Overview
- CleanSpark announced on Tuesday, July 14 that it signed a 20-year triple-net infrastructure lease at its Sandersville, Georgia campus covering 175 MW and generating about $6.6 billion in contracted revenue over the initial term with two five-year extension options that could push the total to roughly $11.6 billion.
- Deliveries of critical IT load are targeted to begin in the fourth quarter of 2027 and the company estimates the lease will add about $330 million of average annual net operating income under the near‑100% NOI projection tied to the triple‑net structure.
- CleanSpark says landlord project costs will run about $10 million to $12 million per MW and plans to finance most of the build‑out with project debt, which leaves the company responsible for large upfront development capex and creates financing and execution risk tied to construction and procurement milestones.
- The tenant remains confidential but is described as a high‑investment‑grade global technology company that also executed a non‑binding letter of intent granting exclusivity across CleanSpark’s Texas portfolio of 718 acres and up to 885 MW of secured and planned power capacity.
- Investors reacted positively, sending CleanSpark shares higher, and the deal formalizes the company’s pivot from bitcoin mining toward monetizing its ~1.8 GW of land and power assets for hyperscale compute customers with Morgan Stanley advising and Davis Polk providing legal counsel.