Key Takeaways
- CleanSpark secured a two-decade triple-net lease for its Georgia data center campus, generating $6.6 billion in committed revenue
- The agreement supports 175 MW of critical IT infrastructure, with deployment commencing in the fourth quarter of 2027
- Total revenue potential climbs to $11.6 billion if the tenant exercises both five-year renewal options
- An exclusivity letter of intent now covers CleanSpark’s complete Texas holdings spanning 718 acres with capacity up to 885 MW
- CLSK shares traded at $12.36 with a $3.17 billion market capitalization, posting a 22% gain year-to-date
On July 14, CleanSpark (CLSK) revealed a major infrastructure agreement for its Georgia-based data center facility in Sandersville. The two-decade contract is projected to deliver $6.6 billion in guaranteed revenue during its base term. At announcement time, shares were exchanging hands at $12.36, reflecting a company valuation of $3.17 billion.
The arrangement takes the form of a triple-net lease with an unnamed global technology corporation possessing high-investment-grade credit status. Should the client activate both available five-year extension clauses, aggregate revenue from this partnership could surge to $11.6 billion.
This contract encompasses 175 megawatts of critical IT infrastructure capacity. Initial deployment is scheduled for the fourth quarter of 2027. The Sandersville facility has maintained continuous operations since its 2022 launch.
CleanSpark anticipates landlord infrastructure expenditures ranging from $10 million to $12 million per megawatt of critical IT capacity. The organization forecasts a cumulative net operating income contribution margin approaching 100%, translating to approximately $330 million in average annual returns.
CEO Matt Schultz characterized the agreement as “a transformational moment for CleanSpark,” marking completion of the company’s transition into a diversified digital infrastructure enterprise.
Texas Assets Enter Exclusive Negotiation Phase
Concurrent with the Georgia announcement, the identical tenant executed a letter of intent and exclusivity framework encompassing CleanSpark’s complete Texas real estate holdings. These properties span 718 acres with secured and projected power capacity reaching 885 MW.
The Texas assets comprise two distinct facilities. The Sealy location encompasses 271 acres supporting nearly 300 MW of capacity. The Brazoria site covers 447 acres, featuring transmission-grade infrastructure accommodating an initial 300 MW demand profile with expansion capability to 600 MW.
CleanSpark positions the Sandersville transaction as the opening phase of an anticipated significantly broader commercial relationship with this tenant.
Morgan Stanley provided financial advisory services for the transaction. Legal representation came from Davis Polk & Wardwell.
Latest Quarterly Performance
This landmark deal follows a challenging Q2 2026 reporting period for CleanSpark. The enterprise posted a loss per share of $1.52, significantly exceeding the anticipated loss of $0.41. Revenue reached $136.4 million, falling short of the $152.32 million analyst consensus.
Bitcoin mining operations yielded 614 bitcoins during June, accumulating to 3,724 bitcoins year-to-date.
CLSK has advanced 22% year-to-date notwithstanding the earnings disappointment. The equity demonstrates a beta coefficient of 3.84, indicating substantial historical price volatility.
Citizens research division launched coverage with a Market Outperform designation and established a $27.00 price objective, representing approximately double the current market price.
CleanSpark recently named Ruben Sahakyan as Senior Vice President of Finance. He contributes more than 15 years of professional experience from Keefe, Bruyette & Woods and will oversee Capital Markets, Financial Planning & Analysis, and Mergers & Acquisitions functions.
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