CleanSpark jumps 10% on $6.6B Sandersville lease, Texas exclusivity pact

Blockspace Staff Tue, July 14, 2026 at 6:40 AM PDT | 4 min read

CLSK

CleanSpark (NASDAQ: CLSK) entered into a 20-year infrastructure lease at its Sandersville, Georgia, campus on July 14. The deal includes 175 MW of critical IT load and is expected to produce approximately $6.6 billion in contracted revenue, with deliveries set to begin in the fourth quarter of 2027.

Shares of CLSK jumped in early morning trading, rising 10% on the news to $13.65 as of publishing time.

The triple-net lease carries annual rent escalators and, according to CleanSpark, should add approximately $330 million in average annual net operating income. The company states the cumulative NOI contribution margin is nearly 100%. If the tenant exercises both five-year extensions, total revenue could rise to approximately $11.6 billion.

In a triple-net arrangement, operating expenses tied to the leased infrastructure are typically passed to the tenant, though CleanSpark did not detail every cost allocation. The company estimates project costs at $10 million to $12 million per MW of critical IT load, leaving substantial financing, construction, equipment procurement, and approval work before delivery.

CleanSpark Shifts Toward Contracted Infrastructure Revenue

CleanSpark described the tenant only as a global technology company with high-investment-grade status. The release did not classify the Sandersville workloads as AI, high-performance computing, or any other specific category.

"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," CEO and Chairman Matt Schultz said in the news release.

The agreement transitions Sandersville from a bitcoin-mining campus with a prospective data center tenant into a contracted infrastructure project. CleanSpark began operating at the site in 2022 and previously stated that 250 MW was live there, while an additional 122 acres had been acquired for a greenfield data center build.

Earlier earnings materials described a lead tenant in advanced negotiations, with CleanSpark limiting spending largely to site preparation until a lease was secured. The signed lease changes that status, but construction, financing, procurement, and delivery milestones remain outstanding.

Texas Portfolio Remains Prospective

The Sandersville tenant also executed a letter of intent and exclusivity agreement covering CleanSpark's entire Texas portfolio. That portfolio comprises 718 acres and up to 885 MW of secured and planned power capacity, which CleanSpark described as a possible next stage of the relationship.

The Texas arrangement remains a letter of intent rather than a signed lease, so it does not create contracted revenue comparable to the $6.6 billion expected at Sandersville. Exclusivity gives the tenant a defined negotiating position across the portfolio while the parties consider definitive agreements.

CleanSpark's Sealy campus covers 271 acres and has nearly 300 MW of power capacity. The company previously secured the property and power agreements as part of its AI/HPC expansion, with more than 200 MW then expected to be energized during the first half of 2027.

The Brazoria campus covers 447 acres and is set to support an initial 300 MW demand load, with room to expand to 600 MW. CleanSpark framed that development as an AI/HPC project backed by transmission-level infrastructure.

Bitcoin Mining Remains the Operating Base

CleanSpark is adding long-term data center leases to a substantial bitcoin-mining business. Its May operational update reported 1.8 GW of power under management.