CleanSpark, Inc. (CLSK)
適正価値ファンダメンタル
48
株価
$12.25
時価総額
$3.31B
パート1 · 企業の価値
概要
CleanSpark is a US data centre developer and operator whose business so far has been bitcoin mining. It owns, leases and runs its own sites in Georgia, Tennessee, Mississippi and Wyoming, with roughly 1,027 megawatts of contracted power capacity and about 241,934 miners in service as of 30 September 2025. Over fiscal 2025 the fleet averaged 45.6 exahash per second of operating hashrate and produced approximately 7,873 bitcoin net of pool fees, 11.0% fewer than the prior year because the April 2024 halving cut the per-block reward in half. Mined coins are largely retained on the balance sheet rather than sold, and management describes the company as evolving towards a broader compute platform able to serve AI and high-performance-computing workloads alongside bitcoin, though the filing shows no revenue from those activities yet. Despite the 'Capital Markets' label attached to the ticker, this is an industrial power-and-hardware operator, not a financial firm.
収益の仕組み
Revenue comes from contributing the entire fleet's computing power to a bitcoin mining pool and being paid in bitcoin for the hashrate delivered. The pool operator, not an end customer, pays CleanSpark; the amount depends on the network-wide difficulty, the block subsidy after the halving, transaction fees and the dollar price of bitcoin, none of which the company controls. Fiscal 2025 revenue was $766.3 million, up 102.2% from $379.0 million, and the income statement shows it all as bitcoin mining revenue with other services revenue at zero. Because mined bitcoin is carried at fair value, reported earnings also move with the coin price independently of how many machines are running: net income for fiscal 2025 was $364.5 million, or $1.25 per basic share.
競争優位性（moat）
明確な優位性なし · なしBitcoin mining sells an undifferentiated product at a price set by a global market, and hashrate from any competitor is interchangeable with CleanSpark's. The company's real edges — self-operated sites, secured power contracts across roughly 1,027 megawatts, and the scale to negotiate for machines — lower its cost per coin but are copyable by any rival willing to sign power agreements and buy the same hardware, and rising network difficulty erodes the advantage of every operator at the same time. There are no switching costs (the single pool contract is terminable at will by either side), no network effects and no brand power with customers.
需要を左右する要因
景気循環型There is no customer demand curve in the usual sense: what the company earns per unit of hashrate is set by the bitcoin price, by the total hashrate competing on the network and by the block subsidy, which halves on a fixed schedule. In a rising market the cash flows expand violently — fiscal 2025 revenue doubled, up 102.2% — and the same machines can turn cash-negative in a downturn, since electricity and depreciation carry on regardless. Costs are also tied to power prices and to a hardware replacement cycle that never stops. Investors should expect swings far wider than those of an industrial business, on a rhythm set by the crypto cycle and by the roughly four-yearly halving rather than by GDP.
主なリスク
- The whole business depends on the price of bitcoin — The company discloses that its results and the value of its treasury hinge on bitcoin's price, which is volatile and outside its control; mined coins are held rather than sold, so a fall in the price hits both revenue and the balance sheet at once.
- A single mining pool operator is the sole customer — Item 1A states that reliance on a third-party mining pool service provider for mining revenue payouts may adversely affect an investment in the company; all computing power goes to one pool operator and the contract is terminable at any time by either party.
- Halvings and rising difficulty compress the reward — The filing attributes the 11.0% drop in coins mined in fiscal 2025 to the April 2024 halving, which cut the per-block reward by half; the company also flags the volatile cycles of an emerging industry and a limited operating history with past losses.
- Capital intensity and dilution — Risk factors cover the need for continuing capital and the availability of financing, dilution from share issuance, preferred stock and convertible securities, the accounting treatment of convertible debt and the effect of capped call transactions.
- Hardware obsolescence and supply chain — The company discloses vulnerability in its supply chain and the risk that mining technology becomes obsolete, alongside trade restrictions and tariffs that can affect the cost and availability of machines.
- Regulation of mining, energy and now AI — Item 1A lists changes in cryptocurrency mining regulation, exposure to the SEC and CFTC, environmental rules, uncertain tax treatment of digital assets, limits on services from financial institutions, and new regulatory developments tied to the move into AI and HPC.
