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What is CleanSpark, Inc. (CLSK) worth?
Currently $12.69 — below the base case ($28.00) · ● live
Platform / optionality
low confidence in the point estimate
— for this profile, read the range & what the price implies, not the single number
● live · as of 2026-09-04 21:34 · Market cap $4.5B
As of 2026-08-28, CleanSpark, Inc. (CLSK) looks undervalued. Dolphy estimates a fair value of $24.00 versus a current price of $12.69 — a 47% discount to fair value.
Executive summary
CleanSpark is a US bitcoin miner (~50 EH/s, ~808 MW active load) plus a ~14,000-BTC treasury that is deliberately re-architecting into a contracted AI/HPC landlord. It has executed its first institutional lease - a 20-year NNN at Sandersville, GA (230 MW gross / 175 MW critical-IT, USD6.6B contracted, ~USD330M average / ~USD258M year-1 NOI, investment-grade tenant, Q4 2027 delivery) - and holds 885 MW under Texas exclusivity with the same tenant profile.
Basis of this revision. Values on the current ~256.8M basic shares (2032 convert in net debt), marks BTC at USD78k spot, and credits the Texas go-status legs at 80% (Sealy, Brazoria Ph1), Brazoria Ph2 at 20% and Washington GA at 10%. This is a bullish central case: those go-status legs are still LOIs, not signed leases.
Why the value is here. The decisive update is the Texas queue status: 585 MW (Sealy + Brazoria Ph1) carry ERCOT batch-zero baseload go-status - cleared everything but the final ERCOT checkmark, which the constructive Aug 20 PUCT process is unfreezing. Only Brazoria Ph2 (300 MW) remains study-load and genuinely exposed to the Abbott audit.
Revenue decline is by design. Total revenue fell FY25 Q4 USD223.7M -> FY26 Q1 USD181.2M -> FY26 Q3 USD138.0M as capacity migrates from merchant mining to contracted colocation - the deliberate substitution of volatile mining revenue for bond-like NNN NOI beginning 2027.
Math. Contracted stub (Texas = 0, BTC USD78k): ~USD8.65/sh. Tiered SOTP with go-status legs at 80% lands at ~USD24.2; the four-node scenario tree EV is ~USD24.4. Fair value USD24.00.
Risk/reward. The distribution is wide (USD8 - USD44) and skews strongly to the upside at the current price. The binding risks: whether the go-status LOIs actually sign (the 80% credit is aggressive), funding a USD2.1B + USD10B+ build against ~USD204M cash, BTC drawdown (treasury + mining ~USD7/sh), macro/AI de-rating (beta ~3.8), and the share-count basis - an equity raise shifts toward 316.8M and compresses per-share value.
How we value it
Probability-weighted SOTP / NAV with tiered Texas realisation (go-status vs study-load) and financing haircut
Every figure is computed from SEC filings by the analyst’s calculator tools and fact-checked by a second, independent model.
Investment thesis
About CleanSpark, Inc.
CleanSpark, Inc. operates as a bitcoin mining company in the Americas. The company owns, leases, and operates data centers and power assets. Its infrastructure supports Bitcoin, a digital commodity. The company was formerly known as Stratean Inc. and changed its name to CleanSpark, Inc. in November 2016. CleanSpark, Inc. was incorporated in 1987 and is headquartered in Henderson, Nevada.
Frequently asked questions
Is CLSK a buy?
As of 2026-08-28, CleanSpark, Inc. (CLSK) looks undervalued. Dolphy estimates a fair value of $24.00 versus a current price of $12.69 — a 47% discount to fair value.
What is CLSK's fair value?
Dolphy's estimated fair value for CleanSpark, Inc. (CLSK) is $24.00, versus a current market price of $12.69.
Is CLSK overvalued or undervalued?
CleanSpark, Inc. (CLSK) currently looks undervalued — trading at a 47% discount to Dolphy's estimated fair value of $24.00.
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AI-generated research by Dolphy for educational and informational purposes only — not investment advice. Figures are computed from public sources and may contain errors.