Bitcoin miner CleanSpark signed a $6.6B AI lease before securing the $2.1B required to build it
CleanSpark signed a binding 20-year triple-net AI infrastructure lease for 175 MW at its Sandersville, Georgia campus with a high-investment-grade global technology tenant. The initial term is valued at about $6.6 billion and could reach $11.6 billion if both five-year extensions are exercised. CleanSpark estimates landlord project costs of $10 million to $12 million per MW, implying a total build of roughly $1.75 billion to $2.10 billion. That cost far exceeds CleanSpark’s March 31 liquidity profile, including $260.3 million in cash and $925.2 million in company-defined Bitcoin HODL value, alongside $1.788 billion in long-term debt. No lender, committed financing amount, equity contribution, or draw schedule has been disclosed. Phased deliveries are expected to start in Q4 2027, but full timing and rent commencement remain unclear. The main open question is whether funding comes from lease-backed project finance or shifts more leverage, dilution, or Bitcoin-collateral risk onto CleanSpark and shareholders.
