CleanSpark Inc. is raising $2.227 billion through a debut senior secured notes offering to fund artificial intelligence data-center infrastructure operated for Meta Platforms Inc., according to a filing with the Securities and Exchange Commission.
The notes are due in 2031 and are structured as secured debt, a departure from CleanSpark's November 2025 convertible offering. Senior secured notes rank higher in bankruptcy priority than unsecured debt and typically carry lower interest rates. CleanSpark, which operates bitcoin mining infrastructure, is pivoting to AI-adjacent data center operations through its Meta-tenant subsidiary Anviran LLC.
CleanSpark's entry into the junk-bond market comes as the company has previously accessed capital markets through convertible instruments, which appeal to investors seeking equity upside without traditional fixed-income coupons. The shift to secured bonds means institutional lenders are willing to extend credit at below-investment-grade rates against the revenue from Meta or collateral from the facilities themselves.
Meta has been a major driver of private data-center investment across the industry. The social media company has announced plans to add roughly 500,000 graphics processing units to its infrastructure by year-end 2025 as it expands AI training capacity. CleanSpark's $2.227 billion facility financing is one of multiple capital raises targeting AI compute capacity nationwide.
The offering comes as high-yield borrowing costs have remained stable. The ICE BofA US High Yield OAS index closed at 312 basis points on September 17, 2026, below the 350 basis point threshold that historically indicates stress in the junk market. Debt-financed AI infrastructure plays have attracted lender appetite given the visibility of long-term corporate offtake agreements.
CleanSpark's 2025 convertible notes were unsecured and included equity warrants, whereas secured notes offer lenders a claim on the underlying AI data-center assets if the company defaults. This structural change reduces risk for bondholders and typically lowers borrowing costs, though the rate spread over Treasuries on CleanSpark's debut offering has not been disclosed.
The facility-backed debt model is becoming standard in AI infrastructure finance. Companies with signed corporate customer contracts can collateralize physical assets, servers, power infrastructure, real estate, against borrowing, allowing lenders to underwrite the loans without relying solely on the operator's credit rating. CleanSpark's Meta relationship provides the contracted revenue stream that allows banks to structure the secured notes.
CleanSpark will need to deploy the capital within a specific timeline tied to the Meta contract. If construction milestones or power-delivery deadlines slip, the company risks covenant breaches or acceleration clauses embedded in the indenture.
