CleanSpark prices $2.276B secured notes at 7.875% for Sandersville data center

TL;DR

• CleanSpark priced $2.276 billion of senior secured notes due 2031.
• The notes carry a 7.875% annual coupon.
• Proceeds will fund data-center infrastructure, including the Sandersville, Georgia campus.

CleanSpark priced $2.276 billion of senior secured notes due 2031 with a 7.875% coupon to expand its power and data-center footprint. The deal size is large in the mining sector, which has shifted toward infrastructure-heavy financing as miners leverage powered land and large-scale facilities.

Bitcoin Mining Meets the Data-Center Trade

The notes provide capital to develop the Sandersville, Georgia campus with infrastructure suited to Bitcoin mining and higher-performance compute workloads. Investors now assess miners on both Bitcoin metrics such as hash rate and power cost and on the ability to support AI or high-performance computing customers.

Mining sites do not automatically qualify as AI-ready data centers. AI workloads require different networking, cooling, and uptime standards. Access to large power capacity remains a significant advantage when adapting sites for diversified compute demand.

The Debt Comes With a Real Cost

The 7.875% coupon creates a fixed interest burden, and the secured structure gives lenders priority claims on pledged assets. Returns depend on the speed and effectiveness of deploying capital into cash-generating infrastructure.

This is debt rather than equity financing, which avoids immediate share dilution and replaces it with contractual payment obligations. The move reflects a broader industry evolution toward a hybrid model that combines Bitcoin mining, power development, and data-center operations.

Source: CleanSpark SEC filing — https://www.sec.gov/ix?doc=/Archives/edgar/data/0000827871/000119312526321450/d8k.htm