CleanSpark signs $6.6B AI lease with funding still unresolved

CleanSpark has secured a long-term AI data center lease that could reshape its business beyond Bitcoin mining, but the project still lacks disclosed financing. For crypto investors, that matters because any funding plan could affect the company's balance sheet, Bitcoin holdings, or shareholder dilution.

The company signed a 20-year triple-net lease on July 10 for 175 megawatts of critical IT load at its Sandersville, Georgia campus. In a July 14 Form 8-K, CleanSpark said the initial term carries an estimated contract value of $6.6 billion and could generate about $330 million in average annual net operating income. If the tenant uses both five-year extension options, the total value could reach $11.6 billion.

The problem is the build cost. Using CleanSpark's estimate of $10 million to $12 million per megawatt, the project implies landlord costs of about $1.75 billion to $2.10 billion. As of March 31, CleanSpark reported $260.3 million in cash, $925.2 million in company-defined Bitcoin HODL value, and $1.788 billion in long-term debt.

CleanSpark has not named a lender or disclosed committed financing, pricing, equity support, or a draw schedule. Phased delivery is expected to start in Q4 2027. If financing depends on corporate debt, equity issuance, Bitcoin sales, or Bitcoin-backed borrowing, the risk profile for holders could change materially.