CleanSpark (Nasdaq: CLSK), a leading data center developer with roots in bitcoin mining, has entered a 20-year infrastructure lease agreement with an unnamed, high-investment-grade global technology company at its Sandersville, Georgia campus.
The deal marks a major pivot as the company expands from bitcoin operations into broader digital infrastructure.
A transformational lease
The triple-net (NNN) lease is expected to generate roughly $6.6 billion in contracted revenue over its initial term, climbing to as much as $11.6 billion if two five-year extension options are exercised.
The agreement covers 175 MW of critical IT load, with deliveries expected to begin in Q4 2027.
Matt Schultz, CleanSpark CEO and chairman, described the announcement as a turning point for the firm:
“This lease is 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 expects a cumulative NOI contribution margin of nearly 100%, translating to an average annual NOI of about $330 million.
Texas portfolio under exclusivity
The tenant has also executed a letter of intent and exclusivity arrangement covering CleanSpark’s entire Texas portfolio, totaling 718 acres with up to 885 MW of secured and planned power capacity.
This includes 271 acres with nearly 300 MW at the Sealy campus and 447 acres at the Brazoria campus, which supports an initial 300 MW demand load with potential to expand to 600 MW.
Sandersville foundation
CleanSpark launched its Sandersville operations in 2022, selecting the site for reliable, low-cost power and available capacity for high-density compute.
The company controls a portfolio of more than 1.8 GW of power, land, and data centers across the United States.
Morgan Stanley & Co. LLC acted as financial advisor, with Davis Polk & Wardwell LLP serving as legal counsel.
