The offering is a non-recourse, asset-level financing that isolates the Sandersville project from CleanSpark's corporate credit, with the Meta lease providing a high-quality cash flow stream. The illustrative 7.5% coupon and 1.275x DSCR suggest investment-grade-like terms. Monitor pricing and upsizing potential; successful execution would validate CleanSpark's data center development model and could unlock additional project-level financing for its 1.8 GW portfolio.
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Executive Summary
CleanSpark subsidiary CSDC Finance I, LLC announced a proposed $2.227 billion senior secured notes offering due 2031 to fund the buildout of the 175 MW Sandersville AI data center, which is fully leased to a Meta subsidiary under a 20-year triple-net lease with ~$6.6 billion in base-term contract value and ~$330 million average annual NOI. The offering is a non-dilutive, asset-level financing backed by a Meta-guaranteed lease, representing a significant capital markets milestone that de-risks the project's construction and establishes a new financing platform for CleanSpark's data center pipeline.
Key Facts
- $2.227 billion aggregate principal amount of senior secured notes due 2031 offered by CSDC Finance I, LLC, a wholly owned indirect subsidiary of CleanSpark
- Proceeds to finance remaining buildout of the 175 MW Sandersville Facility, reimburse CleanSpark for prior equity contributions, and fund debt service reserves
- Sandersville is a 175 MW critical IT AI data center campus under a 20-year triple-net lease (plus two 5-year extensions) to Anviran, LLC, a wholly owned subsidiary of Meta Platforms
- Base-term contract value of approximately $6.6 billion with average annual NOI of ~$330 million and near 100% NOI margins
- Phase I targeted rent commencement in Q4 2027; illustrative financials show 7.5% coupon and 1.275x DSCR amortization beginning March 2028
- CleanSpark provides a completion guarantee for the Sandersville Facility if note proceeds are insufficient
- Notes are secured by first-priority liens on substantially all assets of the Issuer and CSRE Properties Sandersville, LLC, and all equity interests of the Issuer
- Meta has a ~$1.7 trillion market capitalization and $117 billion of 1H2026 revenue
Financial Impact
$2.227 billion senior secured notes offering to fund a 175 MW AI data center with ~$6.6 billion in contracted lease payments over 20 years
Risk Factors
- Offering is subject to market conditions and may not be completed on the anticipated terms or at all
- Construction cost overruns or delays at the Sandersville Facility could trigger CleanSpark's completion guarantee obligations
- The notes are unregistered and offered only to QIBs and non-U.S. persons, limiting liquidity
- Illustrative financial projections assume a 7.5% coupon and specific amortization schedule; actual terms may differ materially
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-393758 |
| Document: clsk-ex99_2.htm | 0001193125-26-393758 |
| Document: clsk-ex99_1.htm | 0001193125-26-393758 |
| Document: 0001193125-26-393758-index-headers.html | 0001193125-26-393758 |
| Document: 0001193125-26-393758-index.html | 0001193125-26-393758 |
| Document: 0001193125-26-393758.txt | 0001193125-26-393758 |
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|---|---|---|---|---|---|
Oct 19, 2026 7d ago | SC 13G/A | $8.46 $7.77 | ▼ −8.16% | ▼ −8.01% | $7.77 (−8.16%) |
Oct 19, 2026 7d ago | SC 13G/A | $8.46 $7.77 | ▲ +8.16% | ▲ +8.01% | $7.77 (+8.16%) |
Oct 19, 2026 7d ago | SC 13G/A | $8.46 $7.77 | ▼ −8.16% | ▼ −8.01% | $7.77 (−8.16%) |
Sep 25, 2026 4w ago | 8-K | $13.34 $12.48 | ▼ −6.45% | ▼ −7.65% | $7.77 (−41.75%) |
Sep 18, 2026 5w ago | 8-K | $14.76 $13.34 | ▼ −9.62% | ▼ −8.60% | $7.77 (−47.36%) |
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Jul 30, 2026 12w ago | Press Release | $13.76 | awaiting T+5 | — | $7.77 (−43.53%) |
Jul 14, 2026 14w ago | 8-K | $13.45 $14.42 | ▲ +7.21% | ▲ +8.51% | $7.77 (−42.23%) |
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