CleanSpark partners with Submer to develop AI data centers

LAS VEGAS - CleanSpark, Inc. (NASDAQ:CLSK), a $5.68 billion market cap company whose stock has surged 112% year-to-date according to InvestingPro, announced Tuesday it is working with Submer to evaluate opportunities for collaboration on AI data center infrastructure development.

The potential partnership would combine CleanSpark’s power generation and site development capabilities with Submer’s expertise in liquid-cooled and prefabricated data center solutions. Under the framework being discussed, CleanSpark would focus on selecting, developing, and operating AI-focused campuses, while Submer would provide its technology in sustainable, modular data-center systems. InvestingPro data shows the company maintains strong financial health with a current ratio of 4.37, indicating robust liquidity to support such expansion initiatives.

CleanSpark currently has more than 1 gigawatt (GW) of power and land assets in its portfolio, with a pipeline of more than 2 GW, according to the company’s statement. The firms are exploring an infrastructure platform that integrates power generation, data center development, and AI-service delivery.

"Working in conjunction with accomplished technical partners is critical for successful tenant and customer relationships," said Jeffrey Thomas, CleanSpark’s Senior Vice President of AI Data Centers, in the press release.

Founded in 2015, Submer specializes in liquid-cooling systems, power modules, and full facility builds for data centers. Patrick Smets, Chief Executive Officer of Submer, described the collaboration as "a pivotal step toward scaling AI infrastructure globally."

The companies have agreed to collaborate under a non-binding framework to evaluate opportunities for a definitive agreement and the development of AI data centers in North America. They aim to conclude definitive agreements in the coming weeks.

CleanSpark, primarily known as a bitcoin mining company, appears to be expanding its business model to capitalize on growing demand for AI computing infrastructure. The announcement is based on information provided in a company press release.

In other recent news, CleanSpark has made several strategic moves and received analyst attention. The company appointed Jeffrey Thomas as Senior Vice President to lead its expansion into AI data center infrastructure, marking a shift beyond its traditional focus on Bitcoin mining. CleanSpark’s infrastructure growth has led BTIG to raise its price target to $26, maintaining a Buy rating, due to a significant expansion of its hash capacity. Similarly, Needham increased its price target to $23 after a tour of the company’s mining facilities, citing potential in high-performance computing. Cantor Fitzgerald also raised its target to $24, noting higher Bitcoin prices as a factor, while maintaining an Overweight rating. In September, CleanSpark produced 629 Bitcoin, generating an estimated $71.4 million in revenue, although this was a decrease from August’s $75.7 million. The company’s total deployed hash rate has remained stable at 50 EH/s since June 2025. These developments reflect CleanSpark’s ongoing efforts to strengthen its position in the market.

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