CleanSpark, Inc. (Nasdaq: CLSK) signed a 20-year data-center lease on July 14, 2026 worth approximately $6.6 billion with a confidential technology company at its Sandersville, Georgia campus. The same tenant took exclusivity over CleanSpark’s 885 MW Texas portfolio under a separate letter of intent.
Key Takeaways
- The lease is a 20-year triple net agreement worth approximately $6.6 billion, with up to $11.6 billion if two five-year extensions are exercised, according to CleanSpark’s SEC filing.
- CleanSpark’s Sandersville, Georgia site will deliver 175 MW of critical IT load starting Q4 2027 for the still-unnamed tenant.
- The same technology company signed a letter of intent for exclusivity over CleanSpark’s entire 885 MW Texas portfolio.
- CleanSpark expects average annual NOI of roughly $330 million, a cumulative margin close to 100%.
- CleanSpark’s own risk disclosure warns that missed construction milestones could trigger rent abatement or termination of the lease.
What Happened?
CleanSpark disclosed the lease in an SEC filing, the latest step in its Texas data center expansion. CleanSpark entered the lease directly with the tenant, with two five-year extension options attached. The tenant remains confidential, though CleanSpark describes it as a global technology company within the high-investment-grade cohort, facilitating CleanSpark’s financing options and the multi-decade term of the lease, per CleanSpark’s own account.
CleanSpark just secured $6.6B in 20-year contracted revenue from an unnamed tech giant, with first deliveries at its Sandersville, GA site slated for Q4 2027.
— CoinLaw (@coinlaw_io) July 14, 2026
A Bitcoin miner is now building AI infrastructure. $CLSK @CleanSpark_Inc pic.twitter.com/cgcy4jC6ej
CleanSpark has run Sandersville operations since 2022, part of a broader power and land buildout the company has pursued for years.
Matt Schultz, CleanSpark CEO and Chairman said:
The Triple-Net Structure and the Texas Option
The lease is structured as a triple net (NNN) agreement with annual escalators built in. The tenant, not CleanSpark, covers taxes, insurance, and upkeep under this structure.
The same tenant’s reach goes well past Sandersville. The letter of intent covers CleanSpark’s entire Texas portfolio of 718 acres and up to 885 MW of secured and planned power, split between roughly 300 MW on 271 acres at Sealy and a Brazoria campus on 447 acres that can scale from 300 MW to 600 MW. A letter of intent buys exclusivity to negotiate, not a signed lease.
Morgan Stanley acted as CleanSpark’s financial advisor and Davis Polk & Wardwell LLP as its legal counsel. CleanSpark estimates landlord project costs of $10-$12 million per MW of critical IT load it delivers.
What CleanSpark’s Own Risk Disclosure Says?
CleanSpark’s own securities filing spells out what could go wrong. The company says it will need to raise substantial additional capital, and may take on significant additional indebtedness, to fund construction at Sandersville.
The filing also warns that missing the lease’s construction milestones could trigger rent abatements or termination of the agreement, and that the project depends on a third party’s performance as well as continued regulatory approval and electrical power availability. Whether the two five-year extension options ever get exercised is, by the company’s own account, not yet certain.
The $6.6 billion figure is the initial-term revenue, contingent on CleanSpark financing the buildout and delivering 175 MW on schedule.
CoinLaw’s Takeaway
The headline $6.6 billion figure works like a landlord’s rent roll, not a mining forecast. CleanSpark controls more than 1.8 GW of power, land, and data centers across the United States, and this single, still-unnamed tenant now holds a claim on a meaningful share of that footprint through the Sandersville lease and the Texas letter of intent combined.
CleanSpark’s disclosed risk factors matter more than the headline figure. The still-unnamed tenant’s credit quality is what actually let CleanSpark price a 20-year commitment. Financing needs, construction milestones, and dependence on an outside builder are standard terms for a lease this size, and CleanSpark, unlike a diversified real-estate trust, carries them directly as construction moves toward delivery.
