CleanSpark's stock has fallen 58% in a year, from near $20 in mid-October 2025 to $8.40 on October 16, 2026. It dropped 10% on the last day alone. The slide came after the company signed a 20-year triple-net data center lease on July 10, worth $6.6 billion in contracted revenue. The lease covers 175 megawatts at its Sandersville, Georgia campus. On September 18, CleanSpark priced $2.28 billion of 7.875% senior secured notes due 2031 to fund the build-out. Fiscal third-quarter revenue fell 31% to $138.01 million, with a net loss of $239.84 million. Fourteen analysts set a mean price target of $23, which is 178% above the latest close.

Key points. * Data centers outpace office construction nearly 2 to 1 * The St. Louis Fed's 39% figure covers 2025 * CleanSpark stops reporting bitcoin output monthly US data center construction spending reached an annualized $85 billion in August, nearly twice the $45.8 billion rate for general office buildings. Data center spending rose 73% from a year earlier, according to Census Bureau figures released Oct. 1. The building boom raises a broader question: how much is AI investment contributing to economic growth? An Oct. 9 Quartz report cited a St. Louis Fed estimate of 39%. That figure covers the first three quarters of 2025, and it measures four broad investment categories associated with AI, not AI spending alone. Those categories are information processing equipment, software, research and development, and data centers. Excluding data centers, their share of GDP growth was 36%, compared with 28% for the corresponding categories in 2000. Their contribution also slowed during 2025. St. Louis Fed economist Hannah Rubinton and research associate Bontu Ankit Patro wrote in January that the categories added 1.3 percentage points to real GDP growth in the first quarter, 1.16 points in the second, and 0.48 points in the third. Investment remained high, but it was growing more slowly, so it added less to GDP growth. Data center construction rises as factory spending falls. A year earlier, spending on data centers and general office buildings was about even. In August 2025, general office construction ran at $50.7 billion a year and data centers at $49.1 billion, according to the Census Bureau's detailed tables. In August 2023, data centers were at $20.5 billion. Factory construction went the other way. Private spending on manufacturing construction fell 22.2% in the first eight months of 2026 from the same months of 2025. Construction of plants that make computers, electronics, and electrical equipment ran at $52.3 billion a year in August, down from $95.4 billion a year earlier. The building is also being financed with debt. AI-related debt issued worldwide reached about $450 billion by early September, more than double the total for all of 2025, according to a Morgan Stanley estimate cited by the Bank of England, Quartz reported. In September, Kansas City Fed President Jeffrey Schmid asked whether AI is becoming "too big to fail." CleanSpark raised $2.276 billion for its Georgia campus. CleanSpark (CLSK), a bitcoin miner converting some of its sites into data centers, is one of those borrowers. In its September operational update on Oct. 9, chief executive Matt Schultz said that "our Sandersville project is fully funded through completion." The money comes from $2.276 billion of 7.875% senior secured notes due 2031. A CleanSpark subsidiary priced the notes on Sept. 18 and closed the sale on Sept. 25. The 175 MW campus in Sandersville, Georgia, is leased to a subsidiary of Meta (META) for 20 years, with about $6.6 billion in contracted lease payments, as AIStockWire reported on Sept. 17. CleanSpark has targeted the first rent for late 2027. The same update said CleanSpark mined 529 bitcoin in September, down from 593 in August. The company will stop publishing monthly operational updates and move to quarterly reporting, "consistent with peers in the energy and data center sectors." Its bitcoin holdings fell to 13,530 from 13,703 during the month. CleanSpark sold 702 bitcoin, 700 of them through call options that were exercised. CleanSpark shares were down 2% at $10.42 at 2:39 p.m. Eastern on Oct. 9. Its AI Bubble Index tracks the broader AI spending and valuation picture. The Census Bureau's September construction report is due Nov. 2.

CleanSpark is up 21% in 2026. Time to take profits or buy more? Last updated Sep 27, 2026 Rūdolfs Klintsons from Pexels and ภาพของtridsanu Thophet via Canva Key Takeaways. * CleanSpark stock is up about 21% in 2026 even though fiscal Q3 revenue fell 31% year over year to $138 million on weaker Bitcoin output and prices. * A 20-year Sandersville lease adds $6.6 billion in contracted revenue and about $330 million in expected average annual net operating income once deliveries begin in Q4 2027. * A $2.28 billion secured note sale priced in September funds that build without new equity, and the lowest Street price target has climbed from $14 to $21. CleanSpark Stock Found a New Growth Case in a Georgia Lease. On March 31, CleanSpark (CLSK) closed at $8.51. Bitcoin mining was the whole story, and it wasn't a good one: the company had just posted net losses of about $378 million in each of its first two fiscal quarters. The stock rallied through spring, peaking near $19 in early June, then gave much of it back. The event that changed the investment case came on July 14. CleanSpark signed a 20-year triple-net lease with a high investment-grade technology company for its Sandersville, Georgia campus: 175 MW of critical IT load, $6.6 billion in base-term revenue, and up to $11.6 billion with two five-year extensions. Because the tenant carries taxes, insurance, and maintenance, management expects that revenue to convert to net operating income at close to 100%. The same tenant also took exclusivity over up to 885 MW in Texas. That piece is less certain. Governor Abbott ordered an audit of data center grid connections in early August, and CEO Matt Schultz said plainly on the Q3 2026 earnings call that "we don't know" what follows. The stock drifted as low as about $11 by early September. The Debt Deal Made the Lease Fundable. A signed lease still needed $1.75 billion to $2.1 billion in construction spending before the first data hall could open. The open question was who would pay for it. On September 17, CleanSpark proposed a $2.227 billion notes offering. It priced $2.276 billion of 7.875% senior secured notes due 2031 at 98.5% of par on September 18, then closed the offering on September 25.The financing reduces the immediate equity need, but CleanSpark remains exposed through a customary completion guarantee if the project's note proceeds prove insufficient. Proceeds cover the remaining build-out, reimburse equity already contributed, and fund debt service reserves. CleanSpark's parent-level role is a completion guarantee. Management had promised no equity or equity-linked raise for Sandersville, and the notes keep that promise. Shares climbed to about $15 before closing at $13.95 on September 25. Analysts have moved with the story. TIKR showed a $23.89 mean target and a $21 low target on September 25. The financing reduces the immediate equity need, but CleanSpark remains exposed through a customary completion guarantee if the note proceeds prove insufficient. Holdings fell to 13,703 coins in August as CleanSpark produced 593 Bitcoin and sold 821. Of that balance, 3,951 Bitcoin was posted as collateral or receivable in derivative transactions. Texas is the next test. The tenant holds exclusivity over the portfolio, not a signed lease, while final ERCOT determinations and commercial terms remain outstanding. A signed Texas lease would show the lease model can extend beyond Sandersville. A stalled deal leaves CleanSpark with one contract, a 2027 delivery date, and a mining business still tied to Bitcoin prices. Disclaimer: Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or its content team, nor are they recommendations to buy or sell any stocks. TIKR create its content based on TIKR Terminal's investment data and analysts' estimates. Its analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing! Table of Contents * Key Takeaways * CleanSpark Stock Found a New Growth Case in a Georgia Lease * The Debt Deal Made the Lease Fundable * Disclaimer: Stock Reviews Fundamental Analysis Join thousands of investors worldwide who use TIKR to supercharge their investment analysis.