0001193125-26-302448
SEC filingCleanSpark entered a 20-year infrastructure lease with a high-investment grade global technology company for its Sandersville, Georgia campus, expected to generate $6.6 billion in contracted revenue.
CleanSpark's 20-year infrastructure lease with a high-investment grade global technology company marks a transformative shift from a Bitcoin mining operator to a diversified digital infrastructure platform. The triple-net lease for 175 MW at the Sandersville campus provides long-term, predictable revenue with annual escalators and a nearly 100% NOI contribution margin. The $6.6 billion contracted revenue over the initial term (up to $11.6 billion with extensions) significantly de-risks the company's future cash flows. Additionally, the tenant's exclusivity over CleanSpark's 885 MW Texas portfolio signals strong potential for a substantially larger relationship. However, execution risk remains: CleanSpark must meet financing, construction, and delivery milestones, with penalties for failure. The project's capital intensity ($10-$12 million per MW) will require substantial capital raising. Overall, this agreement validates CleanSpark's land-and-power strategy and positions it for institutional-scale growth in the data center market.