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CleanSpark has signed a 20-year triple-net lease with an unnamed counterparty at its Sandersville, Georgia data centre campus, generating $6.6 billion in contracted revenue over the initial term and up to $11.6 billion if both five-year extension options are exercised. The tenant is described only as a “high-investment grade, leading global technology company” — a description consistent with a handful of hyperscalers and frontier AI labs operating at that credit tier.

Infrastructure begins deploying in Q4 2027. The lease covers 175 MW of critical IT load, making Sandersville a single-tenant campus for whatever the unnamed buyer is running.

The Texas Clause

What lifts this beyond a single campus deal is the accompanying letter of intent and exclusivity arrangement covering CleanSpark’s full Texas portfolio: 718 acres with up to 885 MW of secured and planned power capacity. That clause effectively gives the unnamed tenant the first and last word on CleanSpark’s entire Texas footprint before any third party can bid.

The Sandersville commitment is framed explicitly as “the first chapter of a substantially larger relationship.” If the Texas LOI converts to a signed lease at similar density — 885 MW vs the 175 MW in Georgia — the total contracted revenue across both sites would reach a figure well into the tens of billions over comparable lease terms.

Who Fits the Profile

CleanSpark has not named the tenant and the announcement does not identify the company. What is known publicly:

• The buyer is investment-grade rated — which in practice means one of the hyperscalers (Amazon, Google, Microsoft) or a lab with a major balance sheet backer (Anthropic, backed by $65B in Series H commitments; OpenAI, backed by Microsoft’s $13B stake)
• The buyer needs 175 MW in Georgia with a four-generation build path in Texas
• The buyer committed to exclusivity on CleanSpark’s full Texas pipeline before signing at Sandersville

Anthropic has been active in long-term data centre leases: it signed a $19B, 20-year lease with TeraWulf in Kentucky earlier this year and has a stated commitment to $200B with Google Cloud over five years. Google has separately been financing Anthropic’s infrastructure expansions. Amazon committed $25B to Anthropic and is the largest institutional cloud backer.

CleanSpark is a former Bitcoin miner that has been converting capacity for AI compute. The $6.6B lease is the largest commercial validation of that pivot to date.

Infrastructure Deal Context

The deal arrives against a backdrop of growing divergence between announced AI data centre projects and those that will actually be built. Sightline’s most recent analysis found 61 GW of announced US AI capacity, with only around 40% expected to reach construction. Long-term triple-net leases with investment-grade credit behind them — such as this one — are a different category from letters of intent with development-stage companies.

CleanSpark’s share price rose sharply on the announcement. The company has not scheduled a call to discuss the tenant identity.

What Comes Next

The exclusivity clause on the Texas portfolio introduces a structural question for competing data centre developers in the region: CleanSpark’s 885 MW of Texas capacity is temporarily off the market while the unnamed buyer evaluates and potentially converts the LOI. If conversion happens, the same tenant controls roughly 1.06 GW across Georgia and Texas — a scale that narrows the list of credible counterparties significantly.