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CSDC Finance I, LLC, a wholly owned indirect subsidiary of CleanSpark, Inc. (NASDAQ: CLSK), closed a $2,276.0 million private placement of 7.875% senior secured notes due 2031 on September 25, 2026. The debt finances the buildout of CleanSpark’s 175-megawatt Sandersville Facility in Sandersville, Georgia, which is fully pre-leased to Meta Platforms under a 20-year triple-net contract.

The offering was commenced September 17, priced September 18, and closed September 25. The original issue discount of 98.500% equates to an illustrative pre-fee issue value of approximately $2,241.86 million. Net cash proceeds are earmarked for three purposes: financing the remaining development cost of the Sandersville campus, reimbursing CleanSpark for prior equity contributions, and funding debt service reserve accounts.

Meta’s AI Infrastructure Commitment

The tenant of record is Anviran, LLC, a wholly owned operating subsidiary of Meta Platforms, with Meta acting as parent guarantor for rental payments and operational expenses. The lease is structured as a 20-year triple-net agreement with a 3.0 percent annual rent escalator, insulating the project entity from maintenance and utility fluctuations.

The base-term contracted revenue totals approximately $6.6 billion, yielding projected net operating income averaging approximately $330 million annually across the initial 20-year commitment. The lease includes two five-year extension options and a single 12-month extension option.

Sandersville provides 175 MW of long-duration critical IT capacity to support Meta’s growing AI, data-processing, and communications requirements, per CleanSpark’s investor presentation filed September 17, 2026.

Construction Timeline

Phased project delivery targets initial rent commencement in the fourth quarter of 2027, following handover of the first network hall on November 30, 2027. Full construction completion is scheduled for March 2028, which coincides with the start of mandatory debt amortization.

CleanSpark states it controls a portfolio of more than 1.8 GW of power, land, and data centers across the United States. The Sandersville financing is structured as a project-level vehicle, separating infrastructure debt from the parent balance sheet — a design similar to the project finance structures used in other large AI campus deals.

Context

This closing is a distinct event from CleanSpark’s July 2026 announcement of the same lease, when Meta Platforms was identified only as an unnamed hyperscaler. The September 25 close confirms the tenant identity and establishes the capital structure: $2.276 billion in notes at 7.875% against $6.6 billion in contracted flows over 20 years, before any extension options. The debt yields spreads consistent with construction-phase project finance for a single-tenant asset backed by Meta’s parent guarantee.

Key investor milestones to track: CleanSpark’s fiscal year-end Form 10-K for final net proceeds and transaction costs, and construction progress toward the November 30, 2027 first network hall delivery date.