CleanSpark has closed a $2.276 billion senior secured debt financing to fund completion of its Sandersville, Georgia data center, marking one of the largest infrastructure financings yet by a company built around industrial Bitcoin mining.

The 7.875% senior secured notes mature in 2031 and were sold at 98.5% of principal. CleanSpark’s financing subsidiary plans to use the proceeds to complete the Sandersville buildout, reimburse prior equity contributions to the project and fund debt-service reserves.

A Bitcoin miner finances a 175 MW AI campus

The campus is designed around approximately 175 MW of critical IT load under a 20-year lease with Anviran, a wholly owned Meta subsidiary. Project disclosures put contracted base-term payments at roughly $6.6 billion with a 3% annual escalator.

The debt carries a large fixed infrastructure bill

A 7.875% coupon on $2.276 billion implies approximately $179.2 million of annual coupon interest before amortization and other financing effects. The notes were sold below face value at 98.5%.

Mining infrastructure becomes AI infrastructure

CleanSpark built its operating model around Bitcoin mining, where large sites require utility interconnections, substations, transformers, switchgear, cooling, networking and disciplined energy management. The company says it controls more than 1.8 GW of power, land and data-center infrastructure across the United States.

The development follows the infrastructure trend BitcoinVersus.tech recently covered in Bitcoin Miners Shift Megawatts From ASICs to AI and Cipher Extends Barber Lake AI Lease Past $9 Billion.

The energized megawatt is becoming the strategic asset

Sandersville highlights an increasingly important distinction between computing hardware and computing infrastructure. ASICs and GPUs can be replaced as technology advances. High-voltage grid connections, land, substations and permitted power capacity can remain productive across multiple generations of compute.

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