The spin moduli spaceSg is the parameter space of theta characteristics (spin structures) on stable curves of genus g. It has two connected components, S g andS + g , depending on the parity of the spin structure. We establish a complete birational classication by Kodaira dimension of the odd componentS g of the spin moduli space. We show thatS g is uniruled for g < 12 and even unirational for g 8. In this range, introducing the concept of cluster for the Mukai variety whose one-dimensional linear sections are general canonical curves of genus g, we construct new birational models ofS g . These we then use to explicitly describe the birational structure of S g . For instance, S 8 is birational to a locally trivial P 7 -bundle over the moduli space of elliptic curves with seven pairs of marked points. For g 12, we prove thatS g is a variety of general type. In genus 12, this requires the construction of a counterexample to the Slope Conjecture on eective divisors on the moduli space of stable curves of genus 12.
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