Key Highlights
- CleanSpark executed a 20-year triple-net lease agreement at its Georgia Sandersville facility delivering $6.6 billion in total contracted revenue
- The agreement encompasses 175 MW of critical IT capacity, with initial deployment scheduled for Q4 2027
- Total potential revenue could climb to $11.6 billion if the tenant exercises both available five-year extensions
- An exclusivity letter of intent was signed for CleanSpark’s complete Texas holdings spanning 718 acres with capacity reaching 885 MW
- CLSK shares were trading at $12.36 with a $3.17 billion market capitalization; shares have climbed 22% in 2025
On July 14, CleanSpark (CLSK) revealed a major 20-year infrastructure lease agreement for its Georgia data center facility located in Sandersville. The arrangement is projected to deliver $6.6 billion in contracted revenue throughout the base lease period. At the announcement time, shares were priced at $12.36, representing a $3.17 billion market valuation.
The contract follows a triple-net lease structure with an unnamed global technology corporation characterized as possessing high-investment-grade credit quality. Should the tenant activate both available five-year renewal options, cumulative revenue from this single agreement could expand to $11.6 billion.
The facility arrangement provides 175 MW of critical IT capacity. Initial capacity delivery is slated to commence during the fourth quarter of 2027. The Sandersville location has maintained operations since its 2022 launch.
According to CleanSpark’s projections, landlord infrastructure investment requirements range from $10 million to $12 million per MW of critical IT capacity. The firm anticipates a cumulative net operating income contribution margin approaching 100%, translating to approximately $330 million in average annual returns.
CEO Matt Schultz characterized the agreement as “a transformational moment for CleanSpark,” marking what he views as the company’s successful transition into a diversified digital infrastructure operator.
Exclusive Texas Development Rights Secured
In conjunction with the Georgia transaction, the identical tenant executed both a letter of intent and exclusivity agreement encompassing CleanSpark’s complete Texas asset portfolio. This portfolio encompasses 718 acres featuring up to 885 MW of secured and planned electrical capacity.
The Texas properties consist of two distinct development sites. The Sealy location spans 271 acres with approximately 300 MW of available capacity. Meanwhile, the Brazoria site covers 447 acres, featuring transmission-level electrical infrastructure capable of supporting an initial 300 MW demand requirement with expansion potential reaching 600 MW.
According to CleanSpark, the Sandersville transaction represents merely the opening phase of what the company anticipates will become a significantly larger commercial relationship with this tenant.
Morgan Stanley provided financial advisory services for the transaction, while Davis Polk & Wardwell delivered legal representation.
Latest Quarterly Performance
This landmark deal follows challenging Q2 2026 financial results for CleanSpark. The company disclosed a per-share loss of $1.52, significantly exceeding the anticipated loss of $0.41. Revenue totaled $136.4 million, falling short of the $152.32 million analyst consensus.
Bitcoin mining operations yielded 614 bitcoins during June, contributing to a year-to-date production total of 3,724 coins.
Despite the earnings shortfall, CLSK has gained 22% year-to-date. The equity maintains a beta coefficient of 3.84, indicating substantial historical price volatility.
Research firm Citizens recently launched coverage with a Market Outperform designation alongside a $27.00 price objective, representing approximately 100% upside from current trading levels.
CleanSpark has also strengthened its executive team with the appointment of Ruben Sahakyan as Senior Vice President of Finance. Sahakyan arrives with more than 15 years of specialized experience from Keefe, Bruyette & Woods and will oversee Capital Markets, FP&A, and M&A functions.
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