Las Vegas-based Bitcoin mining firm CleanSpark announced plans to expand into the development and operation of artificial intelligence data centers and AI infrastructure. According to an Oct. 20 press release, the firm seeks to capitalize on the experience it has gained establishing Bitcoin mining facilities to conduct rapid buildout operations in the AI sector. Expanding into AI CleanSpark has hired Jeffrey Thomas as Senior Vice President of AI Data Centers to oversee the expansion. Per the press relea ...

Bitfarms Ltd. (NASDAQ:BITF) is moving beyond Bitcoin (CRYPTO: BTC) mining into the fast-growing sector of high-performance computing (HPC) and AI datacenters. Last week, the company announced a $500 million convertible notes offering to finance the transition. BITF stock is moving. See the details here. Bitfarms' total capital raise is $800 million. That amount is split between the $500 million convertible note offering and a $300 million project financing facility aimed at building out its Panther Creek da ...

As the AI/HPC frenzy continues to sweep through the bitcoin mining industry, markets are rapidly repricing companies that are shifting their focus toward powering the next generation of compute infrastructure. CleanSpark (CLSK) joined the move Monday, announcing an evolution in its business model beyond pure-play bitcoin mining. As part of this strategic pivot, the company has appointed Jeffrey Thomas as Senior Vice President of AI Data Centers. Thomas brings over four decades of global experience and ha ...

CleanSpark Inc. (CLSK) announced in a press release that it will broaden its business beyond bitcoin mining by entering the AI data center market. The company has named industry veteran Jeffrey Thomas as Senior Vice President of AI Data Centers. Get these headlines directly to your inbox: subscribe to Blockspace. CleanSpark says that Thomas brings more than forty years of experience in data center infrastructure and emerging technologies, having led or advised nineteen ventures that created over $12 billi ...

Core Insights - The shift from crypto mining to AI data centers is driven by the need for more stable and higher revenue sources, as AI data centers can generate up to 25 times more revenue per kilowatt-hour compared to traditional crypto mining operations [2][3][4] - Companies in the crypto mining sector are experiencing a transformation in their business models, with many repurposing their infrastructure to meet the growing demand for AI services [4][5] Industry Trends - The economics of crypto mining are becoming less favorable due to rising costs, particularly for electricity and computational resources, prompting a transition to AI data centers [4] - AI data centers are expected to provide recurring revenues with high growth potential and profit margins, contrasting with the volatility of the crypto market [2][3] Company Transformations - Hive Digital Technologies has pivoted from a pure crypto focus to a dual strategy involving both crypto and AI infrastructure, aiming for a $100 million run rate using Nvidia AI chips [6][7] - Core Scientific is transitioning to a balanced model between crypto mining and AI, with significant expansion projects underway, including a $1.2 billion data center in Texas [11][14] - IREN Limited has seen a remarkable 128% year-over-year growth by combining bitcoin mining with a shift to AI-ready data centers, supported by ultra-low energy costs [17][18] Financial Performance - HIVE's bitcoin mining capacity increased by 58% month-over-month, with plans to reach 25 EH/s by late 2025, while also focusing on renewable energy operations [7][8] - IREN's AI cloud services are generating $26 million in annualized revenue, with expectations to reach $500 million in annualized sales following a significant investment in new GPUs [18][19] Market Positioning - Companies transitioning from crypto to AI are being valued higher in the market, reflecting investor interest in the AI narrative [5][20] - The acquisition of Core Scientific by CoreWeave, valued at approximately $9 billion, highlights the growing importance of AI infrastructure in the investment landscape [12][15][16]

Core Insights - The heavy-lift drone industry is experiencing aggressive interest, creating new market entry opportunities for companies like First Tellurium Corp [1][5] - First Tellurium's subsidiary, PyroDelta Energy Inc., is advancing tellurium-based thermoelectric generator technology aimed at enhancing energy efficiency in various applications, including drones [2][3] Company Developments - PyroDelta has focused on building prototypes that improve the range and efficiency of high-capacity drones for industrial and defense applications [3][4] - The prototypes incorporate an electronically fuel-injected internal combustion engine with a specialized exhaust system designed to harvest waste heat and convert it into electricity [4] - The technology aims to support critical electronics and ignition systems while improving fuel efficiency, payload capacity, and drone range [4][5] Market Context - The global drone market was valued at approximately US$64.32 billion in 2023 and is projected to grow at a CAGR of 14.5% from 2024 to 2030, driven by technological advancements and decreasing costs [5] - The drone industry is viewed as a faster entry point into the market compared to other sectors like automotive and AI data centers, which are also seen as long-term opportunities [6]

