• CleanSpark plans to offer $2.227bn of senior secured notes for its 175MW Sandersville data centre in Georgia
  • Meta guarantees rent and operating expenses under the 20-year lease, while CleanSpark remains responsible for completing the project

The fact

CleanSpark said on 17 September that subsidiary CSDC Finance I intends to offer $2.227 billion of senior secured notes due 2031. The private offering remains subject to market conditions.

CleanSpark plans to use the proceeds to finish construction of its Sandersville, Georgia, data centre, reimburse earlier equity contributions and fund debt-service reserves. Its investor presentation identifies the 175MW critical-IT tenant as Anviran, a wholly owned Meta subsidiary. Meta guarantees rent and operating expenses under a 20-year lease with about $6.6 billion of base-term payments.

The first phase is expected to begin generating rent in the fourth quarter of 2027. The notes would be secured against project assets, while CleanSpark has agreed to provide additional parent funding if the financing is not enough to complete the campus. The offering has not yet closed and no coupon has been disclosed.

The assessment

The lease gives lenders a long stream of contracted payments to underwrite, but that cash only starts after CleanSpark delivers the facility. Until then, the developer still has to finish construction, absorb any funding gap and get the first phase accepted by the tenant.

That is the important split in the financing. Meta's guarantee strengthens the income behind the debt once rent begins; it does not remove the risk of getting a 175MW campus built on budget and on time. If costs rise beyond the money raised, CleanSpark's completion guarantee puts the shortfall back on the parent.

For BTW readers, the project changes character once the debt closes, the first phase is accepted and rent starts. Before those milestones, Sandersville remains a construction project backed by a strong future tenant rather than a completed income-producing data centre.

What to watch

Watch whether the $2.227 billion offering closes, the coupon investors demand and whether CleanSpark keeps the first rent commencement on track for late 2027. Any additional parent funding would show that construction costs have exceeded the amount available from the project financing.