CleanSpark Lands $11.6B 20-Year Data Center Lease for Georgia Site

CleanSpark has long argued that the value of its land and power holdings exceeds the Bitcoin mined from them. On July 14, 2026, the company added a major datapoint to that thesis, announcing a 20-year triple-net lease at its Sandersville, Georgia campus for 175 megawatts (MW) of critical IT load. CleanSpark described the tenant as a high-investment-grade global technology company. The initial term is expected to generate about $6.6B of revenue, rising to $11.6B if the tenant exercises two five-year extension options. Under the triple-net structure, the tenant is responsible for operating expenses, taxes, and insurance, leaving CleanSpark with largely pure property income. The company estimates landlord project costs of roughly $10M to $12M per MW to deliver the buildout. It expects a near-100% net operating income (NOI) contribution margin, equating to around $330M in average annual NOI over the lease term. Delivery of the 175 MW is scheduled to begin in the fourth quarter of 2027. CEO Matt Schultz said the agreement validates CleanSpark's land-and-power strategy focused on acquiring low-cost energy assets in markets where available power is becoming scarce. The Sandersville campus traces back to a Bitcoin mining expansion push. CleanSpark acquired the site in 2022 through the purchase of a Mawson Infrastructure Group facility. What began as a mining-oriented acquisition has now become the platform for a multibillion-dollar data center leasing business. CleanSpark also disclosed that the same unnamed tenant has signed a letter of intent (LOI) and an exclusivity arrangement covering the company's entire Texas portfolio, totaling up to 885 MW across 718 acres. The LOI is not a binding lease. The 885 MW figure is about five times the capacity in the Sandersville agreement. Ahead of this announcement, market chatter had included a potential 250 MW plan at Sandersville, indicating the company has been working to expand leasable capacity beyond the current contract. For investors, the shift from primarily monetizing self-mined Bitcoin to securing long-duration contracted cash flows materially alters CleanSpark's risk profile. The key metric to watch is the roughly $330M in average annual NOI. If the company delivers the buildout on schedule and begins recognizing that income stream in late 2027, it could drive a structural change in valuation. Key uncertainties remain. Execution risk during construction, potential cost overruns at $10M to $12M per MW, and the non-binding status of the Texas LOI all introduce meaningful downside. The tenant's identity has not been disclosed, limiting independent credit analysis by outside observers.