CleanSpark’s July 14 8-K puts landlord build costs at $10-$12M per MW, so Sandersville needs roughly $1.75-$2.1B before Q4 2027 against projected annual NOI of $330M. The investment-grade tenant and NNN structure make that capex debt-financeable, but $CLSK holders are swapping mining beta for construction leverage across 175 MW, while the tenant’s Texas exclusivity covers another 885 MW.

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