CleanSpark Signs $6.6B AI Lease, Expands Digital Infrastructure Presence

CleanSpark Inc (CLSK) has inked a $6.6 billion AI lease, solidifying its position as a digital landlord. The company's Chief Executive Officer Matthew Schultz described the deal as their most significant transaction after the quarter ended.

The agreement covers nearly 250 megawatts of gross capacity and 175 megawatts of critical IT load through a 20-year triple-net lease in Georgia with an unnamed high-investment-grade global technology company. This long-term data center lease is expected to bring in approximately $6.6 billion in contracted revenue, with two five-year extension options potentially increasing the total to around $11.6 billion over 30 years.

CleanSpark expects average annual net operating income of about $330 million under this triple-net structure, where taxes, insurance, and maintenance capital expenditures are placed with the tenant. The company is also preparing its Sandersville, Georgia campus for a data center cutover, anticipating the first ready-for-service date in the fourth quarter of 2027.

CleanSpark's Chief Business Officer Harry Sudock described the data center development as largely a greenfield project, with the existing energized substation providing some benefit. The company plans to seek project-based debt financing for most of the build-out and has already funded the equity portion.