- Custody: coins can be stolen or lost — The company flags the risk of theft or loss of bitcoin, a live concern given that the treasury holds the mined coins rather than converting them to cash.
- Execution risk in the diversification into AI and HPC — Diversifying into AI and high-performance computing is listed among the business risks, covering both regulatory and operational exposure; the company also flags reliance on management and the difficulty of managing growth, including strategic acquisitions.
顧客集中度
主要顧客が売上高の100%を占める
CleanSpark states that it contributes all of its computing power to a single mining pool operator, which is its sole customer, so effectively 100% of fiscal 2025 revenue came from one counterparty. The arrangement can be terminated at any time by either party, and the filing identifies reliance on that pool provider for revenue payouts as a specific risk factor. In practice the pool is a payment channel rather than a commercial customer — hashrate could be redirected to another pool — but the credit and settlement exposure to one counterparty is real.
強気材料
Buyers argue that CleanSpark is one of the lowest-cost, largest self-operated miners in the United States: it crossed 50 exahash per second during fiscal 2025, doubled revenue to $766.3 million and turned a $364.5 million net profit, while holding roughly $1.2 billion of bitcoin and about $1 billion of working capital against $3.2 billion of total assets. They see the roughly 1,027 megawatts of contracted power as the scarce asset — power connections take years to secure, machines take weeks to buy — and expect part of that capacity to be re-pointed at AI and high-performance-computing tenants, whose contracted revenue would be steadier than block rewards. They also point to the treasury of more than 13,000 bitcoin as leverage to the coin price without the shareholder having to hold it directly.
弱気材料
Sellers fear that the earnings are simply the bitcoin price wearing an operating disguise: the coin is carried at fair value, the treasury is not sold, and a bear market would hit revenue and the balance sheet together while electricity bills and depreciation continue. They note that the 11.0% fall in coins mined during fiscal 2025 came despite record hashrate, because the halving cut the reward — the treadmill requires constant capital spending on machines that lose value fast, funded by dilution or convertible debt such as the $1.15 billion zero-coupon notes. They add that nothing protects the position competitively: hashrate is a commodity, rivals are adding capacity, and the whole revenue line flows through one pool operator on a contract either side can end at will. On the pivot to AI, they observe that fiscal 2025 shows zero other-services revenue, so the thesis rests on contracts not yet signed and on retrofit costs not yet incurred.
Generated on 2026年9月18日 with claude-haiku-4-5 — shared with all users
Direct competitors
Who this company fights with for the same customers
Generated on 2026年9月18日 with claude-haiku-4-5 — shared with all users
The largest US-listed bitcoin miner by hashrate, competing with CleanSpark for the same fixed pool of block rewards, the same cheap power contracts and the same supply of latest-generation ASIC machines.
Another vertically integrated US miner that owns and operates its own data centers on low-cost grid power, the same model CleanSpark runs in Georgia, Tennessee, Mississippi and Wyoming.
Operates a comparable fleet of North American mining sites and, like CleanSpark, is converting part of its power pipeline to AI and high-performance computing hosting, so the two compete for both bitcoin rewards and AI tenants.
Runs large owned-and-operated bitcoin mining data centres and is scaling the same AI/HPC hosting business CleanSpark is entering, competing for identical power sites and compute customers.
A self-mining operator expanding across North America that bids for the same megawatts of contracted power and the same mining hardware as CleanSpark.
A US bitcoin miner with a comparable data centre build-out strategy, competing site by site for grid interconnections and for the network's block rewards.
