B. Riley Raises CleanSpark Price Target to $26 Based on HPC Valuation
On August 3, B. Riley raised its price target for CleanSpark (NASDAQ: CLSK) from $19 to $26 while maintaining a 'Buy' rating. The increase is attributed primarily to the firm's valuation of CleanSpark’s AI/HPC infrastructure in Sandersville, Georgia. Using a sum-of-the-parts model, B. Riley estimated an equity value implying 81.3% upside from CLSK’s share price at $14.34. The analyst team valued the Sandersville HPC asset at approximately $6.27 billion using a 20x multiple on modeled annual NOI of $314 million, after deducting associated capex costs. CleanSpark's own estimate for contracted revenue over the lease term is around $6.6 billion, with potential to reach up to $11.6 billion if extension options are exercised. B. Riley also assigned prospective HPC values to CleanSpark’s Texas properties—$3.89 billion for Sealy and $7.02 billion for Brazoria County—but these remain contingent on securing definitive leases, which have not yet been signed.
Tickers: $CLSK
Topics: AI/HPC valuation B. Riley CleanSpark price target upgrade