CleanSpark (NASDAQ: CLSK), a publicly listed Bitcoin miner in the U.S., has completed an approximately $2.28 billion high-yield bond offering tied to an AI data center project leased to Meta. Backed by long-term contracted cash flow, the sale drew roughly $10 billion in demand, more than four times the amount offered, making it one of the more closely watched AI infrastructure financing deals in recent years.
Five-year secured notes priced to yield 8.25%
According to Bloomberg, Morgan Stanley acted as lead underwriter on the transaction. The company sold five-year senior secured notes at 98.5 cents on the dollar, for a yield of 8.25%.
That yield is about 1.75 percentage points above the average yield on BB-rated corporate bonds tracked by Bloomberg. The spread points to a higher risk premium being demanded by investors as AI capital spending expands and financing supply rises across the data center market.
All proceeds earmarked for Sandersville data center
CleanSpark said the full amount raised will be used to build a data center in Sandersville, Georgia. Based on the company’s investor presentation, the facility has been fully leased to Anviran LLC, a Meta subsidiary, under a 20-year contract with a total value of $6.6 billion.
The data center is expected to enter service in the fourth quarter of 2027. Meta will fully guarantee rent payments and related operating expenses, giving CleanSpark a long-duration source of contracted cash flow despite its high-yield credit profile.
From microgrids to self-mining Bitcoin
CleanSpark began as a company focused on microgrids and smart energy management technology. In 2020, it shifted to a strategy centered on self-mining Bitcoin and, in the same year, moved from over-the-counter trading to a Nasdaq listing.
With vertically integrated control over power dispatch and owned infrastructure, the company expanded through counter-cyclical acquisitions during crypto bear markets and has become one of the major publicly listed Bitcoin miners in the U.S.
Still holds 13,703 BTC on its balance sheet
Even as it pushes into AI infrastructure, CleanSpark has not exited its core Bitcoin business. Data from BitcoinTreasuries cited in the report shows the company currently holds 13,703 BTC in treasury reserves, ranking ninth among U.S.-listed reserve-holding companies.
Miners look to pair AI infrastructure with Bitcoin exposure
As Bitcoin block rewards have been cut by the halving and network mining difficulty continues to climb, pure-play miners are facing more volatile revenue and operating pressure. At the same time, hyperscalers are seeking energized sites, substations with large megawatt capacity, and access to power allocations.
In this case, CleanSpark is using debt financing to connect its power resources directly to Meta’s AI computing demand. The report frames the deal as a test of whether miners can turn power access into stable rental income from AI cloud infrastructure while still retaining upside exposure through Bitcoin holdings.