貸借対照表と流動性
売上高
$766M
2025/9/30に終了した会計年度
純利益
$364M
2025/9/30に終了した会計年度
フリーキャッシュフロー
$-606M
自己資本合計
$2.18B
負債合計
$1.01B
流動比率
5.91
利払い倍率
69.58
負債/EBITDA
5.38
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$14.07
現在株価
$12.25
安全マージン
+12.9%
適正価値レンジ
$9.15 - $19.00
使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。
推定方法
バリュエーション指標
P/E レシオ
11.50
ROE
16.8%
P/B レシオ
4.35
P/FCF
-
粗利益率
55.2%
ROIC
-27.7%
収益性レーダー
価値創造（経済的モート）
ROIC
-27.7%
WACC
8.9%
ROIC − WACC
-36.6 pp
ROICが資本コストを下回っています。投資した1ドルごとに企業は価値を破壊しています。
ファンダメンタル分析基準
合格（11）
- EPS shows upward trend
- Gross Margin 55.2%
- Debt/Equity ratio
- Operating Margin 41.6%
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Low reliance on intangibles
- Price below Graham Number
- Revenue Growth 5Y 138.2%
- Analyst Consensus 90% Buy
不合格（10）
- Price CAGR -8.46%
- ROIC -27.7%
- P/B Ratio 4.35
- Positive Free Cash Flow
- Return on Tangible Assets
- DCF valuation (Overvalued)
- ROE -75.2%
- Earnings Surprise avg -231.7%
- Share Dilution 54.0%
- Piotroski F-Score 4/9
データなし（6）
- P/FCF NaN
- Dividend Payout NaN%
- CapEx intensity
- PEG Ratio (need PE > 0 and growth > 0)
- Earnings Quality (OCF/Net Income)
- Net Margin Trend (invalid data)
Piotroski F-スコア
まちまちのシグナル：一部の領域に注意が必要
利益の質
低品質：会計処理を調査してください
株式希薄化
新株を発行しており、所有権を希薄化している
機関投資家の保有
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| Mr. S. Matthew Schultz | CEO & Chairman | 56 |
| Mr. Taylor Monnig | CTO & COO | - |
| Mr. Scott E. Garrison | Executive VP & Chief Development Officer | - |
| Mr. Brian Carson | Chief Accounting Officer | 50 |
| Barbara Domingo | Senior Director of Investor Relations | - |
| Mr. Leighton Rudolph Koehler | Corporate Secretary & General Counsel | 46 |
| Mr. Bradley Audiss | Senior Vice President of Operations | - |
| Mr. Harry E. Sudock | Chief Business Officer | 31 |
| Mr. Ruben Sahakyan C.F.A. | Senior Vice President of Finance | - |
監査リスク
9
取締役会リスク
9
報酬リスク
10
株主権利リスク
10
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
業績推移
via SEC EDGAR
Latest News
Recent headlines for CLSK, sourced from Markets Gazette.
- 5d agoPOSITIVECleanSpark Closes $2.276B Debt Financing As Miner Builds For Its Next Expansion
CleanSpark Inc. has successfully closed a substantial $2.276 billion in senior secured notes financing, a significant move for a publicly traded Bitcoin miner. This debt issuance, placed with qualified institutional buyers, is earmarked for expanding its data-center infrastructure and refinancing existing debt facilities. The financing provides CleanSpark with considerable capital to pursue its growth strategy, including scaling operations and upgrading its mining fleet, without solely relying on equity dilution or selling Bitcoin reserves. This strategic move allows the company to invest in valuable assets like power contracts and land, capitalizing on the growing demand for high-performance computing and AI infrastructure, while managing the inherent risks of debt financing in the volatile crypto mining sector.
- 12d agoPOSITIVECleanSpark Prices $2.276B Secured Notes For Sandersville Data Center
CleanSpark has successfully priced $2.276 billion in secured notes, a significant financial move aimed at funding its Sandersville data center project. This substantial capital raise indicates strong investor confidence in the company's expansion plans and its future revenue generation potential from the new facility. The secured nature of the notes suggests favorable terms and a lower risk profile for the debt issuance. For investors, this development signals robust growth prospects and the company's ability to secure necessary funding for large-scale infrastructure projects, potentially leading to increased operational capacity and market share.
- 28d agoPOSITIVECleanSpark Hits 30 EH/s Hashrate After Mississippi Facility Deal
CleanSpark Inc. announced it has achieved a hashrate of 30 EH/s, a significant milestone attributed to its recent acquisition of a Mississippi facility. This expansion boosts the company's operational capacity and positions it for increased Bitcoin production. The deal enhances CleanSpark's mining efficiency and scale, signaling strong growth potential. Investors will be watching for the impact on future earnings and market share in the competitive cryptocurrency mining landscape.
