CleanSpark Meta-tied DC junk bond: ~$2.28B, 4x+ bid

Opening

CleanSpark’s first Meta-tied data-center junk bond drew more than four times demand, Bloomberg reports. Bloomberg (Gowri Gurumurthy) says money managers placed orders of about $10 billion for a CleanSpark debt sale set at almost $2.28 billion (people familiar). Morgan Stanley led. Proceeds help finance a Sandersville, Georgia data center fully leased to Anviran LLC, a Meta subsidiary, under a $6.6 billion, 20-year contract (CleanSpark / regulatory filing per Bloomberg). Operations are expected in Q4 2027; Meta will guarantee rent and operating expenses, the firm said.

The numbers

~$10 billion orders vs ~$2.28 billion deal size — >4× demand (Bloomberg, people familiar).

Priced at 98.5 to yield 8.25% — roughly 1.75 percentage points above the average for BB-rated firm debt (Bloomberg, separate person).

$6.6 billion / 20-year lease to Anviran (Meta subsidiary); Meta guarantees rent and opex; ops aimed Q4 2027 — CleanSpark via Bloomberg.

>$3 billion high-yield data-center bonds sold YTD — most backed by long-term hyperscaler leases (Bloomberg).

Why it matters

Shows hyperscaler lease + parent guarantee can still clear a large HY print for a junk-rated Bitcoin-miner-turned-AI-DC borrower even as Bloomberg flags rising funding costs and overspend concerns in the DC finance stack.

Positioning

AI capex durability — Financing appetite for Meta-backed capacity is strong at these terms; the observable is whether HY spreads and oversubscription hold on the next hyperscaler-tied prints, not whether one blowout deal proves unlimited capital.

Connects to

Nvidia–Brookfield $2B — Same week’s PE/infra co-financing path for AI factories (news).

Crusoe Series F — Equity-side neocloud raise the same cycle (news).