Cleanspark locks $6.6 billion data-center lease
The bitcoin miner-turned-infrastructure firm swung to a $378.3 million quarterly loss as it pivoted to AI hosting.
The digital-infrastructure provider Cleanspark (CLSK) secured a 20-year triple-net lease with a high-investment-grade global technology company for its Sandersville, Georgia data center, generating $6.6 billion in contracted revenue over the initial term. The deal, disclosed alongside second-quarter results, marked the company’s largest commercial commitment since abandoning its bitcoin-mining roots for a diversified hosting model.
The pivot drove a sharp reversal in financial performance. Revenue fell 24.9% year-over-year to $136.4 million in the quarter ended March 31, 2026, erasing the 11.6% growth posted three months earlier. Net loss widened to $378.3 million from $138.8 million in the same period a year earlier, while adjusted EBITDA swung to a $241.2 million deficit from a $57.8 million shortfall.
Management attributed the losses to accelerated capital deployment in power and land assets. The company’s portfolio expanded to 1.8 GW of secured and planned capacity, up from 1.3 GW at the end of November 2025. In Texas, Cleanspark entered an exclusivity arrangement covering its entire 885 MW of ERCOT-approved and planned capacity, doubling the megawatts under contract year-over-year.
Liquidity tightened alongside the build-out. Cash fell to $260.3 million from $458.1 million sequentially, while bitcoin holdings declined to $925.2 million from $1.0 billion. Long-term debt rose to $1.8 billion, up from $1.79 billion in the prior quarter and $644.6 million at the end of fiscal 2025.
The company stopped reporting bitcoin-mining metrics in the quarter, a break from prior disclosures that had tracked hashrate and production growth. Data-center monetization is the core focus, with the Sandersville lease serving as the anchor tenant for the new strategy.
Cleanspark offered no formal guidance for the current quarter. The company expects to close the Texas exclusivity deal by year-end, which would unlock additional capital for further expansion.