CleanSpark announced a 20-year data center lease with an unnamed investment-grade global technology company, securing $6.6 billion in expected contracted revenue that could rise to about $11.6 billion if two five-year extension options are exercised.
The company said the lease agreement covers 175 megawatts of critical IT load at its Sandersville, Georgia, campus, with phased deliveries scheduled to begin in the fourth quarter of 2027.
CleanSpark expects the lease to contribute about $330 million in average annual net operating income over its initial term, while the tenant will assume operating costs, charges and other property-related expenses under the triple-net structure.
Sandersville opens door to wider technology partnership
Alongside the Georgia agreement, the tenant signed a letter of intent and exclusivity arrangement covering CleanSpark’s entire Texas portfolio, spanning 718 acres and as much as 885 MW of secured and planned power.
The holdings include nearly 300 MW at the company’s Sealy campus and a Brazoria site capable of supporting an initial 300 MW load, with potential expansion to 600 MW. The arrangement signals that Sandersville could become the first project in a broader relationship, though the Texas agreement has not yet been described as a definitive lease.
Heavy capital needs raise execution risks
The Sandersville project will require considerable capital. CleanSpark estimates landlord development costs of $10 million to $12 million for each megawatt of critical IT capacity, implying total spending of roughly $1.75 billion to $2.1 billion.
CleanSpark warned in its press release that delays in securing financing, completing construction or meeting delivery milestones could trigger rent abatements or termination of the lease. The company also said the project may require substantial additional capital and could lead to significant new debt.
Shares jump above $15 before sellers take control
CleanSpark shares surged more than 22 percent during Tuesday’s session, climbing from a previous close near $12.36 to an intraday peak of $15.36 as investors reacted to the scale and duration of the agreement.
The rally quickly lost momentum. After opening around $14.72, the stock retreated toward $13.30 to $13.40, reducing its gain to roughly 8 percent by mid-afternoon.
Technically, the announcement produced a sharp breakout from the recent $12 area, but the failure to hold above $14.50 showed that considerable selling pressure remained overhead.
Resistance now sits around $13.80 to $14, while support is forming near $13 and a stronger floor remains around $12 to $12.40. Holding above $13 would preserve part of the breakout, while a move below that level could reopen the path toward the pre-announcement range.
The agreement gives CleanSpark a potential long-term revenue stream beyond Bitcoin production, but the fading share-price move suggests investors are also weighing the cost and execution risk attached to bringing 175 MW online.
