The disclosure and our analysis
Evidence as of September 17, 2026
CleanSpark's September investor presentation identifies Anviran, LLC, a wholly owned Meta subsidiary, as the tenant for its Sandersville, Georgia, AI data center campus. Meta guarantees rent and operating expenses. The presentation describes 175 MW of contracted critical IT load, a 20-year base lease and approximately $6.6 billion of contracted lease payments over that base term. [1]
The distinction between tenant and guarantor matters. Anviran is the entity occupying the tenant role in CleanSpark's disclosure. Meta provides the stated payment support. Those roles should remain separate when comparing this project with a lease signed directly by a parent company or a project without parent support.
What the commercial terms establish
The company describes the arrangement as a triple-net lease with a 3% annual rent escalator, two five-year tenant extension options and an additional 12-month option. CleanSpark projects average annual net operating income of roughly $330 million. Those figures describe this particular contract and the company's expected economics. They are not a current rental quotation for another customer. [1]
The capacity basis is unusually clear: 175 MW is critical IT load under contract. It is not a utility service allocation or a statement of vacant capacity. The project's contracted status therefore adds evidence of demand for Georgia infrastructure, but it does not add 175 MW to an available-space list.
Initial delivery and rent commencement are targeted for the fourth quarter of 2027. The presentation's illustrative financial schedule assumes rent begins November 30, 2027 after completion of the first network hall, with construction completion expected in March 2028. These remain company forecasts as of September 17, rather than evidence of present energization or customer occupancy. [1]
Financing is proposed, not completed
In a separate release, CleanSpark said subsidiary CSDC Finance I intends to offer $2.227 billion of senior secured notes due 2031. Proposed uses include remaining Sandersville construction costs, reimbursement of certain previous equity contributions and debt-service reserves. The announcement expressly makes completion dependent on market and other conditions. [2]
The proposed notes would be supported by subsidiary guarantees and liens on specified assets and equity interests. CleanSpark also describes a completion guarantee under which it would fund the issuer as needed if note proceeds are insufficient to finish the facility. That construction support is distinct from Meta's guarantee of rent and operating expenses. [2]
The presentation uses a 7.5% coupon for illustration. It should not be reported as the final interest rate on an issued bond. Nor should the entire proposed financing amount be labeled new construction spending, because the stated uses also include reimbursement and reserves. [1][2]
Colocation Scout analysis: what buyers can learn
This disclosure is useful as a contract-structure comparison. It separates the operating tenant, parent payment support, construction completion support, delivery assumptions and financing plan. Buyers evaluating another proposed campus can ask the same questions rather than relying on the size of a lease announcement alone.
A further comparison requires care. Dividing total lease value by 175 MW would combine many years of payments and escalation into one number. It would not produce an opening rent quote, an all-in electricity price or a comparable retail colocation rate. Buyers still need the offered capacity block, start date, power charges, operating-cost responsibilities and service commitments for their own requirement.
