CleanSpark has been telling investors for a while that its land and power portfolio was worth more than the Bitcoin it was pulling out of it. On July 14, 2026, it got someone to put real money behind that argument.
The company signed a 20-year triple-net lease at its Sandersville, Georgia campus, covering 175 megawatts of critical IT load. The tenant is described as a high-investment-grade global technology company. The initial lease term is projected to generate roughly $6.6B in revenue, climbing to $11.6B if the tenant exercises two five-year extension options.
How the deal actually works
Triple-net leases are the commercial real estate equivalent of a landlord’s dream. The tenant covers operating expenses, taxes, and insurance, leaving the property owner with nearly pure income.
CleanSpark estimates landlord project costs at roughly $10M to $12M per megawatt to build out the facility. In exchange, the company expects a near-100% net operating income contribution margin, translating to approximately $330M in average annual NOI over the lease term.
