CleanSpark Prices First Junk Bond Backed by a Meta Data Center Lease

CleanSpark’s financing subsidiary, CSDC Finance I, LLC, priced $2.276 billion of senior secured notes at 7.875% on 18 September 2026 — the first US junk-bond deal built around a Meta Platforms data center lease. The five-year-to-maturity notes, due 2031 and priced at 98.500% of face value, fund construction of a 175MW campus in Sandersville, Georgia that CleanSpark has leased entirely to Anviran LLC, a wholly owned Meta subsidiary, for an initial 20-year term worth $6.6 billion in contracted revenue.

What is known

CleanSpark, a Bitcoin miner repositioning part of its power portfolio toward AI infrastructure, first disclosed the Sandersville lease in a 14 July 2026 SEC filing, describing the tenant only as “a global technology company among the high-investment-grade cohort.” The September bond documents named that tenant as Anviran LLC, with Meta Platforms guaranteeing rent and operating expenses — the company’s first data center debt deal to be publicly tied to Meta by name. Deliveries are expected to begin in Q4 2027, and CleanSpark can extend the lease twice for five years each, which would lift total contract value to $11.6 billion, according to its own filing.

The notes, issued through subsidiaries CSDC Finance I (issuer) and CSRE Properties Sandersville (guarantor), are secured by first-priority liens on the Sandersville assets and are expected to close on 25 September 2026. Crypto Briefing and Whalesbook, reporting independently on 18 and 19 September, both put investor orders at around $10 billion — more than four times the offering size — with the resulting yield cited near 8.25%, roughly two points above the average BB-rated coupon at the time. Underwriters were led by Morgan Stanley, alongside Goldman Sachs and Wells Fargo.

What it means for a buyer of power

The deal is a data point on what a single-tenant, credit-guaranteed hyperscale lease actually costs per megawatt, a number operators rarely disclose. Dividing CleanSpark’s own $6.6 billion, 20-year, 175MW figures gives an average of roughly $157 per kW per month — below the $196/kW/month North America wholesale benchmark CBRE reported for H2 2025 (tracked alongside our own colocation price index). That gap is consistent with what the market usually implies rather than states outright: bulk, build-to-suit capacity backed by a hyperscaler’s balance sheet prices below general wholesale colocation, in exchange for the tenant taking on more of the delivery-timeline risk.

It is also a financing-structure signal. Securitizing a single hyperscale lease as high-yield bonds, rather than funding it with equity or a bank facility, lets a smaller balance-sheet operator like CleanSpark carry a $2.3 billion build without diluting shareholders — a template other power-rich but capital-constrained operators may copy if this deal performs. Georgia’s Atlanta metro, where our catalog already tracks 17 colocation facilities, gains another large single-tenant campus alongside the existing multi-tenant base, adding to regional power demand right as BESS pricing and grid-interconnect queues are already the binding constraint in most Southeast US markets. See also our glossary entry on build-to-suit leases for how this structure differs from retail colocation.

What we do not know

CleanSpark’s filings do not break out the Sandersville PUE, cooling design, or power source. Whether the 8.25% yield reported by press outlets reflects the final settled yield-to-maturity or an earlier price-talk level is not confirmed in CleanSpark’s own filings, which disclose only the 7.875% coupon and 98.500% issue price. It is also not yet clear whether Meta will use the full 175MW for training, inference, or a mix, or whether CleanSpark will pursue similar securitized financing for its remaining Texas portfolio, where it holds exclusivity on up to 885MW of additional capacity.