Bitcoin miner CleanSpark secures $6.6 billion AI data-center lease commitment before closing $2.1 billion financing to build facilities.
CleanSpark has signed a 20-year triple-net lease for 175 megawatts of critical IT load at its Sandersville, Georgia campus, effective July 10. The company disclosed the agreement in a Form 8-K on July 14, estimating the initial term will have a contract value of $6.6 billion and contribute approximately $330 million in average annual net operating income. If both optional five-year extensions are exercised, the total contract value could reach $11.6 billion.
However, the lease announcement identifies no lender, committed financing amount, pricing, sponsor equity contribution, or draw schedule. The tenant is described only as a high-investment-grade global technology company, with its identity undisclosed. CleanSpark's estimate of $10 million to $12 million in landlord project costs per megawatt implies a total build cost of $1.75 billion to $2.10 billion.
This funding requirement exceeds CleanSpark's available resources. As of March 31, 2026, the company reported $260.3 million in cash and $925.2 million of Bitcoin HODL value. When combined, these figures fall short of the estimated build cost and represent only 6.7 to 8.1 times and 1.9 to 2.3 times less than the Sandersville project cost, respectively. The company also carries $1.788 billion in long-term debt and reported a $378.3 million net loss for the quarter ended March 31, which included a $224.1 million Bitcoin fair-value loss and a $38.8 million loss on Bitcoin collateral.
Phased delivery of the Sandersville project is expected to begin in the fourth quarter of 2027, though full delivery and rent-commencement schedules remain undisclosed. CleanSpark says the tenant's high-investment-grade credit profile facilitates access to financing, suggesting project financing built around the site and its tenant-backed lease may provide lenders with a contractual cash-flow basis for underwriting construction.
The lease directly ties financing to CleanSpark's execution. According to the 8-K, the company must meet applicable financing, construction, and delivery milestones, as well as other covenants and conditions. Missed milestones could result in rent abatements or lease termination, leaving any project financing dependent on CleanSpark maintaining the lease on track.
Funding options include additional corporate debt, which would raise leverage from the March 31 base of $1.788 billion; new common equity or equity-linked securities, which could dilute existing shareholders; Bitcoin sales, which would reduce treasury exposure; or Bitcoin-backed borrowing, which would preserve nominal coin ownership while adding collateral, margin, and liquidation risk. As of March 31, CleanSpark's $400 million in unused Bitcoin-backed credit lines remained undrawn and require Bitcoin collateral.
The Sandersville agreement advances CleanSpark from an AI infrastructure pitch to contracted execution, but decisive capital terms remain undisclosed. Financing terms, recourse, collateral requirements, and equity contributions will determine how much risk ultimately remains with CleanSpark and its shareholders.
A separate arrangement with the same tenant covers CleanSpark's 718-acre Texas portfolio for up to 885 megawatts of power capacity. However, that agreement exists only as a letter of intent and exclusivity arrangement, not a completed lease.