CleanSpark stock jumps after 20-year AI infrastructure lease

CleanSpark on July 14 announced a 20-year triple-net infrastructure lease with a global technology company. The contract is expected to generate $6.6 billion in revenue over the initial term and includes two five-year extension options that would raise the total to $11.6 billion.

Under the triple-net lease the tenant will cover most operating expenses. CleanSpark projects a near-100% net operating income margin from the agreement and an average annual NOI contribution of about $330 million.

The lease covers a buildout in Georgia. A separate letter of intent grants the tenant exclusivity over CleanSpark’s Texas portfolio, which totals 718 acres and up to 885 megawatts of secured and planned power capacity, including the Sealy and Brazoria campuses.

The announcement pushed CleanSpark shares higher on July 14; the stock is up about 20% year-to-date in 2026. Analysts reacted positively: BTIG reiterated a Buy rating and set a $26 price target, noting the lease implies roughly $1.9 million per megawatt per year. Clear Street also maintained a Buy rating.

CleanSpark estimates landlord development costs of $10 million to $12 million per megawatt. That places projected capital expenditure for the Georgia site between $1.8 billion and $2.1 billion before first deliveries, which the company expects in late 2027. Management will need to secure financing and meet construction milestones to convert the contracted revenue into cash flow.

In filings CleanSpark reported holding more than 13,900 bitcoins in its treasury and described the tenant as a tier-one hyperscale customer. Analysts have highlighted the lease pricing and scale while identifying execution and funding as immediate operational priorities.