CleanSpark prices $2.3B in notes to fund Georgia data center
What's the deal? CleanSpark has priced $2.276 billion in senior secured notes to fund construction of its Sandersville data center in Georgia. The notes carry a 7.875% interest rate and mature in 2031. The offering is set to close on September 25, 2026.
What's the endgame? Proceeds will cover the remaining construction costs of the Sandersville facility, reimburse earlier equity contributions tied to the project, and fund a debt service reserve. CleanSpark operates a portfolio of more than 1.8 GW of power, land, and data centers across the US, built around low-cost energy for Bitcoin mining.
How is it structured? The notes are being sold privately to qualified institutional buyers under Rule 144A and to non-US buyers under Regulation S. CSRE Properties SandersvilleDealroom has a profile for this one. Try Dealroom → will provide full guarantees, backed by first-priority liens over most assets of the issuer and CSRE PropertiesDealroom has a profile for this one. Try Dealroom →.
What could go wrong? The notes are unregistered and subject to sales restrictions in the US. CleanSpark also cautioned that market conditions could affect the offering's completion.
The signal: At $2.276 billion, the debt raise ranks in the 95th percentile of all post-IPO debt rounds for its industry and geography, based on a sample of 118 comparable deals. It reflects how Bitcoin miners are pivoting toward data center infrastructure and tapping bond markets to fund the buildout.
Read more: third-news.com
Image credit: Idaho National Laboratory
