CleanSpark Closes $2.276 Billion Notes Sale for Georgia Data Center
CleanSpark closes $2.276 billion notes sale for its Georgia data center
CleanSpark closed a $2.276 billion sale of senior secured notes on Sept. 25, 2026, to pay for its data center in Sandersville, Georgia. The notes carry yearly interest of 7.875%. CleanSpark is a Bitcoin miner, meaning it runs computers that help secure the Bitcoin network and earns bitcoin for that work.
The notes were sold by CSDC Finance I, a company wholly owned by CleanSpark. According to the closing filing, the money will finish construction, reimburse CleanSpark for money it put in earlier, and fund reserves set aside for debt payments.
The closing completes an offering that was priced on Sept. 18, 2026.
Key numbers from the deal
- Size: $2.276 billion in senior secured notes, issued at 98.5% of face value.
- Interest: 7.875% a year. At the starting principal, that works out to about $179.2 million in yearly interest, based on The Defiant's calculation of principal multiplied by the rate.
- Maturity: Oct. 1, 2031.
- First interest payment: April 1, 2027.
- Debt-service reserve: an initial $327 million under the indenture, the legal agreement behind the notes. That money is set aside for creditors rather than construction.
- Project: 175 megawatts of capacity under a 20-year lease. CleanSpark expects the project to bring in about $6.6 billion in contracted revenue.
What backs the notes
Lenders receive first-priority liens — a legal claim on assets if the borrower fails to pay — on almost all assets of the issuer and its subsidiary, CSRE Properties Sandersville, apart from some exclusions. They also receive all equity interests in the issuer. CSRE Properties guarantees the notes.
The indenture names Anviran LLC as the data center tenant and Meta Platforms as the provider of a limited parent guarantee covering the tenant's lease payments. That lease guarantee is separate from CSRE Properties' guarantee of the notes.
CleanSpark has also promised to pay for any completion shortfall if the note money and other available funds are not enough. The company said it had fully funded its expected equity contribution by August, and the new borrowing finances the rest of the buildout.
How the borrowing fits CleanSpark's current debt and mining
The new debt adds cash interest. CleanSpark's June-quarter filing showed $1.81 billion in total debt principal, including $1.15 billion of unsecured convertible notes due in 2032 that pay no regular interest, known as a 0% coupon.
In the nine months ended June 30, CleanSpark used $409.3 million of cash in operating activities. That figure does not include cash from selling mined bitcoin. The company separately reported $471.3 million in proceeds from bitcoin sales and option settlement under investing activities.
Its mining operations averaged 38.3 exahashes per second in August, a unit of computing power. At the end of the month it held 13,703 BTC, including 3,951 BTC posted as collateral or recorded as receivables tied to derivatives.
What is confirmed
- The notes offering closed on Sept. 25, 2026, after being priced on Sept. 18.
- The notes total $2.276 billion, were issued at 98.5% of face value, carry 7.875% yearly interest and mature on Oct. 1, 2031.
- The issuer is CSDC Finance I, a wholly owned CleanSpark subsidiary, and CSRE Properties Sandersville guarantees the notes.
- CleanSpark must fund any completion shortfall if the financing and other available funds fall short.
Figures that are expectations, not results
The $6.6 billion in contracted revenue is an amount CleanSpark expects the project to generate, not a reported result. The start of capacity deliveries in the fourth quarter of 2027 is also a company expectation.
The $179.2 million annual interest figure is The Defiant's own calculation. It does not include principal repayments, which are scheduled to begin after the project's final commencement date under a debt-service coverage formula.
Why the deal matters
The financing adds regular cash interest payments on a scale that differs from CleanSpark's older convertible debt, where $1.15 billion of notes carry a 0% coupon. It also supports the company's expansion into leased computing infrastructure, with the Sandersville project backed by a 20-year lease. At the same time, CleanSpark keeps the obligation to cover any cost overrun at the site.
What happens next
The first interest payment on the notes is due April 1, 2027. CleanSpark expects deliveries of the Sandersville capacity to begin in the fourth quarter of 2027.
Sources
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