CleanSpark Lands $6.6B Georgia Data Center Lease, Pivoting Beyond Bitcoin Mining

CleanSpark said it has signed a 20-year triple-net lease for its data center campus in Sandersville, Georgia, an agreement it expects to generate about $6.6 billion in contracted revenue over the initial term. The Nasdaq-listed company said a single, unnamed tenant will lease 175 megawatts of critical IT load at the site. Power delivery is slated to begin in the fourth quarter of 2027. If the tenant exercises two optional five-year extensions, CleanSpark estimates total contracted revenue could rise to roughly $11.6 billion. CleanSpark acquired and has operated the Sandersville facility since 2022 as part of its Bitcoin mining footprint. The company is now repositioning the campus to support AI and high-performance computing workloads. CEO Matt Schultz called the lease a "transformational moment" and said it validates CleanSpark's land-and-power strategy. The tenant was described as a "high-investment-grade global technology firm." Under the triple-net structure, the tenant is responsible for taxes, insurance and maintenance in addition to rent. CleanSpark also said the tenant secured exclusivity rights over the company's entire Texas portfolio, covering 718 acres and up to 885 megawatts of secured and planned power capacity across multiple sites. CleanSpark said it controls more than 1.8 gigawatts of power and land-based assets in total, making the Texas portfolio close to half of its overall capacity. Morgan Stanley advised on financial matters, and Davis Polk provided legal counsel. For investors, the deal could shift how CleanSpark is valued. The stock has often traded as a proxy for Bitcoin sentiment, but a multi-year contracted revenue stream introduces a different earnings framework. The key risk is execution: delivering 175 megawatts by Q4 2027 will require substantial capital spending and construction, and delays could lead to contractual penalties or give the tenant a path to exit.