CleanSpark signs $6.6B data center lease, pivoting from Bitcoin mining to AI infrastructure
The 20-year deal with an undisclosed global tech firm could generate up to $11.6B and marks one of the largest infrastructure commitments by a Bitcoin miner to date.
CleanSpark just locked in one of the most lucrative deals in Bitcoin mining history, and it has almost nothing to do with Bitcoin. The company announced a 20-year triple-net lease agreement for its data center in Sandersville, Georgia, with a high-investment-grade global technology firm. The projected revenue: $6.6 billion over the initial term, with an extension pathway that could push the total to $11.6 billion.
Inside the deal
The lease covers a critical IT load of 175 megawatts at CleanSpark’s Sandersville campus, designed to support AI and high-performance computing workloads. First deliveries from the facility are scheduled for Q4 2027.
CleanSpark projects an average annual net operating income of approximately $330 million from this single lease, at what the company describes as nearly 100% profit margin.
The tenant’s identity remains undisclosed, though CleanSpark characterized the partner as a “high-investment-grade global technology firm.”
Beyond Sandersville, the agreement includes a letter of intent granting exclusivity rights to CleanSpark’s Texas portfolio. That portfolio spans 718 acres across its Sealy and Brazoria campuses, encompassing up to 885 megawatts of power capacity. If that LOI converts to a binding agreement, the total revenue potential climbs toward that $11.6 billion figure.
Construction costs are estimated at $10 to $12 million per megawatt. CleanSpark controls over 1.8 gigawatts of total power capacity across its operations.
Why Bitcoin miners are becoming AI landlords
CEO Matt Schultz framed the deal as validation of CleanSpark’s strategic focus on land and power management, describing it as a “transformative development” that exemplifies the company’s second-mover advantage in digital infrastructure.
Core Scientific’s deal with CoreWeave, announced in 2024, was one of the first major Bitcoin-miner-to-AI conversions that grabbed headlines. CleanSpark’s $6.6 billion headline figure, with the potential to nearly double, represents a significant escalation in the scale of these agreements.
What this means for investors
CleanSpark’s stock surged approximately 10% following the announcement. In a NNN lease, the tenant covers property taxes, insurance, and maintenance costs on top of rent, meaning the $330 million NOI projection is relatively insulated from cost inflation.
At the estimated $10 to $12 million per megawatt, the Sandersville buildout alone could cost between $1.75 billion and $2.1 billion.
The company currently controls over 1.8 gigawatts of power, so 175 megawatts represents less than 10% of its total capacity. If the Texas LOI converts and another 885 megawatts shifts toward AI hosting, the company’s identity as a Bitcoin miner becomes increasingly nominal.