CleanSpark
CLSK-🇺🇸 USA
- Price
- $6.10
- as of Nov 6, 2026
- Market cap
- $1.6B
- as of Nov 6, 2026
Estimated total debt principal$4.48Bfacilities drawn: $0 of $400.0M
Trailing 12-month dilution-8.6%Aug 1, 2025 → Aug 4, 2026
Cash & equivalents$202.6Mas of Aug 6, 2026
Estimated cost of debt4.40%
Basic shares outstanding - Evolution
Funding the build to end-2030
Capex from the Sites & Capacity estimates at $12M per MW, paid over the twelve months before each delivery, net of the project debt already raised.
Capex to fund$12.97bn1,081 MW to deliver
Equity raised$433m5% dilution a year
Debt to raise$7.1bn327.8m shares at end-2030
Capex by site and year
| Site | Contracted | Funded | 2026 | 2027 | 2028 | 2029 | 2030 | To fund | MW added |
|---|---|---|---|---|---|---|---|---|---|
| Sandersvillebuilding | 100% | — | — | $1.58bn | $525m | — | — | $2.1bn | 175 MW |
| Brazoria | 0% | — | — | — | $2.77bn | $1.28bn | $1.28bn | $5.34bn | 445 MW |
| Sealy | 0% | — | — | $965m | $1.67bn | — | — | $2.63bn | 219 MW |
| Unsited 2030 pipeline | 0% | — | — | — | — | $1.45bn | $1.45bn | $2.9bn | 242 MW |
| Total | 16% | — | — | $2.54bn | $4.96bn | $2.74bn | $2.74bn | $12.97bn | 1,081 MW |
Sources and uses
| Year | Capex | Operating cash | Cash used | Equity raised | Debt to raise | Shares out | Closing cash |
|---|---|---|---|---|---|---|---|
| 2026 | — | — | — | $78m · +12.8m | — | 269.7m | $2.96bn |
| 2027 | $2.54bn | — | $2.54bn | $82m · +13.5m | — | 283.1m | $500m |
| 2028 | $4.96bn | — | $500m | $86m · +14.2m | $4.37bn | 297.3m | $0m |
| 2029 | $2.74bn | $1.17bn | — | $91m · +14.9m | $1.48bn | 312.2m | $0m |
| 2030 | $2.74bn | $1.4bn | — | $95m · +15.6m | $1.25bn | 327.8m | $0m |
Equity at 5% of the share count a year at the latest close; the fair values at date on the Valuation tab grow the share count at the same rate.
Debt stack
Secured notes
Total: $2.28B| Instrument | Principal | Rate | Maturity | Stage | Source |
|---|---|---|---|---|---|
7.875% senior secured notes due 2031 (CSDC Finance I, LLC)SPV · CSDC Finance I, LLC | $2.28B | 7.875% | 2031 | Closed | Sep 25, 2026 |
Convertible notes
Total: $1.80B · net: $633.6M| Instrument | Principal | Rate | Reference price | Conversion price | Capped call | Prepaid forward repurchase | Maturity | Stage | Source |
|---|---|---|---|---|---|---|---|---|---|
$1.15B | Zero coupon | $19.16 | 2032 | Closed | Nov 13, 2025 | ||||
$650.0Mnet $633.6M | Zero coupon | $14.8 | 2030 | Closed | Dec 17, 2024 |
Revolver
Total: $400.0M| Instrument | Principal | Rate | Maturity | Secured | Ratings | Stage | Source |
|---|---|---|---|---|---|---|---|
$100.0M | Sep 14, 2026 | Secured | Closed | Sep 19, 2025 | |||
$300.0M | floating | Secured | Closed | Sep 18, 2025 |
Equity & warrants
| Instrument | Description | Status | Source |
|---|---|---|---|
Underwritten public offering of common stock at $20.68/shareEquity offering | CleanSpark raised approximately $188.0M. | Mar 18, 2021 |