- 8/7/2026NEGATIVECleanSpark misses Wall Street revenue estimates as shares sink
CleanSpark Inc. reported quarterly revenue of $138 million, falling short of Wall Street's consensus estimates. This revenue miss led to a 5.5% decline in the company's shares on Thursday. As a Bitcoin miner, CleanSpark's financial performance is closely tied to the cryptocurrency market, but this specific miss highlights operational or market challenges that investors are reacting to negatively. The stock's performance indicates a bearish sentiment among traders following the announcement.
- 7/14/2026POSITIVECleanSpark shares jump 22% after $6.6B Georgia data center lease
CleanSpark Inc. saw its shares surge 22% following the announcement of a significant data center lease agreement in Georgia. The deal, valued at $6.6 billion with an undisclosed investment-grade technology company, is poised to expand CleanSpark's presence in the burgeoning fields of artificial intelligence and high-performance computing infrastructure. This strategic move diversifies the Bitcoin miner's operations beyond its core cryptocurrency mining business, tapping into a high-growth sector. Investors are likely reacting positively to the company's forward-looking strategy and potential for new revenue streams.
- 5/22/2026POSITIVECleanSpark Shares Pause As Hedge Fund Boosts Stake
CleanSpark Inc. (NASDAQ:CLSK) saw its shares trade higher as a significant hedge fund disclosed an increased stake in the company via a 13F filing. This move by institutional investors signals growing confidence in CleanSpark's business prospects and operational strategy within the Bitcoin mining sector. The increased investment suggests that sophisticated market participants believe the company is undervalued or poised for substantial growth, potentially driven by its expanding mining capacity and efficient operations. Investors are likely to interpret this as a positive endorsement, potentially leading to further price appreciation.
- 5/20/2026POSITIVECleanSpark Stock Pulls In Bigger Bet From Situational Awareness Hedge Fund
Leopold Aschenbrenner's Situational Awareness hedge fund has substantially increased its stake in CleanSpark Inc., a significant move indicating strong conviction from a notable investor. While the exact size of the new bet is not disclosed, this increased allocation by a specialized hedge fund suggests a positive outlook on CleanSpark's future performance and growth prospects within the energy sector. Investors often view such increased institutional interest as a validation of the company's strategy and potential, potentially leading to increased market attention and upward pressure on the stock price.
- 5/12/2026NEGATIVECleanSpark shares slide after reporting $378M fiscal second quarter loss
CleanSpark Inc. reported a substantial net loss of $378.3 million for its fiscal second quarter, a significant increase from the prior year. Approximately 60% of this loss is attributed to the decline in Bitcoin prices, highlighting the company's direct exposure to cryptocurrency market volatility. This financial performance raises concerns for investors regarding the company's profitability and its ability to navigate the inherent risks of the digital asset sector. The widening loss may lead to increased scrutiny from analysts and a potential downward revision of future earnings expectations.
- 5/11/2026NEUTRALCleanSpark Stock Is Climbing Ahead Of Q2 Earnings
CleanSpark Inc. shares experienced an upward trend on Monday as investors positioned themselves ahead of the company's second-quarter earnings announcement scheduled for after market close. While the stock is currently climbing, the ultimate market reaction will depend on the actual earnings results and forward guidance provided by the company. Traders are likely anticipating positive performance, but the pre-earnings movement itself does not guarantee a favorable outcome. Investors will be scrutinizing key financial metrics and management commentary for insights into the company's operational performance and future prospects in the cryptocurrency mining sector.
- 3/16/2026POSITIVECleanSpark Stock Climbs As Bitcoin Tops $74,000
CleanSpark Inc. (NASDAQ:CLSK) saw its stock price surge as Bitcoin breached the $74,000 mark. This positive momentum in the cryptocurrency market directly benefits CleanSpark, a significant Bitcoin miner, by increasing the value of its mined assets and potentially boosting its revenue streams. The company's operational efficiency and expansion plans are further amplified by this favorable market condition, suggesting a strong outlook for its financial performance. Investors are likely to view this as a key indicator of CleanSpark's growth potential in the evolving digital asset landscape.
via Markets Gazette