Financial Results Summary - Archer Aviation, Inc. reported a Q2 loss of 36 cents per share, missing estimates of a 26 cents loss, but shares recovered after discussing plans for the 2028 Olympics [2] - BigBear.ai, Inc. experienced a significant drop in stock after missing EPS and revenue expectations and cutting its 2025 outlook due to disruptions in Army contracts [3] - Plug Power, Inc. saw a 21% year-over-year revenue increase but reported a wider-than-expected EPS loss, leading to a 5% rise in stock during after-hours trading [4] - Oklo, Inc. reported a net loss of about 18 cents per share amid higher operating expenses, but stock jumped over 9% after initial volatility due to DOE-related headlines [5] - AST SpaceMobile, Inc. reported Q2 revenue of approximately $1.2 million and a net loss of roughly $99 million, while maintaining expectations for a significant ramp in the second half of the year [5] - AMC Entertainment Holdings, Inc. beat Q2 revenue expectations, resulting in a pre-market stock surge of about 5% due to strong attendance and narrowed losses [7] - CAVA Group, Inc. disappointed investors with slower same-store sales growth and missed revenue estimates, causing stock to plunge over 20% [9] - Circle Internet Group, Inc. reported higher-than-expected net losses due to one-time IPO charges, leading to a 6% drop in shares and announcing a 10 million share offering [10] - CoreWeave, Inc. missed quarterly profit expectations and indicated significant expenses ahead, resulting in a stock decline of over 20% [11] - Rigetti Computing, Inc. missed analyst expectations on both revenue and earnings but saw its stock rise nearly 8% over the past five days [12]

Q3 FY25 Financial Highlights - Record revenue of $148.1 million[18] - Record Adjusted EBITDA of $83.3 million[18] - Record EBITDA of $82.7 million[18] - Profit After Tax of $24.2 million[18] Bitcoin Mining Operations - Average Operating Hashrate of 29.4 EH/s[18] - Target installed capacity of 50 EH/s by June 30, 2025[18] - Pausing further mining expansion at 50 EH/s to focus on AI opportunities[18] - Best-in-class fleet efficiency at 15 J/TH[24] - Low electricity costs at 3.3 c/kWh at Childress power price[24] - Illustrative Adjusted EBITDA of $588 million at 50 EH/s (assuming $95k Bitcoin price)[29] - 326% YoY hashrate growth[26] AI Cloud Services - Launched IREN Cloud in August 2023 and scaled to 1,896 H100 & H200 GPUs[38] - AI Cloud revenues scaling with strong margins and 33% QoQ revenue growth[45] - 97% Hardware profit margin for AI cloud service[46] - Annual run-rate revenue of $28 million[49] AI Data Center Expansion - Horizon 1: Up to 50MW (IT load) liquid-cooled capacity targeting Q4 2025 delivery with $6-7 million forecast capex per MW of IT Load[18, 75] - Sweetwater 1: 1.4GW April 2026 energization[18] - Sweetwater: 2GW of high-voltage power across >1,800 acres[83] Financial Position - $160 million cash as of April 30, 2025[89] - Up to $250 million expected net funding requirement during 2025[89]

Core Insights - Jet.AI Inc. reported financial results for the full year ended December 31, 2024, with revenues of $14.0 million, an increase of $1.8 million from the previous year, primarily driven by software app and charter revenues [4][21] - The company is transitioning towards AI data centers and has signed a letter of intent for a 50-megawatt data center project, which is part of a larger 120-acre campus with potential for a full gigawatt capacity [3][5] - Jet.AI has entered into a definitive agreement to divest its aviation segment to flyExclusive through an all-stock spin-off transaction, expected to close in Q2 2025 [3][5] Financial Performance - Revenues for 2024 were $14.0 million, up from $12.2 million in 2023, with software app and Cirrus charter revenues contributing $8.1 million, an increase of $1.0 million [4][21] - Cost of revenues increased to $15 million from $12.4 million, leading to a gross loss of approximately $965,000 compared to a loss of $179,000 in the previous year [7][8][21] - Operating loss was $12.6 million, slightly higher than the $12.5 million loss in 2023, with total operating expenses decreasing to $11.6 million from $12.3 million [9][21] Cash Position and Assets - As of March 25, 2025, the company had a cash balance of $12.5 million and no debt, along with $4.2 million in aircraft-related deposits, totaling $16.7 million [9] - Total assets increased to $10.8 million in 2024 from $5.7 million in 2023, with significant growth in cash and cash equivalents [19] Strategic Initiatives - The company launched "Ava," an agentic AI model for private jet booking, and commenced pre-sales for fractional ownership interests in its upcoming Cessna Citation CJ4 Gen2 aircraft [5] - Jet.AI has authorized a $2 million share repurchase program and completed a reverse stock split at a ratio of 1-for-225 [5][9] - The leadership team is focused on building AI infrastructure and evaluating acquisitions and strategic partnerships to maintain growth momentum [3][5]