u/Calm_Policy_464

CleanSpark just dropped the announcement. Here are the key numbers:

The deal

•	20-year triple-net (NNN) lease with a high-investment-grade global technology company  
•	$6.6 billion contracted revenue over the initial 20-year term  
•	$11.6 billion if both five-year extension options are exercised  
•	175MW of critical IT load, first deliveries Q4 2027  
•	Average annual NOI of \~$330 million at nearly 100% margin  
•	Development cost of $10-12M per MW — disciplined relative to peers

The kicker everyone needs to focus on
The tenant has signed a letter of intent and exclusivity arrangement covering CleanSpark’s entire Texas portfolio — 718 acres, up to 885MW across Sealy and Brazoria. Sandersville is explicitly described as “the first chapter of a substantially larger relationship.”

This is not a single site deal. Total relationship value if Texas executes could approach $15-20 billion.

How it compares to peers

•	Longer duration than any comparable deal in the sector (20 years vs typical 10-15)  
•	Triple-net structure means \~100% NOI margin — exceptional  
•	Texas exclusivity LOI puts this in a different category to Core Scientific, TeraWulf, and Hut 8 announcements  
•	Morgan Stanley advised — institutional quality execution

The tenant
Still confidential. High-investment-grade global technology company. Conference call today at 11am ET — analysts will push hard on identity.

For those who were following my DD posts
The signals were all there. Accenture PMO in a town of 5,000 people. A city council utility amendment tabled on June 15th. NVIDIA Partner Network architect in Washington County. CleanSpark hiring construction lawyers and technical accounting managers. It all pointed here.

Following my post last week, significant new evidence emerged last night.

Sandersville City Council meeting — June 15th

The City of Sandersville held a public council meeting last night with agenda item 7 being a motion to approve a second amendment to the electric service contract between the City and CleanSpark.

https://www.sandersvillega.org/agenda-center

You can follow the link to YouTube for the live recording.

It was however, tabled. Reason given: “contract still being worked on.”

This is actually more informative than if it had passed quietly. You don’t put a utility amendment on a city council agenda unless you expect to need it imminently. Tabling it suggests the commercial lease is in final negotiation.

Timeline implications…

Sandersville City Council seems to meet twice a month. The amendment will likely come back at the next meeting late June or early July.

However, if a deal were to go through, Cleanspark would be required to file an 8-K but that doesn’t require the city amendment to pass first. But the tabling on yesterday’s City council meeting suggests final lease terms aren’t quite done.

Realistically: lease signed and 8-K filed sometime in July.

I think insiders / traders thought a deal was close based on options flow. CLSK saw notable straddle positioning this week on $16.50 strike expiring June 18th, both calls and puts surging simultaneously. Classic binary event positioning. Someone expects a significant move either direction very soon.

I’ve been doing some digging on CleanSpark’s Sandersville, Georgia site and the hiring activity around it tells a pretty clear story.

Background
CleanSpark has 250MW of live power at Sandersville and recently acquired an additional 122 acres for a greenfield data centre build. On their Q2 earnings call (May 11), management confirmed a lead hyperscaler tenant in advanced negotiations with “a few sticking points remaining.”

What I found on LinkedIn this week

Accenture Infrastructure & Capital Projects has posted 8 roles in Sandersville, GA in the last 1-5 days:

•	Senior Project Manager  
•	Assistant Project Manager  
•	Project Controls Manager  
•	Senior Scheduler  
•	Health & Safety Manager  
•	Document Control Manager  
•	Construction Design Manager  
•	Administrative Assistant

This isn’t a planning exercise. A full PMO doesn’t get stood up in a town of 5,000 people without a signed or effectively signed contract.

Digging a bit deeper

NVIDIA just posted a Partner Network Solutions Architect role in Washington County, GA the county Sandersville sits in. NPN architects go where the hardware is going.

CleanSpark itself has also posted a Senior Corporate Counsel – Construction role at $250k, specifically to manage EPC and design-build contracts. You don’t hire that ahead of a deal.