Overview
- CleanSpark disclosed the 20-year, 175 MW triple-net lease with an unnamed investment-grade technology tenant in its July 14 filing and said the deal implies about $6.6 billion of contracted revenue over the initial term.
- The company reported fiscal Q3 2026 revenue of $138 million and a net loss of about $239 million for the quarter, reversing a prior-year profit and recording negative adjusted EBITDA of $113 million.
- Roughly $432.8 million of the swing from profit to loss came from mark-to-market changes in bitcoin fair value and bitcoin-collateral valuations, showing how GAAP results remain tied to volatile crypto prices.
- Management said the project’s 'anticipated equity portion' is funded and that long‑lead equipment has been prepaid, but landlord costs are estimated at $10–$12 million per MW and full Sandersville development will likely need roughly $1.75–$2.1 billion of project capital and additional debt.
- CleanSpark’s near-term risk is clear: limited cash on hand and about $1.78 billion of long-term debt leave the company dependent on successful project financing and on-time construction before phased deliveries begin and rent flows start in late 2027.