10 Best Cheap Stocks That Will Skyrocket

5. Cleanspark Inc. (NASDAQ:CLSK)

Forward P/E: 14.84

Stock Upside Potential: 75.09%

Number of Hedge Fund Holders: 34

CleanSpark, Inc. (NASDAQ:CLSK) is one of the best cheap stocks that will skyrocket. On January 14, CleanSpark, Inc. (NASDAQ:CLSK) announced plans to acquire 447 acres of land in Brazoria County, Texas, to develop a large-scale data center for artificial intelligence and high-performance computing workloads.

The massive land footprint will pave the way for the company to develop a data center with 300 megawatts of power capacity, with the potential to expand to 600 megawatts. The acquisition is poised to close in the first quarter, subject to utility and property-related approvals. Cleanspark is increasingly pivoting from Bitcoin mining operations into hosting HPC workloads and AI infrastructure.

“The demand for scaled, AI-native compute continues to accelerate, and access to transmission-level power in strategically advantageous regions has become increasingly constrained,” said Matt Schultz, CleanSpark’s Chief Executive Officer and Chairman. “This agreement underscores our ability to source and secure high-quality power at scale while building regional density that is highly attractive to leading AI and compute customers.”

Meanwhile, Northland initiated coverage of the stock on January 13 with an Outperform rating and a $22.50 price target. The positive stance underscores the research firm’s confidence in the company’s push for opportunities in HPC, even as it affirms its status as the largest Bitcoin miner with approximately 50EH/S of capacity. Expansion into HPC and AI data centers should enable the company to leverage its infrastructure beyond Bitcoin mining.

Cleanspark Inc. (NASDAQ:CLSK) is a leading US Bitcoin mining and digital infrastructure company that designs, builds, and operates large-scale data centers for Bitcoin mining, Artificial Intelligence (AI), and high-performance computing (HPC) workloads, focusing on efficient, low-cost energy sources for reliable compute power.