CleanSpark Proposes $2.227B Senior Secured Notes to Fund Sandersville Data Center
CLSK sits 68% above its 52-week low of $8.
Summary
CleanSpark announced a proposed $2.227 billion senior secured notes offering to fund the Sandersville data center build-out, with proceeds also reimbursing prior equity contributions and funding debt service reserves.
Updates
· SEC 8-K — The notes were priced at $2.276 billion aggregate principal, 7.875% coupon, at 98.500% of principal, expected to close September 25, 2026.
Key Events · Financing and Capital Events · CLSK
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$2.227B Notes Offering Proposed
CSDC Finance I, LLC, a wholly owned subsidiary, intends to offer $2.227 billion aggregate principal amount of senior secured notes due 2031 in a private Rule 144A/Reg S offering.
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Proceeds Fund Sandersville Build-Out
Net proceeds will finance the remaining cost of the 175 MW Sandersville data center, reimburse CleanSpark for prior equity contributions, and fund debt service reserves.
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Security and Guarantees
Notes are fully and unconditionally guaranteed by CSRE Properties Sandersville, LLC and secured by first-priority liens on substantially all assets of the Issuer and CSRE Properties, plus equity interests of the Issuer. CleanSpark provides a customary completion guarantee.
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Illustrative Debt Terms
Investor presentation shows a 7.5% coupon for illustrative purposes, amortization beginning March 2028 based on a 1.275x DSCR, and rent revenue commencing November 30, 2027.
Analysis · CLSK · Crypto Assets
CleanSpark is tapping the debt markets for $2.227 billion to finish building its 175 MW Sandersville data center leased to Meta. The notes are secured by first-priority liens on the project assets and backed by a completion guarantee from CleanSpark itself. This is a major financing event — the debt is roughly two-thirds of the company's current market cap — but it funds a project with a $6.6 billion contracted lease and ~$330 million average annual NOI. The illustrative financials show a 7.5% coupon and amortization beginning in March 2028, with rent revenue starting November 30, 2027. The key risk is execution: if construction slips or the offering fails, CleanSpark remains on the hook via the completion guarantee.
How filings like this one have moved
In the 30 days to Oct 3, 2026, 36.7% of the 1072 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.61%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, CLSK was trading at $13.40 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $3.3B. The 52-week trading range was $8.00 to $23.61. This filing was assessed with neutral market sentiment and an importance score of 8 out of 10.