CleanSpark (CLSK) has signed a 20-year triple-net lease with an undisclosed high-investment-grade global technology company at its Sandersville, Georgia data center campus. The deal is projected to generate $6.6 billion in contracted revenue over the initial term, with potential to reach $11.6 billion if both five-year extension options are exercised. Deliveries are expected to begin in Q4 2027, covering 175 MW of critical IT load.
CleanSpark's CEO Matt Schultz called the agreement "a transformational moment" as the company shifts from a pure-play Bitcoin miner to a diversified digital infrastructure platform. The lease, structured as a triple-net agreement, requires the tenant to cover taxes, insurance, and maintenance, with annual rent increases built in. CleanSpark estimates annual net operating income of approximately $330 million over the 20-year term.
Alongside the Georgia deal, the same tenant also signed a letter of intent covering CleanSpark's entire Texas portfolio, which spans 718 acres with up to 885 MW of power capacity across its Sealy and Brazoria campuses. While the Texas arrangement is non-binding, it signals potential for a substantially larger relationship. Morgan Stanley acted as financial advisor and Davis Polk & Wardwell provided legal counsel for the transaction.
The news comes after CleanSpark reported a mixed fiscal Q2 2026, with a loss per share of $1.52 and revenue of $136.4 million, both missing estimates. The company held 13,924 Bitcoin as of early July, but took a $224.1 million markdown on its holdings during the quarter. Despite this, CLSK shares surged about 15% in pre-market trading following the lease announcement. Analysts at Citizens initiated coverage with a Market Outperform rating and a $27 price target, roughly double the stock's price of $12.36.
CleanSpark plans to finance the estimated $10–12 million per MW development costs, totaling between $1.75 billion and $2.1 billion for the Georgia site. The company has not disclosed details on how it will fund the build-out. The lease aligns with a broader trend among Bitcoin miners, including Core Scientific and Riot Platforms, who are leveraging their energy infrastructure to serve high-demand sectors like AI and cloud computing.
