TLDR
- CleanSpark announced a $2.227 billion senior secured notes offering due 2031 via subsidiary CSDC Finance I.
- CLSK stock rose about 4.73% to close near $13.40 following the announcement.
- Proceeds will fund construction of the Sandersville data center, repay prior equity, and build debt reserves.
- The offering is structured as secured debt, not equity, so no shareholder dilution is expected.
- Meta has been named as a tenant at the Sandersville facility, which carries $6.6 billion in contracted revenue.
CleanSpark stock jumped nearly 5% on Thursday after the company announced plans to raise $2.227 billion through senior secured notes to fund its Sandersville data center buildout.
CLSK closed near $13.40, up 4.73% on the day. The stock was trading around $12.91 at time of publication.
The notes will be issued by CleanSpark’s wholly owned subsidiary, CSDC Finance I LLC, through a private placement. They are due in 2031 and subject to market conditions.
Proceeds will cover the remaining construction costs at the Sandersville Facility in Georgia. The company will also use funds to reimburse prior equity contributions and establish debt service reserves.
The notes are guaranteed by another CleanSpark subsidiary, CSRE Properties Sandersville, which holds a first lien on most assets tied to both the issuer and the property company.
CleanSpark said that if the offering proceeds fall short of completing the facility, it will guarantee completion itself.
No Dilution Expected
Investors were watching closely to see if the financing would water down existing stock. The notes are structured as senior secured debt, not convertible equity, so no dilution is expected under the current terms.
That structure appeared to ease concerns. The stock held its gains through the session after the announcement.
Meta has been identified as a tenant at the Sandersville campus. The facility has $6.6 billion in contracted revenue. ERCOT also conditionally classified 585 megawatts of capacity under batch zero baseload designation and 300 megawatts under batch zero studied load designation.
Bitcoin Operations Continue
CleanSpark mined 593 Bitcoin in August, slightly ahead of the 586 BTC mined in July. As of August 31, the company held 13,703 BTC, down from 13,931 BTC at end of July.
The drop came from selective sell-offs. CleanSpark sold 229 BTC at spot prices and 350 BTC under call options, with an average realized price of $66,133 per bitcoin including option premiums.
The company’s 2026 Bitcoin production crossed 4,900 BTC after August output was added.
On the technical side, CLSK is trading 3.7% above its 20-day SMA of $12.51 and roughly flat versus its 50-day SMA of $12.94. The 100-day SMA at $14.03 remains overhead resistance.
RSI sits at 52.27, which is neutral territory.
Analyst consensus is a Buy with an average price target of $24.22. B. Riley raised its target to $26.00 in August. Cantor Fitzgerald maintained Overweight with a $26.00 target. Chardan Capital kept its Buy rating with a $21.00 target.
The next estimated earnings report is scheduled for November 24, 2026. Analysts expect a loss of 41 cents per share on revenue of $134.28 million.
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