CleanSpark has signed a significant 20-year lease agreement worth $6.6 billion, marking a major shift from its Bitcoin mining origins to a focus on AI infrastructure. The deal, described as one of the largest commitments by a Bitcoin miner, will support a data center in Sandersville, Georgia, dedicated to artificial intelligence and high-performance computing.

Details of the Agreement

The lease, which involves a high-investment-grade global technology firm whose identity remains undisclosed, includes an IT load capacity of 175 megawatts. This capacity is projected to yield an annual net operating income of approximately $330 million, reflecting an estimated profit margin nearing 100%. The setup aims to handle AI workloads, with the first power deliveries scheduled for the fourth quarter of 2027.

Furthermore, the agreement contains a letter of intent granting CleanSpark exclusivity over its Texas portfolio, which encompasses 718 acres and can provide an additional 885 megawatts. If this preliminary agreement transitions into a binding contract, total revenue potential could approach $11.6 billion.

Strategic Implications and Market Reaction

CEO Matt Schultz emphasized that this transaction shows CleanSpark's strategic evolution towards land and power management, presenting it as a game-changing move in the digital infrastructure sector. This shift is particularly noteworthy as it follows other notable conversions in the industry, like Core Scientific's deal with CoreWeave, which also transitioned from Bitcoin to AI hosting.

Following the announcement, CleanSpark’s stock price increased by approximately 10%. This NNN lease structure, where the tenant assumes costs such as property taxes and maintenance, helps insulate the projected net operating income from inflationary pressures. The construction costs for the Sandersville project are estimated to fall between $1.75 billion and $2.1 billion, which is manageable given CleanSpark’s total power capacity of over 1.8 gigawatts.

This material is informative and should not be considered financial advice.