Key Points The investor party, which started last Friday, continued into the early part of the week. Those folks were celebrating a lucrative new contract announced by the AI specialist. 10 stocks we like better than WhiteFiber › Lingering bullishness from a deal announced last week, combined with a positive analyst note, helped push WhiteFiber (NASDAQ: WYFI) higher on Monday. The artificial intelligence (AI) company's shares rose by over 9%, making it a notable outperformer even among high-octane ...

Core Insights - Hut 8 Corp. has signed a long-term, 15-year, triple-net lease valued at $7.0 billion with Fluidstack, which is expected to significantly impact its stock performance [1] Company Summary - The lease agreement involves 245 MW, indicating a substantial commitment to infrastructure and operational capacity [1] Industry Context - The deal reflects ongoing trends in the technology and energy sectors, particularly in the context of data centers and cryptocurrency mining, where companies are seeking long-term partnerships to secure energy resources [1]

Core Viewpoints - AI data center stocks, particularly CoreWeave, Inc. (CRWV), Nebius Group N.V. (NBIS), and IREN Limited (IREN), are currently facing significant pressure in the market [1] Company Analysis - CoreWeave, Inc. (CRWV) is highlighted as a prominent player in the AI data center sector [1] - Nebius Group N.V. (NBIS) is also mentioned as a key company within the same industry [1] - IREN Limited (IREN) is identified as another significant entity in the AI data center market [1]

Group 1 - SpaceX plans to IPO in 2026, potentially valuing the company at $1.5 trillion, which has negatively impacted Oklo's stock [3][4] - Elon Musk intends to use IPO proceeds to develop modified Starlink satellites for building data centers in space, aiming to deploy 100 terawatts of AI data centers in orbit [4] - The shift of data centers to space could undermine Oklo's investment thesis, which relies on the assumption that small modular nuclear reactors are essential for powering data centers on Earth [5][6] Group 2 - Oklo's stock experienced a decline of over 6% in early trading but later recovered to a gain of 1.5% [1] - Oklo's current market cap is $16 billion, with a trading range between $94.50 and $102.46 [5] - The company's unprofitability may worsen if SpaceX successfully relocates data centers to space, eliminating the need for nuclear power [6]

Financial Data and Key Metrics Changes - CleanSpark achieved record revenues of $766 million for fiscal year 2025, representing over 100% year-over-year growth [19] - Gross margin was 55%, a slight decrease of 1% year-over-year, which is notable given it was the first full year post-Bitcoin halving [8][19] - Adjusted EBITDA exceeded $800 million, with a normalized adjusted EBITDA from operations of approximately $305 million, reflecting a net margin of about 40% [20] - The company produced nearly 8,000 Bitcoin during the fiscal year, with an average marginal cost per Bitcoin slightly below $43,000 and average revenue per Bitcoin around $98,000 [19][20] Business Line Data and Key Metrics Changes - The Bitcoin treasury grew by nearly 62% to over 13,000 Bitcoin, generated entirely from the company's own hash rate [9] - The operational hash rate reached 50 exahash per second, with 100% U.S.-based infrastructure [8] - The company is deploying 19,000 S21 XP immersion units, expected to be completed in Q1 2026 [9][10] Market Data and Key Metrics Changes - CleanSpark's operational efficiency improved significantly, contributing to consistent gross margins despite market fluctuations [20] - The company is strategically positioned to support the growing demand for AI compute alongside Bitcoin mining [7][8] Company Strategy and Development Direction - CleanSpark is evolving into a digital infrastructure platform, focusing on opportunities in generative AI, grid balancing through Bitcoin mining, and high-performance computing [5][6] - The company aims to diversify revenue streams and enhance margins through a blended approach to monetizing its portfolio [8] - A significant focus is on securing tenants for AI campuses while expanding land and power capabilities [36][37] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about demand in the HPC-AI space, citing strong inquiries for their facilities [43] - The company is confident in its ability to navigate market volatility and capitalize on opportunities due to its strong financial position [44] - CleanSpark is committed to maintaining operational excellence and leveraging its infrastructure-first model to maximize value [36][38] Other Important Information - CleanSpark completed its largest financing ever with a $1.15 billion upsized 0% convertible note, which included a stock buyback of $460 million [17][33] - The company has secured a 285 MW site in Texas for AI factory development, with a multi-gigawatt pipeline of additional opportunities [12][13] Q&A Session Summary Question: Can you provide insight into client conversations and demand outlook for HPC-AI? - Management reported extensive discussions with potential clients, including strong interest in their Texas and Georgia sites, indicating robust demand in the HPC-AI space [43][44] Question: How does the company view pairing Bitcoin mining with HPC campuses? - Management sees potential in blending Bitcoin mining with HPC to provide power usage versatility, which could enhance operational flexibility [45][48] Question: What key milestones should investors look for in 2026 regarding HPC strategy? - Management highlighted the importance of the Texas and Sandersville sites, which are positioned for rapid deployment to meet 2026 demand [51][52] Question: What are the near-term expansion plans for Bitcoin mining? - The company plans to migrate Bitcoin mining operations to more remote locations, prioritizing efficiency and favorable utility rates [56][58] Question: How does the company plan to utilize its Bitcoin balance strategically? - Management intends to monetize the Bitcoin stack through yield strategies and opportunistic borrowing, maintaining flexibility in capital management [66] Question: What is the economic impact of the MOU with Submer? - The partnership with Submer is expected to enhance speed to market and reduce costs for AI and HPC infrastructure development [70][71]

