CleanSpark Closes $2.276B Debt for Meta AI Campus

CleanSpark closes 7.875% Sandersville debt

The company’s closing announcement confirms that the transaction moved beyond proposed terms. The notes carry a 7.875% annual coupon and mature in 2031.

CleanSpark initially proposed $2.227 billion on September 17, then priced the larger offering September 18. The September 25 closing is the fresh event; neither the campus lease nor the company’s AI strategy began with this announcement.

The notes were issued at 98.5% of their principal value. Applied to $2.276 billion, that implies approximately $2.242 billion before fees and expenses, a calculation based on the disclosed issue price. Calling the principal amount net construction cash would overstate what the issuer receives.

Some proceeds also reimburse earlier equity spending and fund debt reserves. Those uses mean the full offering amount is not a budget for new equipment or construction work after closing.

The September 18 pricing release describes first-priority security over substantially all issuer and project-guarantor assets, subject to exclusions, plus the issuer’s equity interests. CSRE Properties Sandersville guarantees the notes.

Secured debt gives creditors specified collateral claims. It does not make the project risk-free or turn the offering into an equity investment in CleanSpark.

The placement was directed to qualified institutional buyers and eligible investors outside the United States under securities-law exemptions. CleanSpark’s announcement says the notes are unregistered; this is different from a public stock offering available through ordinary brokerage trading.

The transaction puts a concrete example behind the sector’s AI construction funding gap. A signed tenant contract and capital to build are separate milestones, and Sandersville now has a completed debt transaction supporting its development.

Meta’s 175 MW campus still awaits delivery

CleanSpark’s September investor presentation identifies Anviran, a wholly owned Meta subsidiary, as the tenant and Meta as guarantor of rent and operating expenses. It describes 175 megawatts of critical IT capacity, a 20-year base lease and roughly $6.6 billion of contracted payments over that term.

Critical IT load measures power serving computing equipment. It should not be confused with a company’s broader land-and-power portfolio or presented as already operating AI capacity.

The presentation targets initial delivery in the fourth quarter of 2027 and lists a 3% annual rent escalator. Those are project terms and company targets, rather than a report that construction has finished or rental income has started.

The lease was entered July 10 and announced July 14. The original SEC lease disclosure described a high-investment-grade technology tenant without naming it. The later presentation supplies the Meta connection.

That July filing describes a triple-net arrangement under which the tenant pays the specified operating costs and expenses. It also says missed financing, construction or delivery milestones can lead to reduced rent or termination.

An operating-cost allocation does not remove the landlord’s responsibility to deliver the facility. This is the practical distinction between a long-duration lease and the work needed to make it produce cash.

The comparison with TeraWulf’s Anthropic lease shows how miners’ power sites are attracting technology tenants. Contract values, however, span different capacities and time periods and should not be read as cash received at signing.

CleanSpark retains completion and debt-service obligations

The completed offering replaces financing uncertainty with scheduled borrowing costs. According to the September 25 filing, interest is payable each April 1 and October 1, beginning April 1, 2027, and final maturity is October 1, 2031 unless the notes are redeemed or repurchased earlier.

Principal repayments also begin semiannually after the contractual Final Commencement Date, with amounts tied to a project debt-service coverage target. The structure links repayment to the project’s operating phase without eliminating the obligation to pay interest beforehand.

The parent completion guarantee is a separate undertaking from the project subsidiary’s note guarantee. It means CleanSpark can be required to supply additional completion funding; it should not be described as Meta guaranteeing this debt.

CleanSpark’s existing business remains exposed to bitcoin. Its third fiscal quarter results reported $138 million of mining revenue, down 30.5% year over year, and a $239.8 million net loss for the quarter ended June 30.

The same release reported $202.6 million of cash and $814.9 million of bitcoin holdings, including collateral arrangements, at that date. These are historical balance-sheet figures, not cash and token balances after the September financing.

That distinction prevents a misleading comparison between today’s project borrowing and an older snapshot of parent liquidity. A later consolidated report will provide a clearer view of the financing’s balance-sheet effect and any subsequent spending.

Other infrastructure deals, including MARA’s planned Texas campus, similarly require delivery milestones before advertised power becomes useful operating capacity. For Sandersville, completion funding and the start of tenant service remain the relevant tests.

Alternative.me’s Crypto Fear and Greed Index recorded 74, or Greed, September 28. It measures broad crypto sentiment, rather than the credit quality of this project.

The closing announcement does not establish a finished campus or disclose a final reconciliation of cash available for each use. The next checkpoints are construction updates, the April 2027 interest payment and the company’s targeted late-2027 initial delivery.