Las Vegas-based CleanSpark is tapping high-yield investors for roughly $2.23 billion to back AI-related infrastructure tied to Meta Platforms. People with knowledge of the deal say early talk on the five-year debt pegs the yield near 8.5%. That sits around 2 percentage points above the average for BB-rated debt tracked by Bloomberg, as investors have been asking for stiffer premiums on data center financings. By the time the transaction launched on Thursday, orders were said to be roughly in line with the full size of the offering.
Per a regulatory filing, the funds will go toward building a new facility in Sandersville, Georgia that will operate as a data center. According to CleanSpark's presentation, Anviran LLC - a subsidiary of Meta - has committed to a 20-year, $6.6 billion arrangement that gives it the entire site under lease. The company says Meta will guarantee rent and operating costs, and the site is slated to come online in the fourth quarter of 2027.
Bloomberg's data show it is the first junk-bond deal tied to a Meta data center. With Meta's backing, the junk-rated issuer secures a predictable revenue stream to underpin financing for the heavy build-out.
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Morgan Stanley is leading the offering, and Goldman Sachs Group Inc. and Wells Fargo & Co. are also on the underwriting lineup. Pricing is expected Friday, according to a person familiar. Requests for comment were not promptly returned by CleanSpark or Morgan Stanley. Meta said it had no comment.
So far this year, data-center builders have sold roughly $39 billion in high-yield debt, largely backed by multiyear leases with hyperscalers like Oracle Corp. and Amazon.com Inc., Bloomberg-compiled data show. CleanSpark, which has been evolving from public Bitcoin miner into a data-center operator serving AI uses, carries a market value near $3.29 billion.
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