Key points
- Presentation identifies Meta subsidiary as CleanSpark's tenant
- A CleanSpark unit wants $2.227 billion in secured notes
- 175 MW leased for 20 years, triple net
- First rent projected for November 2027
CleanSpark (CLSK) has identified a Meta (META) subsidiary as the tenant at its Sandersville, Georgia data center. Since July, CleanSpark had described the tenant only as a global technology company with a high investment-grade credit rating. An investor presentation released Thursday provided the name.
CleanSpark shares traded at $13.26 at 11:37 a.m. Eastern, up 3.6% from Wednesday's close of $12.79. Meta shares were little changed at $675.13.
The presentation accompanied plans to borrow $2.227 billion through a wholly owned indirect subsidiary, CSDC Finance I, LLC. The subsidiary intends to issue senior secured notes due in 2031 in a private offering to eligible US institutional buyers and offshore investors, according to Thursday's 8-K filing.
The proceeds would help build the Sandersville campus, reimburse CleanSpark for money it has already invested in the project, and establish reserves to cover debt payments.
How Meta is connected to the lease
The company signing the lease is Anviran, LLC, which the presentation identifies as a wholly owned Meta subsidiary. Meta guarantees its rent and operating expenses, meaning Meta backs those payment obligations.
That information appears in the presentation accompanying the 8-K. The slides were attached as four image files, so a text search of the filing does not bring up the tenant's name.
The same July announcement put CleanSpark's entire Texas portfolio under exclusivity to the same tenant, 718 acres carrying up to 885 MW of secured and planned power.
What the lease pays
Sandersville is a 175 MW critical IT load campus. The base term runs 20 years. The tenant holds two five-year extension options on top of that, plus one more for 12 months. Contracted lease payments across the base term come to about $6.6 billion, which works out to roughly $1.9 million per megawatt a year.
It is a triple net lease, which means the tenant pays the taxes, the insurance and the maintenance rather than the landlord. That structure is why CleanSpark can put the net operating income margin at close to 100%. The projection shows rent flowing through to net operating income before debt service and other costs. Average annual net operating income is about $330 million, and rent rises 3.0% a year.
Phase I rent is targeted to start in the fourth quarter of 2027. A footnote gets more specific and puts the first rent revenue at November 30, 2027, once the first network hall is finished.
The illustrative model, and what that word is doing
The presentation includes a table running from 2026 to 2047, labeled a post-construction illustrative annual financial summary. Illustrative is the important word. These are CleanSpark's own projections for a campus that has not yet begun generating the projected lease revenue, not results it has reported.
On that basis the table shows $6,560 million of rent revenue, all of which carries down to net operating income. Against it sit $1,746 million of net accrued interest and $2,227 million of amortization. Those three figures alone leave $2,587 million. The table reports $2,692 million of cash available after debt service, and the difference is a fourth line: a $105 million draw on the debt service reserve account, shown in 2044. That reserve is funded out of the note proceeds at the start, so the final figure returns money the offering itself put aside.
The interest line rests on a 7.5% coupon, and a footnote says that rate is shown for illustrative purposes only, payable twice a year. The final interest rate has not been announced. It gets set when the notes price. Debt amortization begins at construction completion, which CleanSpark expects in March 2028, and is sized to a 1.275x debt service coverage ratio. The lease support coverage ratio starts at 2.9x and climbs as the balance falls.
The maturity the table does not reach
The repayment projection extends beyond the notes' maturity date. The notes are due in 2031. The table does not retire them in 2031.
At the end of 2031 the debt summary still shows $2,059 million outstanding, about 92% of the original $2.227 billion. The balance falls to zero only in 2044. The paydown is sized to hold a 1.275x debt service coverage ratio, which paces mandatory amortization against rent and produces roughly a 16-year runoff rather than a five-year one.
The presentation does not reconcile the two dates. It shows no refinancing, no balloon payment and no separate anticipated repayment date. The projected balance would require repayment or refinancing at maturity. The presentation does not explain how that would be funded. Read the 2044 figure as the amortization profile the coverage test produces, not as the date the notes come due.
What the buildout costs
CleanSpark puts development cost at about $11.9 million per IT megawatt. Multiply that by 175 and you get roughly $2.08 billion, which lands just under the $2.227 billion the subsidiary is asking for. The company says it controls about 1.8 GW of contracted power across a geographically diverse US portfolio, with several campuses it describes as suitable for AI and high-performance computing.
The risk language in the presentation is blunt about what is being attempted. It describes an evolving business strategy to expand into data center development, high-performance computing and artificial intelligence. It also lists the risk that existing bitcoin mining sites may not successfully be developed as data centers having operations other than mining. CleanSpark is expanding from bitcoin mining into leasing data center facilities. Chief executive and chairman Matt Schultz called the Sandersville lease "a transformational moment for CleanSpark as we complete our evolution into a diversified digital infrastructure platform" when the company announced it in July.
What is not settled
The coupon, the pricing date and whether the notes sell at all are open questions. CleanSpark's own wording is that the offering is subject to market and other conditions, with no assurance as to whether, when or on what terms it may be completed. The $2.227 billion is an intention, not money raised.
The lease is signed. The cash comes later. Nothing in the schedule produces rent before late 2027, which leaves roughly 14 months between the offering announcement and the first payment. If you want the background on how contracted obligations like this get counted, our explainer on AI backlog and contracted obligations covers it. This filing came off our SEC filings tracker, which lists new 8-K, 10-Q and Form 4 filings as they land. Thursday was also the day CoreWeave went out for $3 billion in convertible notes.
