand for computing power for artificial intelligence applications continues to grow. CleanSpark aims to position itself as a diversified infrastructure player.
Recent Operational Performance
CleanSpark reported a 10% increase in year-over-year Bitcoin production for calendar year 2025. The company produced a total of 7,746 Bitcoin.
In December alone, CleanSpark produced 622 Bitcoin. This averaged 20.07 Bitcoin daily.
The company expanded its contracted power capacity to over 1.4 gigawatts. This included adding 125 megawatts in the Tennessee Valley Authority’s service territory.
Cantor Fitzgerald reiterated its Overweight rating on CleanSpark with a $21.00 price target. The firm highlighted the company’s increased total megawatts under contract.
Macquarie maintained an Outperform rating but lowered its price target to $27.00. The firm cited peer group weakness while acknowledging the value of CleanSpark’s megawatt portfolio.
B.Riley adjusted its price target to $22.00 from $25.00. The revision followed CleanSpark’s fiscal year 2025 results.
Fourth-quarter adjusted EBITDA came in at $181.8 million. This result fell short of both B.Riley’s estimate and the consensus forecast.
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