CleanSpark signs $6.6B Sandersville AI lease; $1.75B–$2.1B needed

CleanSpark agreed to a 20-year triple-net lease to host 175 megawatts of AI infrastructure at its Sandersville, Georgia, campus and estimates it must secure $1.75 billion to $2.10 billion to construct the data center.

The company disclosed the agreement in an SEC Form 8-K. The lease covers a 20-year initial term, two optional five-year extensions and annual rent escalators. CleanSpark values the initial term at $6.6 billion and says the contract could reach $11.6 billion if both options are exercised. The tenant is described in the filing as a “high-investment-grade global technology company” and remains unnamed. Phased deliveries are expected to begin in the fourth quarter of 2027.

The triple-net lease assigns costs, charges and indemnities specified in the contract to the tenant. Separately, CleanSpark estimates landlord project costs at $10 million to $12 million per megawatt. At that range, building 175 MW implies a construction cost of about $1.75 billion to $2.10 billion. The Form 8-K does not identify committed lenders, pricing, sponsor equity contributions or a draw schedule. The filing notes the tenant’s credit profile “facilitates access to financing.”

CleanSpark reported $260.3 million in cash and $925.2 million in company-defined Bitcoin HODL value as of March 31, 2026. Long-term debt on that date was $1.788 billion and total liabilities were $1.927 billion. The company’s calculated Sandersville cost equals roughly 6.7 to 8.1 times the cash balance, 1.9 to 2.3 times the HODL value and about 98% to 117% of long-term debt.

For the quarter ended March 31, CleanSpark reported a net loss of $378.3 million, which included a $224.1 million fair-value loss on Bitcoin and a $38.8 million loss related to Bitcoin collateral. The filing shows $400 million in unused Bitcoin-backed credit lines and a $1.769 billion net carrying balance for zero-coupon convertible notes. The filing also notes that coins pledged as collateral are encumbered.

The 8-K sets financing, construction and delivery milestones and other covenants as conditions of the lease. The filing states failures to meet applicable milestones may result in rent abatements or termination. The company identified potential financing paths that include project financing secured by the site and tenant-backed lease or corporate funding through additional debt, equity or Bitcoin sales. Protections for lenders and investors would depend on final terms and could include sponsor guarantees, corporate recourse, Bitcoin collateral or sponsor equity.

CleanSpark disclosed a separate letter of intent and exclusivity agreement with the same tenant covering a 718-acre Texas portfolio and up to 885 MW of secured and planned power capacity. That agreement is not a signed lease and is not part of the company’s contracted pipeline.

The $6.6 billion contract value represents the initial 20-year term and remains conditional on financing, construction schedules, meeting delivery milestones and any tenant exercise of option periods, according to the company’s SEC filing.