Financial Data and Key Metrics Changes - CleanSpark achieved record revenues of $766 million for fiscal year 2025, representing over 100% year-over-year growth [19] - Gross margin was 55%, a slight decrease of 1% year-over-year, which is notable given it was the first full year post-Bitcoin halving [8][19] - Adjusted EBITDA for the year exceeded $800 million, with a normalized adjusted EBITDA from operations of approximately $305 million, translating to a net margin of about 40% [20] - The company reported a significant positive net income of about $365 million [20] Business Line Data and Key Metrics Changes - CleanSpark produced nearly 8,000 Bitcoin during the fiscal year, with an average marginal cost per Bitcoin slightly below $43,000 and average revenue per Bitcoin around $98,000 [19] - The operational hash rate reached 50 exahash per second, with 100% U.S.-based infrastructure [8] Market Data and Key Metrics Changes - The company has a Bitcoin treasury that grew by nearly 62% to over 13,000 Bitcoin, generated entirely from its own mining operations [9] - The average spot Bitcoin sales price for the fourth quarter was $111,721, with additional premiums generated per Bitcoin of $4,184, leading to an effective cash generated per Bitcoin of almost $116,000 [26] Company Strategy and Development Direction - CleanSpark is evolving into a digital infrastructure platform, focusing on opportunities in generative AI, grid balancing through Bitcoin mining, and high-performance computing [5][6] - The company is prioritizing a blended approach to grow and monetize its portfolio, aiming to diversify revenue and enhance margins [8] - A significant focus is on securing tenants for AI-ready locations while expanding land and power footprints to meet market demand [36] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about demand in the HPC AI space, citing strong inquiries for their facilities [42] - The company is well-prepared for future growth, leveraging its strong balance sheet and operational excellence [6][36] - Management acknowledged the challenges in the market but emphasized their competitive position due to their efficient operations and strategic planning [43] Other Important Information - CleanSpark completed its largest financing ever with a $1.15 billion upsized 0% convertible note, which included a stock buyback of $460 million, reducing outstanding shares by over 10% [17][33] - The company has secured a 285-megawatt site in Texas for AI factory development, with plans for further expansion [12][34] Q&A Session Summary Question: Can you provide insight into client conversations and demand outlook for HPC AI? - Management reported extensive discussions with potential clients, indicating strong demand for their facilities, particularly in Texas and Georgia [42] Question: How do you view the pairing of Bitcoin mining with HPC campuses? - Management sees potential in blending AI, HPC, and Bitcoin mining to provide versatile power usage, which could benefit both operations [47] Question: What key milestones should investors look for in 2026 regarding HPC strategy? - Management highlighted the importance of speed to market and modular approaches in their development strategy, particularly at the Sandersville and Sealy sites [52][53] Question: What are the near-term expansion plans for Bitcoin mining? - Management indicated a shift of Bitcoin mining operations to more remote locations with favorable utility rates, while continuing to grow their operational capacity [56][58] Question: How should we think about the economic impact of the MoU with Submer? - Management emphasized the cost savings and speed to market advantages of their partnership with Submer, which is expected to enhance their competitive position [70]

