CleanSpark announced the completion of its second Texas campus in February 2026, adding 300 MW of ERCOT‑approved capacity to its contracted portfolio. The new site brings the company’s total contracted power to 1.8 GW while the utilized capacity remains at 808 MW, underscoring the firm’s focus on expanding its infrastructure footprint in a high‑demand market.
Prior to this expansion, CleanSpark’s contracted power stood at 1.45 GW with 808 MW utilized as of November 2025, and 987 MW contracted with 808 MW utilized as of June 2025. The 300 MW addition therefore represents a significant increase in contracted capacity, but the utilized capacity has not yet grown, indicating the new capacity is not yet fully operational or leased.
The expansion is a key element of CleanSpark’s strategy to diversify beyond Bitcoin mining into AI and high‑performance computing (HPC) hosting. By securing long‑term, low‑cost power agreements in Texas, the company positions itself to capture the growing demand for hyperscale data‑center services while maintaining a diversified revenue mix.
Financially, the company reported a net loss of $378.71 million for Q1 2026 (ended December 31 2025) on revenue of $181.18 million, a sharp decline from the $766.3 million revenue reported in Q4 2025. The company also completed a $1.15 billion convertible note offering, using proceeds for share repurchases and debt paydown, which signals a focus on strengthening its balance sheet while funding growth.
CEO Matt Schultz has emphasized CleanSpark’s conviction in its infrastructure‑first approach, noting that the company’s share repurchase program and flexible treasury strategy are designed to generate predictable cash flow from mining while monetizing hyperscale‑ready infrastructure for tenant‑driven growth. The Texas campus expansion aligns with this strategy by adding scalable, low‑cost power capacity that can be leveraged for both mining and AI/HPC workloads.
Investors responded positively to the earlier Texas land acquisition announcement in January, reflecting confidence in CleanSpark’s diversification strategy. The company’s continued focus on expanding its power portfolio in Texas positions it to benefit from the region’s robust energy infrastructure and competitive power prices, which are critical for large‑scale data‑center operations.
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