NEW YORK, July 14, 2026, 12:07 EDT
- Shares rose 10.3% after jumping as much as 24.3%, surrendering 57.5% of their peak gain by 11:52 a.m. EDT.
- Company and market data imply about $1.89 million of average annual lease contribution per megawatt, roughly 3.2 times a June bitcoin-mining snapshot.
CleanSpark, Inc. NASDAQ:CLSK shares rose 10.3% to $13.64 in late-morning trading on Tuesday after the bitcoin miner signed a 20-year data-center lease carrying $6.6 billion of expected revenue. The stock had reached $15.36 before giving back more than half of its early advance. The fade shifted attention from contract size to the cost of delivering it.
The agreement covers 175 megawatts of critical IT load — power available to computing equipment — at CleanSpark’s Sandersville, Georgia, campus, with initial deliveries expected in the fourth quarter of 2027. It is a triple-net lease, meaning the tenant bears most property operating costs, and includes annual rent increases. CleanSpark expects an average annual net operating income contribution of about $330 million. The terms look strong on paper.
That works out to about $1.89 million per megawatt per year. CleanSpark produced 614 bitcoin in June and reported 808 MW of utilized capacity at peak; valuing that output at Tuesday’s bitcoin price of about $64,677 gives an annualized gross value of $476.5 million, or roughly $590,000 per utilized megawatt. On that snapshot, Sandersville offers about 3.2 times the value density. The power is being repriced.
| Per-megawatt comparison | Sandersville lease | June mining snapshot |
|---|---|---|
| Power base | 175 MW | 808 MW utilized |
| Annualized value | $330 million average property-level contribution | $476.5 million gross bitcoin output |
| Value per MW-year | $1.89 million | About $590,000 |
| Relative value density | 3.2 times | 1.0 time |
The comparison is not like-for-like. The lease number averages rents, including annual increases, across two decades and does not begin until late 2027, while the mining calculation values one month’s production at a single bitcoin price and deducts no power cost. It is a directional measure, not a forecast. The gap still explains the strategy.
Bitcoin was up 3.4%, but directly connected mining peers did not share CleanSpark’s gain. Riot Platforms, Inc. NASDAQ:RIOT slipped 0.1%, while MARA Holdings, Inc. NASDAQ:MARA fell about 0.5%. The spread suggests the move was driven mainly by the lease rather than the cryptocurrency rally.
| Market snapshot, 11:52 a.m. EDT | Price | Day move | Market value |
|---|---|---|---|
| CleanSpark NASDAQ:CLSK | $13.64 | +10.3% | $3.10 billion |
| Riot Platforms NASDAQ:RIOT | $20.16 | -0.1% | $7.01 billion |
| MARA Holdings NASDAQ:MARA | $12.13 | -0.5% | $4.61 billion |
The headline contract value is about 2.1 times CleanSpark’s market capitalization, though that is nominal revenue spread across 20 years, not its value today. More immediate is CleanSpark’s estimated landlord cost of $10 million to $12 million per megawatt, implying a total build of $1.75 billion to $2.10 billion. That equals roughly 56% to 68% of its current market value and is close to, or above, its last reported $1.8 billion of long-term debt. The contract is large; the check comes first.
Analyst models show how much the financing structure matters. BTIG expects debt to fund about 90% of the project at an interest rate near 6%, while H.C. Wainwright used an 80% debt assumption on estimated spending of $1.93 billion. Those cases imply an equity contribution of roughly $193 million to $386 million, equal to 74% to 148% of CleanSpark’s $260.3 million cash balance at March 31, before bitcoin holdings or other liquidity. Financing terms may decide whether new equity is required.
Chief Executive Matt Schultz called the lease “a transformational moment” that would “complete our evolution into a diversified digital infrastructure platform.” The tenant remains unnamed, but CleanSpark described it as a global technology company with a high investment-grade credit profile, which the company said should widen its financing options. The confidentiality limits investors’ ability to assess customer concentration independently. Credit quality matters. CleanSpark
Mike Colonnese at H.C. Wainwright also called the agreement “a transformational moment” and retained a Buy rating and $22 target. The tenant separately signed a letter of intent and exclusivity arrangement covering up to 885 MW in Texas; Colonnese’s firm estimated that portfolio could support 610 MW of critical load and $1.15 billion of annual revenue at Sandersville pricing. That is an analyst scenario, not contracted backlog. The option is real; the revenue is not. StreetInsider.com
But the risks are front-loaded. CleanSpark’s regulatory filing said missed financing, construction or delivery milestones could trigger rent reductions or termination, while the project still requires substantial capital, equipment, approvals and reliable power. The two lease extensions are optional, and the Texas arrangement may not become a final lease. With deliveries more than a year away, near-term results remain tied mainly to bitcoin mining. Timing matters here.
About 42.1 million CleanSpark shares had traded by 11:52 a.m., 3.5 times Monday’s full-session volume of 11.9 million. The price was also 11.2% below its intraday high. Investors rewarded the new economics but withheld a full revaluation pending evidence that CleanSpark can fund and build the campus on schedule. Financing is now the next test.
