CleanSpark has been telling investors for a while that its land and power portfolio was worth more than the Bitcoin it was pulling out of it. On July 14, 2026, it got someone to put real money behind that argument.

The company signed a 20-year triple-net lease at its Sandersville, Georgia campus, covering 175 megawatts of critical IT load. The tenant is described as a high-investment-grade global technology company. The initial lease term is projected to generate roughly $6.6B in revenue, climbing to $11.6B if the tenant exercises two five-year extension options.

How the deal actually works

Triple-net leases are the commercial real estate equivalent of a landlord’s dream. The tenant covers operating expenses, taxes, and insurance, leaving the property owner with nearly pure income.

CleanSpark estimates landlord project costs at roughly $10M to $12M per megawatt to build out the facility. In exchange, the company expects a near-100% net operating income contribution margin, translating to approximately $330M in average annual NOI over the lease term.

Delivery of the 175 MW is slated to begin in the fourth quarter of 2027. CEO Matt Schultz framed the deal as direct validation of the company’s land-and-power strategy, which has centered on acquiring low-cost energy assets in locations where power availability is increasingly scarce.

The Sandersville campus has an interesting origin story. CleanSpark acquired it in 2022 through the purchase of a Mawson Infrastructure Group facility, originally to expand Bitcoin mining capacity. What looked like a straightforward mining acquisition has now become the foundation of a multi-billion-dollar data center business.

Texas is next in line

The same unnamed tenant has signed a letter of intent and exclusivity arrangement covering CleanSpark’s entire Texas portfolio, which spans up to 885 MW across 718 acres.

That LOI is not a binding lease. The 885 MW figure is roughly five times the 175 MW covered in Sandersville.

Prior to this announcement, there had been discussions about a 250 MW scheme at the Sandersville campus itself, suggesting the company has been actively working to expand its leasable footprint beyond what the current agreement covers.

What this means for the investment case

For a company that has historically derived most of its revenue from selling Bitcoin mined on-site, a long-term lease with a high-investment-grade tenant fundamentally changes the risk profile.

The $330M average annual NOI figure is the number investors should watch most closely. If CleanSpark can actually deliver the buildout on schedule and begin recognizing that income stream starting in late 2027, it represents a structural shift in how the company is valued.

The risks here are real. Construction execution, cost overruns at $10M to $12M per megawatt, and the still-unsigned nature of the Texas deal all represent meaningful uncertainty. The tenant identity also remains undisclosed, which makes independent credit assessment impossible for outside observers.