CleanSpark spent months letting the market guess who would occupy the AI campus it is building in Georgia. On September 17, the bitcoin miner ended the guessing in a set of investor materials: the tenant is Anviran LLC, a wholly owned subsidiary of Meta, and Meta is guaranteeing the rent and the operating costs.
The disclosure turns a speculative arrangement into a firm one. CleanSpark is developing a 175-megawatt campus in Sandersville, Georgia, and Meta will take it under a 20-year triple-net lease. The contract is expected to produce about $6.6 billion in payments over its life, with rent rising 3 percent a year and average annual net operating income of roughly $330 million. The first rent is not expected to arrive until November 2027.
The size of the commitment is the first thing that stands out. A 20-year lease at those terms is a statement by Meta that it intends to be in Sandersville for the long run, and that it is willing to guarantee the economics of a facility it does not own. Triple-net leases put the operating costs on the tenant, which is why the rent numbers translate so directly into income for the landlord.
The second thing is what the deal says about CleanSpark itself. The company is a bitcoin miner by origin, and miners have been searching for a second act as the mining economics have hardened. A miner that can convert its power connections, its land and its balance sheet into data center leases has found a way to repurpose assets that would otherwise be stranded.
The two threads, a miner pivoting to AI and a technology giant locking down electricity through a lease, meet in this transaction. Meta needs the power to feed its data centers, and CleanSpark has the site and the access. The lease is the mechanism that connects them, and the guarantee is what makes the arrangement bankable.
The financing followed the disclosure. On the same day, CleanSpark said that its subsidiary CSDC Finance I would issue $2.227 billion of senior secured notes due in 2031. The debt is the other half of the pivot: the capital to build the campus comes from the bond market, and the lease is the collateral that makes the borrowing cheap.
That is a familiar structure in the data center trade. Developers sign long-term contracts with creditworthy tenants, use those contracts as security for debt, and spend the proceeds on construction. The quality of the tenant is what sets the terms, and Meta, with a guarantee attached, is about as creditworthy as a tenant gets.
The Sandersville site sits in a part of Georgia that has become a destination for data center development, drawn by power availability and the state’s incentives. The project is one of several that have turned rural Georgia into a node in the national AI build-out, a change that has brought investment and, in some places, friction with local communities.
For CleanSpark, the disclosure is a threshold. The company has been valued partly on the hope that its mining assets could be converted into AI infrastructure, and naming Meta as the tenant converts that hope into a signed, guaranteed stream of payments. The stock market’s answer will show how much of the conversion it had already priced in.
The reason the tenant’s identity was ever in question is itself a sign of the market. Hyperscalers have taken to forming subsidiaries for individual sites, partly to keep competitors from reading their expansion plans and partly to keep the deals quiet until the terms are fixed. Anviran LLC told the market almost nothing on its own; the CleanSpark disclosure is what turned a name into an address.
The guarantee changes the risk profile of the whole project. A lease is only as good as the tenant behind it, and a parent guarantee means that even if the subsidiary were ever wound down, Meta’s own balance sheet stands behind the payments. That is the difference between a speculative build and an income-producing asset, and it is the difference the market has been waiting to price.
The risk is the one that follows every long-dated lease. Twenty years is a long time to bet on a single tenant and a single technology, and the AI build-out has already shown it can shift faster than the infrastructure built to serve it. A lease that looks airtight today depends on Meta’s continued need for that power two decades from now.
CleanSpark has chosen to put its name behind that bet, and to put Meta’s name in front of it. The Sandersville campus is now a public commitment on both sides, and the $6.6 billion is the number the market will be watching.
