CleanSpark Inc. shares rose about 15% in pre-market trading on Tuesday after the company revealed a long-term infrastructure lease at its Sandersville, Georgia campus with an unnamed global technology company.
The agreement spans 20 years and is projected to deliver approximately $6.6 billion in contracted revenue over that initial term. It also contains two separate five-year extension options that, if exercised, could expand the total contract value to about $11.6 billion.
Under the terms, the tenant will install production-grade infrastructure at the Sandersville site to support a variety of computing workloads. In parallel, the tenant and CleanSpark have executed a letter of intent and an exclusivity arrangement that covers CleanSpark's full Texas portfolio. That Texas portfolio comprises 718 acres and represents up to 885 megawatts of secured and planned power capacity.
CleanSpark's chief executive and chairman, Matt Schultz, described the transaction as transformational for the company, saying it moves CleanSpark toward a diversified digital infrastructure platform and begins monetizing the firm's power portfolio at institutional scale.
The lease is documented as a triple net agreement with annual escalators. CleanSpark provided financial expectations tied to the contract, forecasting an average annual net operating income contribution of about $330 million. The company also disclosed estimated landlord project costs in a range of $10 million to $12 million per megawatt of critical IT load.
The Texas assets subject to exclusivity were detailed by acreage and initial power capacity. The Sealy campus accounts for 271 acres with nearly 300 megawatts of capacity. The Brazoria campus covers 447 acres and already has transmission-level infrastructure in place that supports an initial 300 megawatt demand load, with potential to expand to 600 megawatts.
Morgan Stanley & Co. LLC acted as financial advisor to CleanSpark on the transaction, while Davis Polk & Wardwell LLP served as legal counsel.
Market reaction and strategic context
The pre-market rally followed the release of the lease details, reflecting investor response to the revenue visibility provided by a multi-decade, large-dollar contract and the potential upside from extension options. The structure of the lease - triple net with annual escalators - signals a landlord position with inflation-linked cash flow growth and transfer of many operating expenses to the tenant.
Summary of key transaction metrics
- Initial contracted revenue over 20 years: roughly $6.6 billion
- Potential total contract value with extensions: up to $11.6 billion
- Expected average annual NOI contribution: about $330 million
- Estimated landlord project costs: $10 million to $12 million per megawatt of critical IT load
- Texas portfolio under exclusivity: 718 acres, up to 885 megawatts of secured and planned capacity
This transaction positions CleanSpark to monetize both its power and land portfolios at scale, while providing a multi-year revenue base tied to production-grade infrastructure deployments at its Sandersville campus.