Key Highlights
- CleanSpark secured a 20-year triple-net lease agreement at its Georgia facility generating $6.6 billion in committed revenue
- The agreement encompasses 175 MW of critical IT capacity, with initial deployment scheduled for Q4 2027
- Total revenue potential climbs to $11.6 billion if the tenant exercises both available five-year extensions
- An exclusivity letter of intent now covers CleanSpark’s complete Texas holdings spanning 718 acres with up to 885 MW capacity
- CLSK shares currently trade at $12.36 with a $3.17 billion market capitalization; shares have gained 22% in 2025
CleanSpark (CLSK) revealed on July 14 a landmark 20-year infrastructure lease agreement for its Sandersville, Georgia data center facility. The arrangement is projected to deliver $6.6 billion in guaranteed revenue throughout the base contract period. At the announcement time, shares were changing hands at $12.36, valuing the company at $3.17 billion.
The contract follows a triple-net lease structure with an unnamed global technology enterprise characterized as possessing high-investment-grade credit quality. Should the client activate both five-year renewal periods, aggregate revenue from this single agreement could surge to $11.6 billion.
The commitment encompasses 175 MW of critical IT infrastructure. Initial capacity delivery is anticipated during the fourth quarter of 2027. CleanSpark has maintained operations at the Sandersville location since 2022.
According to CleanSpark’s financial projections, landlord infrastructure investment ranges from $10 million to $12 million per MW of critical IT capacity. The organization forecasts a cumulative net operating income contribution margin approaching 100%, translating to approximately $330 million in average annual income.
CEO Matt Schultz characterized the agreement as “a transformational moment for CleanSpark,” marking the completion of what he termed the company’s transition into a diversified digital infrastructure enterprise.
Exclusive Negotiations Expand to Texas Assets
In conjunction with the Sandersville transaction, the identical tenant executed a letter of intent establishing exclusivity terms for CleanSpark’s complete Texas asset portfolio. This collection encompasses 718 acres featuring up to 885 MW of secured and projected power infrastructure.
The Texas properties consist of two distinct facilities. The Sealy location spans 271 acres delivering nearly 300 MW of available capacity. The Brazoria site covers 447 acres, equipped with transmission-grade infrastructure accommodating an initial 300 MW demand requirement with expansion capability reaching 600 MW.
CleanSpark describes the Sandersville transaction as an opening chapter in what the company anticipates will evolve into a significantly broader commercial relationship with this tenant.
Morgan Stanley served in the financial advisory capacity for this transaction. Legal representation was provided by Davis Polk & Wardwell.
Latest Quarterly Performance
This announcement follows a challenging Q2 2026 reporting period for CleanSpark. The enterprise posted an earnings loss of $1.52 per share, substantially exceeding the anticipated loss of $0.41. Quarterly revenue reached $136.4 million, falling short of the $152.32 million analyst consensus.
Bitcoin mining operations yielded 614 bitcoins during June, contributing to a year-to-date production total of 3,724 coins.
CLSK has appreciated 22% in 2025 despite the disappointing quarterly results. The equity exhibits a beta coefficient of 3.84, indicating substantial historical price volatility.
Citizens financial analysts recently launched coverage with a Market Outperform designation and established a $27.00 price objective, representing approximately 100% upside from current valuation levels.
CleanSpark has recently onboarded Ruben Sahakyan as Senior Vice President of Finance. He contributes over 15 years of financial expertise from Keefe, Bruyette & Woods and will oversee Capital Markets operations, Financial Planning & Analysis, and Mergers & Acquisitions activities.
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