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CleanSpark just locked in a deal that makes its Bitcoin mining origins look like a warm-up act. The Nasdaq-listed company announced a 20-year triple-net lease for its data center campus in Sandersville, Georgia, with a single unnamed tenant, an arrangement expected to generate roughly $6.6B in contracted revenue over its initial term.
If the tenant exercises two optional five-year extensions, that number balloons to approximately $11.6B.
What the deal actually looks like
The lease covers 175 megawatts of critical IT load at the Sandersville campus, a site CleanSpark has operated since 2022 when it acquired the facility as a Bitcoin mining operation. Power delivery is expected to begin in the fourth quarter of 2027.
The tenant is described only as a “high-investment-grade global technology firm.” The triple-net lease structure means the tenant covers taxes, insurance, and maintenance on top of rent.
The unnamed tech firm also secured exclusivity rights over CleanSpark’s entire Texas portfolio. That’s 718 acres and up to 885 megawatts of secured and planned power capacity spread across multiple sites.
The company says it controls over 1.8 gigawatts of power and land-based assets in total, so the Texas portfolio alone represents nearly half of its capacity.
Morgan Stanley advised on the financial side, with Davis Polk handling legal.
From mining rigs to rack space
CleanSpark’s Sandersville campus was originally acquired as part of its Bitcoin mining strategy and is now being repurposed to serve AI and high-performance computing workloads. CEO Matt Schultz called the lease a “transformational moment” for CleanSpark, framing it as validation of the company’s land-and-power strategy.
Why this matters for crypto-adjacent investors
The exclusivity arrangement over the Texas portfolio is particularly telling. It suggests the unnamed tenant views CleanSpark’s power pipeline as strategically valuable enough to lock competitors out entirely, across 718 acres of planned capacity.
For existing CLSK shareholders, the stock has historically traded as a Bitcoin proxy, rising and falling with crypto market sentiment. A $6.6B contracted revenue stream introduces a completely different valuation framework.
The risk is execution. Delivering 175 megawatts of critical IT load by Q4 2027 requires significant capital expenditure and construction. Any delays could trigger contractual penalties or give the tenant an exit ramp.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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