TL;DR · 30-second read
The Short Version
CleanSpark, a company best known for mining bitcoin, wants to borrow about $2.2 billion to finish a huge building full of computers for artificial intelligence in Sandersville, Georgia.
Meta, the owner of Facebook and Instagram, has agreed to rent the building for 20 years and has promised the rent will be paid. That promise, not bitcoin, is what lenders are really betting on.
The site is due to start earning rent in late 2027. Its computers are built to use as much electricity as well over 100,000 homes.
On September 17, 2026, CleanSpark (Nasdaq: CLSK) said in an 8-K filing and accompanying press release that its wholly owned subsidiary CSDC Finance I, LLC intends to offer $2.227 billion of senior secured notes due 2031. The notes will be sold privately to large institutional investors under Rule 144A and to non-US investors under Regulation S. Proceeds will pay the remaining build-out cost of CleanSpark’s Sandersville, Georgia data center, reimburse CleanSpark for earlier equity it put into the project, and fund debt service reserves. The offering is subject to market conditions, and the interest rate has not yet been set.
An investor presentation filed with the 8-K describes Sandersville as a 175-megawatt AI campus leased for 20 years to Anviran, LLC, a Meta subsidiary, with Meta guaranteeing rent and operating expenses. Several financial outlets characterized the deal as a junk, or high-yield, bond. Blockonomi reported that CleanSpark shares rose 4.73% on Thursday to close near $13.40.
Executive Summary
CleanSpark is raising $2.227 billion of debt against one building, not against the company. The notes sit in a special-purpose subsidiary, are secured by first-priority liens on that subsidiary’s assets and the Sandersville property company, and are backed by a 20-year lease whose rent Meta guarantees. According to the investor presentation, the lease carries about $6.6 billion of base-term contract value, a 3% annual rent escalator and roughly $330 million of average annual net operating income (rent left after operating costs).
That structure matters because it lets a company whose core business is mining bitcoin borrow on the strength of a trillion-dollar tenant’s promise to pay rent. It also shows where the risk actually sits: before rent begins, which is targeted for the fourth quarter of 2027, lenders are exposed to construction, and CleanSpark’s completion guarantee is the backstop. After that, the main question becomes refinancing the notes in 2031, well before the lease ends.
For the wider AI infrastructure market, the deal is a working example of how a miner with power and land can turn a signed hyperscale lease (a lease with one of the giant cloud and AI companies) into construction financing without issuing new shares.
The Collateral Is Meta’s Rent Check, Not Bitcoin
Read the 8-K and its exhibits together and the credit story is clear: bondholders are lending against a lease. The issuer, CSDC Finance I, is a ring-fenced subsidiary. The notes are guaranteed by CSRE Properties Sandersville, which holds the facility, and secured by first-priority liens on substantially all assets of both entities plus a pledge of the issuer’s equity held by its parent, CSDC Holdings I. The tenant, Anviran, LLC, is a wholly owned Meta subsidiary, and the investor presentation names Meta as guarantor of both rent and operating expenses. The lease is described as roughly 100% triple-net, meaning the tenant bears the building’s operating costs, so almost all rent flows through to the landlord.
The numbers line up with that reading. The $2.227 billion of notes equals about a third of the roughly $6.6 billion of base-term contract value, and a little under seven times the roughly $330 million of average annual net operating income CleanSpark projects. Bitcoin’s price, mining difficulty and the halving cycle, which dominate CleanSpark’s mining economics, do not appear in that rent stream. For a high-yield investor, the relevant credit once the building is operating is Meta’s, which the presentation frames with a roughly $1.7 trillion market capitalization and $117 billion of first-half 2026 revenue.
That is the sense in which the bond rests on the lease rather than the miner. It is an inference from the structure, not a rating: the filings disclose no credit rating or coupon, and those will determine how much credit investors actually give the Meta guarantee.
The Risk Lenders Still Carry: Getting to Rent Day
A lease guarantee only pays once there is something to lease. The presentation targets Phase I rent commencement in the fourth quarter of 2027, and its own cash-flow schedule shows negligible income before 2028. Until then, bondholders are exposed to exactly the risks the presentation lists: permitting and utility constraints, construction delays, cost overruns and supply-chain problems. The proceeds include debt service reserves, which cover interest payments during that gap.
The backstop for construction is CleanSpark itself. The company will provide a customary completion guarantee, meaning it must fund the project if the note proceeds run short. During construction, then, the parent’s financial strength, which still depends heavily on bitcoin mining, matters to bondholders. The presentation cites a development cost of about $11.9 million per IT megawatt, which implies roughly $2.08 billion for 175 megawatts. The notes are sized above that because they also reimburse CleanSpark’s prior equity and fund reserves, so if the deal completes on these terms, much of the project’s cost ends up financed by debt and some of CleanSpark’s own cash comes back to the parent.
A 2031 Maturity on a 20-Year Lease
The notes mature in 2031, a little over three years after targeted rent commencement, while the base lease runs 20 years with two five-year extension options. That mismatch is common in construction-stage project financing: borrow while the asset is unproven, then refinance once it is built and paying rent. The trade-off is that CleanSpark will need to refinance about $2.2 billion around 2031, with interest rates and credit conditions at that time unknown.
A stabilized, fully leased facility with roughly 16 years of Meta-guaranteed rent remaining should be a much easier asset to refinance than a construction site. But how easy depends on the delivery date holding and on markets in 2031, neither of which the offering can lock in today.
A Template for Miners Turning Landlords
CleanSpark now describes itself as a “market-leading data center developer” controlling more than 1.8 gigawatts of power, land and data centers. Sandersville, at 175 megawatts, is a small slice of that. The structure matters more than the site: sign a lease with a highly rated tenant, ring-fence the project, borrow against the lease, and recover equity for the next site. Because the notes are straight secured debt rather than convertible securities, the announced terms involve no new shares.
One offering does not prove that high-yield markets will fund every miner’s move into AI. Few miners will bring a Meta-guaranteed lease to the table, and the pricing of this deal will show how much the tenant’s credit actually offsets the sponsor’s. For utilities, construction firms and other miners with power portfolios, the signal is narrower but concrete: the lease, not the megawatts, is what gets financed.
Background
CleanSpark, headquartered in Las Vegas, built its business mining bitcoin, using large amounts of cheap electricity to run specialized computers. It now calls itself a data center developer and says it controls more than 1.8 gigawatts of power, land and data centers across the United States. Blockonomi also reported that the company mined 593 bitcoin in August 2026 and held 13,703 bitcoin at month-end, so mining remains a large part of its business as it moves into AI hosting.
Bitcoin miners have become candidates for AI data center development because they already hold what AI builders most need: large grid connections and land zoned for industrial power use. Hyperscalers such as Meta, which reports 3.56 billion daily active people across its apps, increasingly lease that capacity instead of building every site themselves, creating long-term leases that developers can finance. Source: CleanSpark (CLSK) Stock Surges 5% on $2.2B Debt Offering for Georgia Data Center (Blockonomi) — coverage of CleanSpark’s proposed $2.227 billion notes offering for its Sandersville, Georgia data center. Primary sources: CleanSpark, Inc. Form 8-K filed September 17, 2026 (SEC EDGAR); Exhibit 99.1: Sandersville Investor Presentation, September 2026; Exhibit 99.2: CleanSpark, Inc. Announces Proposed Offering of $2.227 Billion of Senior Secured Notes.Sources