CleanSpark shares surge 20.02% intraday after securing 890 MW power access and expanding AI infrastructure in Houston.

CleanSpark surged 20.02% intraday after announcing plans to expand its AI infrastructure with access to 890 megawatts of utility-scale power in Houston and land acquisitions to support a multi-gigawatt AI platform. The company emphasized leveraging its bitcoin mining operations as a strategic tool for power acquisition while shifting focus to high-performance computing and AI workloads. This pivot signals a broader revenue diversification strategy, attracting investor optimism about long-term growth in the AI infrastructure sector. The move also included a $600 million share repurchase and $1.15 billion convertible offering, further strengthening balance sheet flexibility. Analysts noted the expansion aligns with rising demand for AI data centers, though some trimmed price targets amid short-term bitcoin mining volatility. The intraday rally reflects market confidence in CleanSpark’s strategic repositioning.