TLDR
- CleanSpark signed a 20-year triple-net lease at its Sandersville, Georgia campus worth $6.6 billion in contracted revenue
- The lease covers 175 MW of critical IT load, with deliveries starting Q4 2027
- Revenue could reach $11.6 billion if both five-year extension options are exercised
- The tenant also signed a letter of intent covering CleanSpark’s entire Texas portfolio of 718 acres and up to 885 MW
- CLSK trades at $12.36 with a market cap of $3.17 billion; the stock is up 22% year-to-date
CleanSpark (CLSK) announced a 20-year infrastructure lease at its Sandersville, Georgia data center campus on July 14. The deal is expected to generate $6.6 billion in contracted revenue over the initial term. The stock was trading at $12.36 at the time of the announcement, against a market cap of $3.17 billion.
The lease is structured as a triple-net agreement with an undisclosed global technology company described as a high-investment-grade tenant. If both five-year extension options are exercised, total revenue from the deal could reach $11.6 billion.
CleanSpark $CLSK signed a 20-year, $6.6B data center lease with an undisclosed high-investment-grade global tech company for its Sandersville, Georgia campus.
The lease covers 175MW of critical IT load, with deliveries expected to begin in Q4 2027.
Contracted revenue could rise… pic.twitter.com/cmEYXHsffd
— Wall St Engine (@wallstengine) July 14, 2026
The agreement covers 175 MW of critical IT load. Deliveries are expected to begin in Q4 2027. The Sandersville campus has been operational since 2022.
CleanSpark estimates landlord project costs of $10 million to $12 million per MW of critical IT load. The company projects a cumulative net operating income contribution margin of nearly 100%, averaging around $330 million annually.
CEO Matt Schultz called it “a transformational moment for CleanSpark” as the company completes what he described as its evolution into a diversified digital infrastructure platform.
Texas Portfolio Now Under Exclusivity
Alongside the Sandersville deal, the same tenant signed a letter of intent and exclusivity arrangement covering CleanSpark’s entire Texas portfolio. That portfolio covers 718 acres with up to 885 MW of secured and planned power capacity.
The Texas holdings break down into two campuses. The Sealy campus covers 271 acres with nearly 300 MW of capacity. The Brazoria campus covers 447 acres, with transmission-level infrastructure supporting an initial 300 MW demand load and the potential to expand to 600 MW.
CleanSpark says the Sandersville deal is positioned as the first chapter of what it expects to be a substantially larger relationship with the tenant.
Morgan Stanley served as financial advisor on the transaction. Davis Polk & Wardwell provided legal counsel.
Recent Financial Results
The deal comes after a mixed Q2 2026 for CleanSpark. The company reported a loss per share of $1.52, well below the forecasted loss of $0.41. Revenue came in at $136.4 million, short of the $152.32 million consensus estimate.
Bitcoin mining produced 614 bitcoins in June, bringing the year-to-date total to 3,724.
CLSK is up 22% year-to-date despite the earnings miss. The stock carries a beta of 3.84, reflecting its history of volatile price moves.
Analyst firm Citizens initiated coverage with a Market Outperform rating and a price target of $27.00, roughly double the current trading price.
CleanSpark recently appointed Ruben Sahakyan as Senior Vice President of Finance. He brings over 15 years of experience from Keefe, Bruyette & Woods and will lead Capital Markets, FP&A, and M&A.
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