CleanSpark signs $6.6B, 20-year Sandersville data center lease

CleanSpark disclosed a 20-year, $6.6 billion triple-net lease for its Sandersville, Georgia data center campus with an unnamed high-investment-grade global technology tenant. The tenant is expected to deploy 175 megawatts of critical IT load, with deliveries scheduled to begin in the fourth quarter of 2027.

The agreement is structured as a triple-net lease, under which the tenant will cover rent, insurance and routine operating expenses for the property. The contract includes two five-year extension options that, if exercised, would increase contracted revenue to about $11.6 billion.

The same tenant executed a letter of intent and an exclusivity arrangement covering CleanSpark’s Texas holdings. The Texas portfolio spans roughly 718 acres across the Sealy and Brazoria campuses and represents up to 885 MW of secured and planned power capacity, according to the company.

CleanSpark provided financial projections tied to the lease, estimating a nearly 100% cumulative net operating income contribution margin and an average annual NOI contribution of about $330 million. The company estimated landlord project costs of $10 million to $12 million per MW of critical IT load.

Matt Schultz, CleanSpark’s CEO and chairman, described the lease as “a transformational moment for CleanSpark as we complete our evolution into a diversified digital infrastructure platform and begin monetizing our power portfolio at institutional scale.” The company also noted the commercial relationship with the tenant could extend beyond the Sandersville campus.

CleanSpark said the agreement follows a strategic shift the company began signaling in October 2025, when it hired a former data center executive to lead expansion into larger compute facilities and started reviewing its Georgia power sites for conversion to large compute deployments. The company reported record revenue for fiscal 2025 and has positioned itself as a compute platform to serve bitcoin mining and artificial intelligence workloads.

Analysts have identified a wider industry trend of bitcoin miners reallocating capacity and investment toward AI and high-performance computing, increasing demand for land and power that can be leased under long-term commercial contracts.

CleanSpark announced the lease on Tuesday and did not disclose the tenant’s identity.