CleanSpark inks $6.6B, 20-year AI lease for Sandersville

CleanSpark executed a binding 20-year triple-net lease on July 10 for 175 megawatts of critical IT load at its Sandersville, Georgia campus, the company disclosed in an SEC Form 8-K filed July 14. The initial contract value for the lease is $6.6 billion. The tenant is identified only as a high-investment-grade global technology company.

The lease includes annual escalators, a 20-year initial term and two optional five-year extensions. CleanSpark estimates the initial term value at $6.6 billion and says the contract value could rise to as much as $11.6 billion if both extensions are exercised. The company projects phased deliveries beginning in the fourth quarter of 2027; full delivery dates and phase-specific rent commencement remain undisclosed.

CleanSpark estimates landlord project costs at $10 million to $12 million per megawatt, which implies a build cost of roughly $1.75 billion to $2.10 billion for 175 MW. The company projects the Sandersville campus would contribute about $330 million in average annual net operating income when fully operational, without specifying timing for that run rate.

The company’s March 31, 2026 balance sheet shows $260.3 million in cash, $925.2 million in company-defined Bitcoin HODL value and $1.788 billion in long-term debt. CleanSpark reported a net loss of $378.3 million for the quarter ended March 31, which included a $224.1 million Bitcoin fair-value loss and a $38.8 million loss on Bitcoin collateral.

The 8-K does not name any committed lenders, funding amounts, pricing, sponsor equity contributions or a draw schedule for the Sandersville project. The filing states CleanSpark must meet applicable financing, construction and delivery milestones and other covenants; failure to satisfy those conditions can result in rent abatements or contract termination.

CleanSpark’s filing notes the tenant’s credit profile should facilitate access to financing and that a long-duration tenant-backed lease could form the basis for project financing tied to the site and contract cash flows. The filing also identifies other funding options available in principle, including financing tied to the project, corporate funding that would increase leverage, and Bitcoin-backed borrowings that would require collateral and introduce margin and liquidation mechanics. As of March 31, CleanSpark reported $400 million in unused Bitcoin-backed credit lines and a $1.769 billion net carrying balance for zero-coupon convertible notes.

A phased construction approach may spread financing needs over time, but the 8-K does not disclose how quickly phases will be delivered or when rents will begin for each phase. An earlier letter of intent and exclusivity agreement for CleanSpark’s Texas portfolio covering up to 885 MW remains nonbinding and is not part of the Sandersville lease.

Until lenders, pricing, sponsor equity and draw schedules are disclosed, the Sandersville lease represents a contracted revenue opportunity that depends on securing up to $2.1 billion in construction financing and on CleanSpark meeting specified financing and construction milestones.