Financial Data and Key Metrics Changes - CleanSpark achieved record revenues of $766 million for fiscal year 2025, representing over 100% year-over-year growth [17] - Gross margin was 55%, a slight decrease of 1% year-over-year, which is notable given it was the first full year post-halving of Bitcoin block rewards [7][17] - Adjusted EBITDA exceeded $800 million, with a normalized adjusted EBITDA from operations of approximately $305 million, translating to a net margin of about 40% [18] - The company reported a significant positive net income of about $365 million [18] Business Line Data and Key Metrics Changes - CleanSpark produced nearly 8,000 Bitcoin during the fiscal year, with an average marginal cost per Bitcoin slightly below $43,000 and average revenue per Bitcoin around $98,000 [17] - The Bitcoin treasury grew by nearly 62% to over 13,000 Bitcoin, generated entirely from the company's own mining operations [8] Market Data and Key Metrics Changes - The company reached an operational hash rate of 50 exahash per second, with 100% U.S.-based infrastructure [7] - The company has secured over a gigawatt of power under contract across its data centers, with nearly 300 megawatts in Texas scheduled to begin energization in early 2027 [10] Company Strategy and Development Direction - CleanSpark is evolving into a digital infrastructure platform, focusing on opportunities in generative AI, grid balancing through Bitcoin mining, and high-performance computing [5][6] - The company aims to diversify revenue streams and enhance margins through a blended approach to growing and monetizing its portfolio [6] - A strategic partnership with Submer aims to enhance energy efficiency and speed to market for AI data center development [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the demand for AI compute and the company's ability to secure tenants for its AI-ready locations [36][39] - The company is focused on operational excellence and leveraging its strong balance sheet to capitalize on growth opportunities in the AI sector [6][33] Other Important Information - CleanSpark completed its largest financing ever with a $1.15 billion upsized 0% convertible note, which included a stock buyback of $460 million, reducing outstanding shares by over 10% [16][30] - The Digital Asset Management (DAM) strategy generated $9.3 million in premiums during the fourth quarter, with an annualized yield of approximately 12% [23][29] Q&A Session Summary Question: Can you provide insights on demand in the HPC AI space? - Management noted strong inquiries about the Sandersville site and additional traction at the Sealy, Texas site, indicating optimism about demand [36] Question: How will Bitcoin mining and HPC campuses be paired? - The company sees potential in blending AI, HPC, and Bitcoin mining to provide power usage versatility, which utilities find appealing [38] Question: What key milestones should investors look for in 2026 regarding HPC? - The focus will be on deployments at the Texas and Sandersville sites, with significant demand for critical IT loads expected [39] Question: What are the expansion plans for the Bitcoin mining business? - The company plans to migrate Bitcoin mining operations to more remote locations while prioritizing HPC AI at sites with quick access to fiber [42] Question: How will the Texas facility energization proceed? - The first 200 megawatts are scheduled to come online in the first half of 2027, with additional tranches in subsequent years [52] Question: What is the CapEx required for the Sandersville site to upgrade to HPC? - The facility is not currently set for HPC but has additional land secured for future construction, allowing for a smooth transition when ready [63]

Anton Petrus / Moment via Getty Images Quick Read IREN (IREN) dropped 35% last week despite signing a five-year $9.7B cloud services deal with Microsoft. Nebius Group (NBIS) fell over 25% and Cipher Mining (CIFR) dropped 30% after Applied Digital‘s (APLD) $2.35B debt offering raised sector leverage concerns. All three companies maintain strong fundamentals with multi-year hyperscaler contracts and secured power pipelines for AI infrastructure. If you’re thinking about retiring or know someone who is ...

Financial Performance (Q2 F2026) - Total revenue reached $87.3 million[58], with $82.1 million[58] from Bitcoin mining and $5.2 million[58] from HPC/AI revenue - Adjusted EBITDA was $31.5 million[58] - Gross operating margin was $42.4 million[58], representing a 49%[126, 148] gross operating margin - Net loss was $15.8 million[58] Bitcoin Mining Operations - October production reached 289 BTC[41] - Achieved a hash rate of 24 EH/s[41] - Goal of 2.8% of global hashrate[40] - The company has 210 Bitcoin in treasury[58] HPC/AI Growth - Scaling to $225 million ARR with AI NeoCloud and HPC Colo[45] - Over $20 million ARR[45] - Targeting 11,000 GPUs under BUZZ AI platform by Q4 2026[63] Expansion and Infrastructure - 300MW expansion in Paraguay using 100% green energy from the Itaipu Dam[34] - Vertically integrated growth strategy with Tier I and Tier III data centers[62] - Aiming for ~$750 million ARR by Q4 2026[63]

A golden Bitcoin surrounded by coins, symbolizing CleanSpark’s $1.15B raise to expand Bitcoin mining and AI data center operations. Key Points CleanSpark raised $1.15 billion via 0.00% convertible senior notes with a high conversion premium, minimizing dilution concerns and signaling long-term growth intent. The recent financing was structured with favorable terms designed to minimize shareholder dilution while accelerating growth in the company's core Bitcoin mining operations and its new AI data cente ...