CleanSpark secures $6.6B data center lease to pivot from bitcoin mining

CleanSpark has agreed to a 20-year infrastructure lease with an unnamed, high-investment-grade technology company at its Sandersville, Georgia campus. The deal represents the bitcoin miner's largest move to date into providing high-performance computing infrastructure for hyperscale clients.

The lease covers data center facilities supporting 175 megawatts of critical IT load. CleanSpark expects average annual net operating income of $330 million from the initial term, which carries $6.6 billion in contracted revenue that could reach $11.6 billion if the tenant exercises extension options. First deliveries under the contract are scheduled for the fourth quarter of 2027.

For investors, the arrangement addresses a core critique of pure-play mining: margin volatility tied to bitcoin prices and network difficulty. Rent from a creditworthy tenant offers predictable cash flow, effectively turning CleanSpark into an infrastructure landlord. Crucially, the company is not abandoning its core business; it produced a record 614 bitcoin in early July and holds a treasury of 13,924 bitcoin.

The Georgia lease may be just the beginning. CleanSpark and the tenant have also signed a letter of intent and exclusivity arrangement covering the miner's entire Texas portfolio, which includes up to 885 megawatts of secured and planned power capacity. Converting those planned sites into firm contracts would significantly accelerate the firm's transformation into an AI and cloud infrastructure provider.

Wall Street analysts have endorsed the strategic shift. Citizens initiated coverage with an Outperform rating and a $27 price target, while Chardan lifted its target to $19 from $16 and maintained a Buy rating. Both firms framed the lease as proof that CleanSpark can monetize its power and land assets beyond the crypto market. Shares initially jumped more than 20% in pre-market trading before settling to a 9% gain on the day.

The transition still carries significant execution risk. Management must successfully bring the 175-megawatt Georgia facility online before the end of 2027 and navigate the process of turning the Texas letter of intent into binding agreements. However, the underlying asset base remains robust, with operational hashrate recently hitting a company high of 50 exahashes per second.