CleanSpark, Inc. Announces Proposed Offering of $2.227 Billion of Senior Secured Notes
CleanSpark announced a proposed offering of $2.227 billion in senior secured notes through its wholly owned subsidiary, CSDC Finance I. The financing would add a large debt-funded expansion to the company’s data-center strategy, making the eventual terms and use of proceeds the key setup for CLSK.
CleanSpark said on Sept. 17 that CSDC Finance I, LLC, its wholly owned subsidiary, intends to offer $2.227 billion of senior secured notes, subject to market conditions and other conditions. The announcement identifies the securities as senior secured notes and the issuer as a subsidiary rather than CleanSpark directly.
The offering comes as CleanSpark describes itself as a data-center developer. Its fiscal 2025 revenue was $766.3 million, up 102.2% year over year, while diluted EPS was negative at $-1.30.
The financing connects the issuer, CleanSpark and its data-center expansion plans through new secured borrowing. The debt structure means collateral and the final terms will matter alongside the size of the capital raise.
The proposed transaction is not yet established as completed: it remains subject to market conditions and other conditions. Pricing, maturity, interest rate, collateral package and the use of proceeds are open points.
The next markers are the final offering terms and any subsequent filing or company update showing whether the notes priced and how the proceeds will be deployed. Those details will determine the burden of the financing relative to CleanSpark’s revenue growth and continuing negative diluted EPS.
The proposed $2.227 billion secured financing moves the risk to the downside for CLSK until pricing and deployment support the data-center expansion.
The scale of the proposed secured borrowing raises financing and collateral risk before the transaction’s economics are known, while CleanSpark’s negative diluted EPS leaves less evidence of current earnings support. The company’s $766.3 million of fiscal 2025 revenue and 102.2% year-over-year growth provide an expansion case, but the final coupon, maturity, collateral and use of proceeds decide whether the debt adds operating leverage or balance-sheet strain.
A favorable pricing package and clearly productive deployment of proceeds could blunt the financing overhang.
CoverageSource: PR Newswire · Published here THU, SEP 17 · 7:30 AM ET · the only report in this recordHow this is decided →
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CleanSpark’s fiscal 2025 revenue grew 102.2% year over year, giving the company a concrete growth record that could support productive data-center expansion funded by the notes.
The proposed $2.227 billion secured raise is large relative to the company’s $766.3 million fiscal 2025 revenue, while diluted EPS was negative at $-1.30 and the final debt terms remain unknown.
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