CleanSpark says its anticipated equity contribution is funded and long-lead equipment has been ordered, while additional project financing remains necessary and its Texas sites remain under a letter of intent and exclusivity.
Published by Allstream Insiders – Efrain Garcia, Publisher
Allstream Insiders Summary
CleanSpark is advancing a 175-megawatt AI data center in Sandersville, Georgia, under a 20-year infrastructure lease with a confidential global technology company. The company values the initial lease term at approximately $6.6 billion and expects delivery of critical information-technology capacity to begin during the fourth quarter of 2027.
In its fiscal third-quarter update, CleanSpark said it had ordered and prepaid the long-lead equipment needed to support the project’s ready-for-service schedule. The company also said the equity contribution it currently anticipates for Sandersville had been fully funded.
That statement does not mean the entire Sandersville project is fully financed. CleanSpark’s Form 10-Q says the company expects to require additional funds, likely through project-based debt financing, to complete the data center buildout.
CleanSpark also has a letter of intent and exclusivity arrangement with the same tenant covering its 718-acre Texas portfolio, which includes the Sealy and Brazoria campuses and up to 885 MW of secured and planned power capacity. The Texas arrangement is not an executed infrastructure lease or a disclosed final investment decision.
What Did CleanSpark Report About the Sandersville Project?
CleanSpark reported three principal execution updates for the Sandersville AI Campus: a signed 20-year lease, funding of the company’s anticipated equity contribution and the ordering and prepayment of long-lead equipment.
The infrastructure lease was executed on July 10, 2026, with two optional five-year extensions. CleanSpark said the undisclosed tenant is a high-investment-grade global technology company that plans to deploy production-grade infrastructure for a range of computing workloads.
The company expects the lease to provide approximately $6.6 billion of contract value over its initial 20-year term. CleanSpark has also disclosed potential contract value of up to $11.6 billion if the tenant exercises both five-year extension options. The extension value is conditional and should not be treated as guaranteed.
CleanSpark expects delivery of the project’s 175 MW of critical information-technology load to begin during the fourth quarter of 2027. That schedule remains a company target and is subject to financing, construction, equipment, regulatory and power-availability requirements.
“We remain focused on the commercialization of our existing assets and the acquisition of scalable infrastructure,” CleanSpark CEO and Chairman Matt Schultz said.
Sandersville Project Cost Is Expressed on a Per-Megawatt Basis
CleanSpark previously estimated landlord project costs at approximately $10 million to $12 million per megawatt of critical information-technology load.
The company has not presented that estimate as a fixed, all-in construction budget. Allstream has therefore not multiplied the per-megawatt estimate into a purported total project cost. CleanSpark identifies project financing, construction costs, equipment availability, permitting and electrical-power availability as factors that could affect execution.
CleanSpark said its anticipated equity portion of the project had been fully funded as of the fiscal third-quarter update. Its Form 10-Q separately states that the company expects to raise additional funds—likely through project-based debt financing—to facilitate the buildout.
The two statements describe different portions of the financing plan: the currently anticipated equity contribution and the additional financing expected to complete development.
Construction Agreement and Long-Lead Equipment Support the Schedule
CleanSpark entered into a construction agreement when it executed the Sandersville lease. Its Form 10-Q says a third party is expected to lead development of the project, although CleanSpark has not publicly identified that party in the materials reviewed by Allstream.
The third-quarter release states that CleanSpark had ordered and prepaid all long-lead items needed to meet the Sandersville ready-for-service date. The company did not identify the equipment, manufacturers, suppliers, purchase-order values or delivery dates.
CleanSpark’s filing says the project depends on obtaining required regulatory approvals, maintaining adequate electrical-power availability and meeting financing, construction and delivery milestones under the lease. The company also cautions that missed milestones could result in rent abatements or termination rights.
Those disclosures establish that development and procurement activity is underway, but they do not establish that every permit, financing condition or construction milestone has been completed.
Existing Bitcoin-Mining Power Is Planned for AI Data Center Use
CleanSpark said it began planning to transition the Sandersville power capacity currently supporting Bitcoin mining to the AI data center project after the lease was signed.
The company expects to continue using the existing Sandersville site for Bitcoin mining until the lease commencement date. It currently expects to fully decommission the site’s existing Bitcoin-mining operations during fiscal 2028 as power is redirected to the Sandersville AI Campus.
The transition schedule is a company expectation rather than a completed operational change. CleanSpark said it was still evaluating the effect on the existing mining infrastructure when it filed the Form 10-Q.
Texas Portfolio Remains Under Exclusivity
The Sandersville tenant also executed a letter of intent and exclusivity arrangement covering CleanSpark’s Texas portfolio.
The portfolio totals 718 acres with up to 885 MW of secured and planned power capacity:
- Sealy campus: 271 acres with nearly 300 MW
- Brazoria campus: 447 acres with transmission-level infrastructure supporting an initial 300-MW demand load and potential expansion to 600 MW
CleanSpark has not announced an executed tenant lease for either Texas campus in the disclosures reviewed for this article. The letter of intent and exclusivity arrangement should not be described as a construction authorization, final investment decision or guaranteed expansion.
CleanSpark Project and Capacity Tracker
| Site or portfolio | Location | Company-reported scale | Verified status |
|---|---|---|---|
| Sandersville AI Campus | Sandersville, Georgia | 175 MW of critical information-technology load | 20-year lease and construction agreement executed; deliveries expected to begin in the fourth quarter of 2027 |
| Sandersville initial lease term | Sandersville, Georgia | Approximately $6.6 billion of expected contract value | Company estimate across the initial 20-year term |
| Sandersville landlord project costs | Sandersville, Georgia | Estimated $10 million to $12 million per MW | Company estimate; not a fixed all-in project budget |
| Sealy campus | Austin County, Texas | 271 acres; nearly 300 MW | Covered by tenant letter of intent and exclusivity arrangement |
| Brazoria campus | Brazoria County, Texas | 447 acres; initial 300-MW demand load with potential expansion to 600 MW | Covered by tenant letter of intent and exclusivity arrangement |
| Combined Texas portfolio | Texas | 718 acres; up to 885 MW of secured and planned capacity | Exclusivity arrangement; no executed infrastructure lease disclosed |
| Companywide contracted power portfolio | Multiple U.S. states | Approximately 1,817 MW as of June 30, 2026 | Includes operating and development assets; not all capacity is leased for AI workloads |
What Has CleanSpark Not Disclosed?
CleanSpark has not publicly identified the Sandersville tenant, the third party leading development, equipment manufacturers, principal contractors or individual procurement packages in the materials reviewed for this article.
The company also has not disclosed a fixed total Sandersville construction budget or confirmed executed AI infrastructure leases for Sealy or Brazoria.
Because those details remain undisclosed, Allstream is not attributing the project to a rumored hyperscaler or presenting unannounced contractor opportunities as available work.
Allstream Insiders Perspective
CleanSpark’s third-quarter update provides tangible execution markers at Sandersville: an executed lease, a construction agreement, a funded anticipated equity contribution and prepaid long-lead equipment. The strongest project-level disclosure remains the 175-MW critical information-technology load, with deliveries expected to begin during the fourth quarter of 2027.
The financing language requires care. CleanSpark says its anticipated equity contribution is funded, while its Form 10-Q says additional project financing will still be needed. Treating the entire project as fully financed would overstate the company’s disclosure.
The Texas portfolio represents a sizable future-development pathway, but it remains at a different commercial stage. Sealy and Brazoria are covered by a letter of intent and exclusivity arrangement—not executed tenant leases or announced construction authorizations.
