CleanSpark shifts to digital infrastructure landlord model

CleanSpark signed a 20-year triple-net lease at its Sandersville, Georgia, campus with a leading global technology company. This agreement is worth $6.6 billion in contracted revenue, or $11.6 billion if the tenant exercises two five-year extension options. The contract provides 175 MW of critical IT load with deliveries beginning in Q4 2027. It produces an average annual net operating income of $330 million with nearly 100% margins. This lease moves the company from a Bitcoin mining focus to a digital infrastructure landlord model. You should watch the construction costs for these heavy density builds. The Sandersville campus has a population of under 6,000 residents in central Georgia. CleanSpark bought the Sandersville site in September 2022 for $33 million. This facility is part of a portfolio that includes twelve data centers in Georgia, three in Mississippi, and one in Wyoming. The facility was previously an 80 MW site bought from Mawson Infrastructure. The Municipal Energy Authority of Georgia is building a 200 MW substation and related infrastructure to power the additional capacity. This expansion is massive compared to the 25 MW used by the city of Sandersville. The town previously shifted from kaolin production to Bitcoin mining.

Comparing power portfolios and Wyoming wins

CleanSpark manages 1.8 GW of power, land, and data centers across the United States. The company recently beat Microsoft to a 100 MW site in Cheyenne, Wyoming. This deployment took only six months, while building a proper AI data center usually takes three to six years. Riot Platforms has 50 MW of capacity contracted with AMD. CleanSpark’s Wyoming footprint includes a 45 MW site that adds 3 EH/s to the total hashrate.

CleanSpark held 13,931 Bitcoin in its treasury as of July 31, 2026. It produced 586 Bitcoin in July 2026. The operational hashrate reached 50 EH/s that month. Total revenue for the third quarter was $138.0 million, which missed the expected $142 million consensus. This revenue shortfall occurred even as the stock price moved within an $11 to $13 range in early September. CleanSpark’s market capitalization is $3.7 billion. Riot Platforms has a market capitalization of $8.9 billion. CleanSpark’s deployed fleet included 230,507 miners in July 2026. The average price per bitcoin sold was $66,133, and the company sold 350 Bitcoin through call exercises. The company utilized 808 MW to support its fleet with a peak efficiency of 16.07 J/Th. Major shareholders like BlackRock and Vanguard hold 4.45% and 4.05% of the company, respectively.

Technical hurdles and the AI pivot

The pivot to AI hosting requires massive capital. High-density workloads create extreme heat that air cooling systems cannot handle. CleanSpark partnered with Submer to deploy liquid-cooled, high-density infrastructure. This strategy manages the heat from GPU-heavy racks. The company also maintains Bitcoin mining to provide flexible, interruptible loads for the grid. This flexibility allows the company to power down during grid stress to help the utility. The landlord project costs are $10 million to $12 million per MW, meaning the company needs to deploy roughly $1.75 billion to $2.1 billion to meet the 175 MW demand before the Q4 2027 delivery date. The company also has an exclusivity arrangement for its Texas portfolio, which includes 718 acres and up to 885 MW of power. The Texas assets include the Sealy campus with 300 MW and the Brazoria campus with 300 MW. CleanSpark also acquired rights to 271 acres in Austin County. The company has 1.7 gigawatts in its development pipeline. Residents in Georgia have reported noise from Bitcoin mines, and the Sandersville site could impact students at the Oconee Fall Line Technical College. An investigation by the New York Times and WattTime found the Sandersville site used 91% fossil fuel energy. Will the massive capital requirements for these facilities impact the long-term ability to maintain high margins?