Mar. 22 at 4:24 PM
$CLSK: SAME ELECTRONS. DIFFERENT MULTIPLE.
That 250 MW Sandersville site:
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Before: ~
$167M/year mining Bitcoin (halving-sensitive, hardware-dependent)
After:
$360M–
$720M/year AI/HPC colocation (locked-in contracts, 80%+ margins)
This isn't just a revenue boost — it's a valuation re-rating event.
Why the market isn't pricing this yet:
JPMorgan now values critical IT colocation capacity at
$8M–
$17M per MW, up from
$4M–
$9M . Apply that to CLSK's 1.3 GW power portfolio, and you start to see the disconnect.
Current market cap: ~
$1.9B
Implied asset value in an HPC re-rate scenario: substantially higher
The math:
Sandersville alone: 250 MW ×
$13M (JPM midpoint) =
$3.25B in asset value — before counting the rest of the 1.3 GW portfolio.
Yes, timing matters. AI revenues won't hit until 2027 . But institutions are buying the dip while retail focuses on quarterly mining numbers.
Same electrons. Completely different valuation framework.