CleanSpark stock jumps after $6.6B Georgia data-center lease
CleanSpark shares jumped about 22% after the company signed a 20-year triple-net lease for a 175 MW data center in Sandersville, Georgia, projected to yield $6.6 billion.
CleanSpark announced a 20-year triple-net lease for a 175-megawatt data center on its Sandersville, Georgia campus that the company estimates will generate about $6.6 billion in contracted revenue over the initial term.
The lease names the tenant as an undisclosed investment-grade global technology company. Under the agreement, the tenant will install computing equipment at the Sandersville site. The company expects phased deliveries of that equipment to begin in the fourth quarter of 2027.
CleanSpark said the contract includes two five-year extension options. If the tenant exercises both options, the company estimates contracted revenue would rise to about $11.6 billion and the arrangement would run for 30 years.
The agreement is structured as a triple-net lease, which places responsibility for property taxes, insurance and maintenance on the tenant rather than the landlord.
Shares of CleanSpark rose as much as 22% to an intraday high of $15.10 following the announcement and were trading roughly 11% higher later in the session.
The company reported a fiscal second-quarter net loss of $378 million earlier this year, attributing nearly 60% of that loss to a decline in the price of Bitcoin. In February, CleanSpark sold a portion of its Bitcoin holdings to help fund operations and growth initiatives, while maintaining an overall position among the larger publicly traded holders of the cryptocurrency. Publicly traded Bitcoin miners sold about 15,000 BTC between October and the end of February.
Analysts expect CleanSpark to report fiscal third-quarter results on Aug. 6. Consensus estimates project a loss of $0.25 per share for the quarter, compared with earnings of $0.79 in the same quarter a year earlier. The company has missed Wall Street estimates in each of the last three quarters.
CleanSpark described the lease as part of its expansion into data center and digital infrastructure customers beyond its core Bitcoin mining operations. Financial details beyond the estimated contracted revenue were not disclosed and the tenant’s identity remains private.
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