CleanSpark Names Meta as Data Center Tenant, Prices $2.276 Billion in Project Finance Notes
Strategic Pivot
Company Background
CleanSpark began as a Bitcoin miner and spent the past two years executing a deliberate pivot toward AI and high-performance computing infrastructure. The company controls more than 1.8 gigawatts of contracted power capacity across U.S. sites, with Sandersville, Georgia as its flagship data center development. Revenue for fiscal year ended September 30, 2025 reached $766.3 million — more than double the prior year — and net income was $364.5 million, driven substantially by gains on the fair value of its bitcoin holdings under ASC 350-60 accounting.
The picture turned sharply negative in the months that followed. Net losses totaled $378.7 million in the December 2025 quarter, $378.3 million in the March 2026 quarter, and $239.8 million in the June 2026 quarter, with large fair-value losses on bitcoin the primary driver each quarter as prices retreated. Cash fell from $458 million at December 31, 2025 to $202.6 million at June 30, 2026, while the company's bitcoin holdings declined from approximately $1.0 billion to $814.9 million over the same period. Long-term debt, net, rose from $644.6 million at September 30, 2025 to $1.78 billion at June 30, 2026, reflecting the $1.15 billion in 0.00% convertible senior notes issued in November 2025.
The Sandersville project is the operational centerpiece of the pivot. On July 10, 2026, CleanSpark signed a 20-year triple-net lease with a tenant described only as a high-investment-grade global technology company, projecting roughly $6.6 billion in contracted revenue over the base term. The August 2026 earnings release noted that the equity portion of the Sandersville project had already been fully funded and that long-lead equipment had been pre-paid — setting the stage for a debt financing to reimburse those equity outlays and fund remaining construction.
What Was Disclosed
CSDC Finance I, LLC, CleanSpark's wholly owned indirect subsidiary, priced $2.276 billion in 7.875% senior secured notes due 2031 at 98.500% of par. The offering was expected to close September 25, 2026, subject to customary conditions, and was placed privately with qualified institutional buyers under Rule 144A. Proceeds are earmarked for three purposes: financing the remaining construction cost of the Sandersville data center, reimbursing CleanSpark for prior equity contributions made to the project, and funding debt service reserves.