CleanSpark shifts from Bitcoin mining to AI with a $6.6B lease, revenue starts in 2027 amid shrinking mining biz.

CleanSpark, Inc. is transitioning from Bitcoin mining to AI infrastructure, marked by a $6.6 billion, 20-year lease with a high-grade tenant. However, revenue from this AI venture will not begin until the fourth quarter of 2027. Meanwhile, CleanSpark's Bitcoin mining business is declining, with Q3 2026 revenue down 30.5% year-over-year and no growth in mining capacity. The company has $917 million in liquidity to fund near-term operations but faces significant capital expenditures before lease payments start, posing risks related to execution and Bitcoin price fluctuations. The AI strategy is promising but unproven, with key financial milestones more than a year away, leading to a Hold rating on the stock.