CleanSpark Prices $2.3 Billion in Notes for Georgia AI Buildout

Key Highlights

• CleanSpark priced $2.276B in 7.875% senior secured notes due 2031, at 98.500% of principal.
• Notes were issued through subsidiary CSRE Properties Sandersville, LLC, in a Rule 144A/Reg S private placement to qualified institutional buyers.
• Proceeds fund the finish-out of the Sandersville, GA data center, reimburse CleanSpark for prior equity contributions, and fund debt service reserves.
• Priced Sept 18, 2026, with an expected closing date of Sept 25, 2026 — today; no closing confirmation (8-K or release) had been published as of this report.

The Signal

• Structuring the raise through a single-asset subsidiary isolates the facility's debt from CleanSpark's balance sheet — lenders wanted asset-level collateral, not corporate credit.
• Pricing below par (98.500) with a 7.875% coupon prices in real execution risk for a build-out-stage facility, not a stabilized asset.

Implications

If the close is confirmed, this ranks among the largest single-asset data-center financings of the year, and signals AI power demand increasingly gets capitalized through project-level structured debt rather than corporate balance sheets. Because no 8-K had surfaced as of this writing, treat the deal as priced-and-expected-to-close, not closed, until confirmed.

CleanSpark's $2.276 billion Georgia notes show AI data-center buildouts increasingly get financed one asset at a time — pending confirmation the deal actually closed.