Monitor the Sandersville Facility's Final Commencement Date and the timing of the first principal amortization payment (First Installment Payment Date) to gauge whether the project is on track. The debt service reserve step-down from $327M to $100M post-construction is a key milestone. The completion guarantee means CleanSpark's balance sheet is backstopping the project — any cost overruns or delays would require CleanSpark to inject additional equity.
Price Chart
Executive Summary
CleanSpark's wholly-owned subsidiary CSDC Finance I, LLC closed a $2.276 billion offering of 7.875% senior secured notes due 2031, secured by the Sandersville data center facility and guaranteed by CleanSpark via a completion guarantee. Proceeds will fund remaining construction costs, reimburse prior equity contributions, and fund debt service reserves. The transaction creates a significant new debt obligation at the subsidiary level, with CleanSpark providing a backstop completion guarantee.
Key Financial Metrics
Key Facts
- $2.276 billion aggregate principal amount of 7.875% senior secured notes due 2031 issued by CSDC Finance I, LLC
- Notes issued at 98.500% of par, maturing October 1, 2031
- Proceeds used to finance remaining cost of Sandersville Facility, reimburse prior equity contributions, and fund debt service reserves
- CleanSpark provides a completion guarantee to fund the Issuer if proceeds are insufficient for timely completion
- Initial debt service reserve required amount set at $327.0 million, dropping to $100.0 million post-construction
- Notes are senior secured obligations of CSDC Finance, not direct obligations of CleanSpark
Financial Impact
$2.276 billion in new senior secured debt at the subsidiary level, with a 1.5% original issue discount (98.500% of par) and a 7.875% coupon rate. The debt service reserve requirement of $327 million initially, stepping down to $100 million post-construction. CleanSpark's completion guarantee is a contingent liability not quantified.
Risk Factors
- Construction delays or cost overruns at the Sandersville Facility could trigger CleanSpark's completion guarantee, requiring additional equity injections
- High leverage at the subsidiary level — $2.276B in secured debt against a single data center project
- Interest rate risk: 7.875% coupon is relatively high, indicating credit risk perception
- Single-tenant concentration risk: the project relies on a lease with Anviran, LLC (a Meta Platforms affiliate) — any lease termination would trigger a mandatory repurchase offer at 100% of par
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-402944 |
| Document: clsk-20260925.htm | 0001193125-26-402944 |
| Document: clsk-ex99_1.htm | 0001193125-26-402944 |
| Document: 0001193125-26-402944-index-headers.html | 0001193125-26-402944 |
| Document: 0001193125-26-402944-index.html | 0001193125-26-402944 |
| Document: 0001193125-26-402944.txt | 0001193125-26-402944 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 19, 2026 8d ago | SC 13G/A | $8.46 $7.77 | ▼ −8.16% | ▼ −8.01% | $8.19 (−3.19%) |
Oct 19, 2026 8d ago | SC 13G/A | $8.46 $7.77 | ▲ +8.16% | ▲ +8.01% | $8.19 (+3.19%) |
Oct 19, 2026 8d ago | SC 13G/A | $8.46 $7.77 | ▼ −8.16% | ▼ −8.01% | $8.19 (−3.19%) |
Sep 25, 2026 4w ago | 8-K | $13.34 $12.48 | ▼ −6.45% | ▼ −7.65% | $8.19 (−38.61%) |
Sep 18, 2026 5w ago | 8-K | $14.76 $13.34 | ▼ −9.62% | ▼ −8.60% | $8.19 (−44.51%) |
Sep 17, 2026 5w ago | 8-K | $13.35 $14.26 | ▲ +6.82% | ▲ +6.22% | $8.19 (−38.65%) |
Aug 8, 2026 11w ago | Institutional Cluster | $11.59 $12.40 | ▲ +6.99% | ▲ +7.04% | $8.19 (−29.34%) |
Jul 30, 2026 12w ago | Press Release | $13.76 | awaiting T+5 | — | $8.19 (−40.48%) |
Jul 14, 2026 15w ago | 8-K | $13.45 $14.42 | ▲ +7.21% | ▲ +8.51% | $8.19 (−39.11%) |
US Market Status
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