$6.6 billion NNN lease anchors CleanSpark data center in Sandersville, Georgia
A twenty-year triple-net lease with a high-investment-grade global technology company places $6.6 billion in contracted revenue on CleanSpark's (CLSK) books, with extension options that could lift that figure to $11.6…
A twenty-year triple-net lease with a high-investment-grade global technology company places $6.6 billion in contracted revenue on CleanSpark's (CLSK) books, with extension options that could lift that figure to $11.6 billion. The deal covers 175 MW of critical IT load at a data center in Sandersville, Georgia, with capacity deliveries expected to begin in Q4 2027. The tenant has already executed a letter of intent.
The revenue structure
Triple-net means the tenant bears property taxes, insurance, and maintenance costs, leaving CleanSpark with revenue that carries fewer operating variables than a gross lease would generate. That structure shifts the cost-management burden to the tenant for the full duration of the term. Over the base twenty-year period, the contracted total is $6.6 billion. Extension options bring the potential ceiling to $11.6 billion.
The 175 MW of critical IT load sets the contract's commercial scale. Committing to that volume of capacity typically requires a tenant with a long planning horizon and confidence in its own infrastructure roadmap, which makes the credit quality of the counterparty a central detail for anyone sizing up the contract risk.
The tenant question
CleanSpark has not disclosed the counterparty's name, identifying it only as a high-investment-grade global technology company. That credit characterization carries real weight here. Investment-grade status reflects formal ratings tied to default probability, and the "high" qualifier places the tenant at the upper end of that spectrum. For a twenty-year NNN commitment at this scale, counterparty credit quality is how the revenue certainty case gets made.
A letter of intent is executed. The distinction between a letter of intent and a definitive agreement matters: one records intent, the other creates contractual obligation. The binding definitive agreement is the next threshold this deal needs to clear.
What to watch next
Q4 2027 is the first delivery target for capacity at the Sandersville facility. Between now and then, the nearer event is the signing of a definitive agreement, which would convert the $6.6 billion from an intent-backed figure to a formal contractual commitment. That filing or announcement is what shifts the tape from conditional to confirmed.
Related reading
Filed via prnewswire.com