CleanSpark jumps 15% pre-market on $6.6 billion Georgia data center lease

CleanSpark (NASDAQ: CLSK) shares climbed about 15% in pre-market trading on Tuesday after the Bitcoin miner signed a 20-year lease with an unnamed global technology company.

This deal is expected to bring in roughly $6.6 billion from its Sandersville, Georgia site, but it also concentrates risk in a single customer for the next two decades.

Who is Cleanspark’s mystery tenant?

CleanSpark (NASDAQ: CLSK) shares jumped about 15% in pre-market trading on Tuesday after the company announced that it signed a 20-year lease deal with an unnamed global technology company at its Sandersville, Georgia data center campus worth up to $11.6 billion.

The lease is a triple-net (NNN) agreement, meaning the tenant covers taxes, insurance, and maintenance on top of the rent. It even includes annual rent increases.

The company expects the deal to generate approximately $330 million in average annual net operating income over the 20-year term.

The tenant also signed a letter of intent and exclusivity agreement covering CleanSpark’s entire Texas portfolio, which includes 718 acres with up to 885 megawatts (MW) of power capacity across its Sealy and Brazoria campuses. The Georgia lease covers 175 MW of critical IT load, with deliveries expected to start in the fourth quarter of 2027.

Prior to this announcement, CleanSpark reported a net loss of $378.3 million for its fiscal second quarter that ended March 31, 2026, with revenue falling to $136.4 million.

JUST IN: CleanSpark has added 454 Bitcoin to its treasury, bringing its total holdings to 13,924 BTC. pic.twitter.com/YcEhd9p2pD

— Cryptopolitan (@CPOfficialtx) July 7, 2026

A $224.1 million markdown on its Bitcoin holdings was responsible for most of the loss. Cryptopolitan reported how the company carried a high short interest as of April, with about 34.89% of its free float being shorted.

CleanSpark only describes the tenant as a “high-investment-grade global technology company.”

The tenant’s creditworthiness is critical for a 20-year lease, so the lack of disclosure has become a point of concern for investors. The deal concentrates risk in one customer, so if the tenant faces financial trouble or changes its plans, CleanSpark could be left with a large, empty data center.

What does this deal mean for CleanSpark’s future?

The Georgia lease is a major step in furthering CleanSpark’s digital infrastructure ambitions. The company is attempting to expand from being a pure-play Bitcoin miner.

CEO Matt Schultz called the deal a “transformational moment.” The stable, long-term revenue stream is a significant change for the company from the volatile income from Bitcoin mining.

The deal also validates CleanSpark’s strategy of buying land with access to cheap, reliable power. The company plans to build out its sites and lease them to large tech companies that need vast amounts of electricity for AI and cloud computing. This is the same strategy being used by other miners like Core Scientific, IREN, and Riot Platforms (NASDAQ: RIOT).

However, the transition requires significant upfront capital. CleanSpark estimates its costs will be $10 million to $12 million per MW of critical IT load. For the 175 MW Georgia site, that implies development costs of $1.75 billion to $2.1 billion. The company has not said how it will finance this build-out.

The first major milestone for this deal will be successfully delivering the site in Q4 2027. And while the Texas exclusivity is promising, it is important to note that a letter of intent is not a binding agreement.

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