The announced deal includes a 175-megawatt data center on the Sandersville campus. If two five-year extension options are exercised, total revenue is projected to increase to $11.6 billion. In the lease agreement, the tenant undertakes insurance and regular operating expenses in addition to the rent. In this arrangement, the tenant will install its own computing infrastructure on site, with phased deliveries expected to begin in the fourth quarter of 2027.
CleanSpark stated that the tenant, although remaining confidential, is a global technology company in the highest bracket of investment grade. Matt Schultz, the company's chief executive and chairman, called the deal a transformative moment. Schultz said the company has completed its evolution into a diversified digital infrastructure platform and has begun converting its electricity portfolio into enterprise-scale revenue.
Tuesday's agreement is not limited to Georgia. The same unnamed tenant signed a letter of intent and exclusivity arrangement covering CleanSpark's entire Texas portfolio. The portfolio includes up to 885 megawatts of secured or planned electrical capacity spanning 718 acres at the Sealy and Brazoria campuses. The companies described this step as the first chapter of a much broader relationship.
According to CleanSpark, the deal's expected cumulative net operating income contribution margin will be approximately 100 percent, with an average annual net operating income contribution of around $330 million. The company, as the owner, estimates the project cost at $10 million to $12 million per megawatt of critical IT load.
The lease marks the net revenue conversion ever of CleanSpark's AI pivot, which it began signaling in October 2025. At the time, the company hired an executive who had left Humain to lead its data center expansion and began examining power sites in Georgia for large-scale conversion. The company then reported record revenue in fiscal 2025 and repositioned itself as a computing platform that can serve both Bitcoin mining and artificial intelligence workloads. This move places CleanSpark within the broad migration of Bitcoin miners towards artificial intelligence and high-performance computing infrastructure. In May, Bernstein analysts also pointed out artificial intelligence data center agreements worth more than $90 billion and listed several miners, including CleanSpark, among the winners of this demand.
On the day the news broke, CleanSpark shares were trading at around $14.45, up more than 15 percent before the session, compared to Monday's close of $12.36. The stock rose to an intraday high of $15.10. Earnings were later pulled back slightly. Meanwhile, the miner fund that monitors the sector gained less than 1 percent.
The company's expansion comes at a time when miners are under increasing pressure from falling revenues and shrinking profit margins following the 2024 halving. CleanSpark announced a quarterly loss of $378 million in March, with approximately 60 percent of this loss attributed to the decline in the price of Bitcoin. Although the company sold some of its Bitcoin holdings in February to fund operations and growth, it remains a net buyer, unlike many of its competitors, and remains one of the largest publicly traded Bitcoin holders.