CleanSpark signs 20-year Sandersville lease worth projected $6.6B

CleanSpark signed a 20-year triple-net lease at its Sandersville, Georgia campus covering 175 megawatts of critical IT load, with the initial term projected to generate roughly $6.6 billion in revenue and up to $11.6 billion if the tenant exercises two five-year extension options. The tenant was described as a high-investment-grade global technology company. Under the structure, the tenant covers operating expenses, taxes and insurance, a setup that CleanSpark said should leave it with a near-100% net operating income contribution margin. The company estimated landlord project costs at roughly $10 million to $12 million per megawatt and said that would translate into about $330 million in average annual NOI over the lease term. Delivery of the 175 MW is slated to begin in the fourth quarter of 2027. CleanSpark has more recently framed the agreement as its biggest move yet from pure bitcoin mining into high-performance computing infrastructure for hyperscale clients, part of a broader push to repurpose some of its electricity capacity and mining assets for AI data centers. The company also said the same unnamed tenant signed a letter of intent and exclusivity arrangement covering its entire Texas portfolio, which spans up to 885 MW of secured and planned power capacity, though that arrangement is not a binding lease. The announcement came as CleanSpark said its mining business had reached fresh highs, producing 614 bitcoin in early July, lifting operational hashrate to 50 exahashes per second and increasing treasury holdings to 13,924 bitcoin. Shares rose as much as 22% intraday to $15.10 before trimming gains to about 11% around the U.S. lunch hour, outperforming the CoinShares Bitcoin Miners ETF, which was up less than 1%. The company’s diversification push comes as miners grapple with weaker economics after the 2024 halving. CleanSpark reported a fiscal second-quarter net loss of $378 million in March, with nearly 60% tied to Bitcoin’s price decline, and sold part of its BTC holdings in February to fund operations and growth. It is due to report fiscal third-quarter results on Aug. 6, with Yahoo Finance consensus calling for a loss of $0.25 per share versus earnings of $0.79 a year earlier, after missing Wall Street estimates in each of the past three quarters.