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CleanSpark disclosed a $6.6 billion, 20-year AI data center lease with Meta and announced a concurrent $2.23 billion debt financing plan to fund the Georgia facility.

Validates the massive scale and capital intensity of hyperscaler-to-miner conversion deals while signaling tight credit markets for AI buildouts.

Trade pressSlicast · September 17, 2026 at 13:34 UTC · US · Source: the deep dive

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CleanSpark has identified Meta Platforms as the technology company behind its $6.6 billion Sandersville data center lease, ending two months of uncertainty regarding the customer anchoring the Bitcoin miner’s expansion into artificial intelligence infrastructure. The disclosure was made in investor materials submitted with an SEC filing. CleanSpark confirmed that Anviran LLC, the tenant on the 175-megawatt Georgia campus, is a wholly owned Meta subsidiary, with Meta serving as guarantor for all rent and operating expenses under the agreement.

CleanSpark initially announced the 20-year triple-net lease on July 14, having signed it four days earlier. At the time, the company identified the customer only as a “high-investment grade” global technology firm. The contract is projected to generate approximately $6.6 billion in expected revenue over its initial term, yielding roughly $330.0 million in average annual net operating income.

The Meta disclosure coincides with the next major phase of the project. CleanSpark stated that its wholly owned subsidiary, CSDC Finance I, plans to raise $2.227 billion through senior secured notes due 2031. Proceeds will fund remaining Sandersville construction costs, reimburse CleanSpark for certain equity already invested in the project, and establish debt-service reserves. The notes will be backed by first-priority liens on substantially all assets of the issuing and property subsidiaries. CleanSpark itself will provide a completion guarantee should the financing prove insufficient to finish the campus on schedule. The offering has not yet closed and remains subject to prevailing market conditions.

According to CleanSpark’s September presentation, development costs are estimated at approximately $11.9 million per megawatt of critical IT capacity. Initial rent commencement is targeted for the fourth quarter of 2027, with the first network hall expected to begin generating rental income on November 30, 2027. Full construction completion is anticipated around March 2028.

The lease includes a 3% annual rent escalator and two five-year extension options. When both extension options are exercised, the total contract value could reach as much as $11.6 billion.

The agreement also signals a significant shift in CleanSpark’s revenue composition, assuming construction and delivery proceed as planned. As of June 30, the company reported zero revenue from AI or high-performance computing services, noting that existing Sandersville operations continue to support Bitcoin mining. CleanSpark expects mining activity to cease once power is redirected to the new AI campus at the start of the lease term.