CleanSpark, Inc.
CLSKpublicneocloudBitcoin mining
What this company owes, to whom, at what cost and when it comes due. Every figure is the one the company itself states. cohort: neocloud · verified 2026-09-28 How these figures are built →
how it is counted
what the filer owes that is not on its balance sheet at this date: leases not yet commenced plus unrecorded purchase obligations, counted once. A filer that reports the same figure under both (Meta, Alphabet, Equinix, Arm, Applied Digital, Astera Labs) has stated one fact twice, and offBalanceNote says so
- Notes priced since 2024 · 1 →each tranche in the ledger as the company itself states it
how it is counted
principal in USD billions — native for USD, spot rate on the pricing date otherwise (fx recorded)
- $2.3B
- Loans and credit facilities · 1 →as signed; the figure counts new facilities, the count amendments too
how it is counted
the commitment as the company states it — a ceiling for revolvers and delayed-draw facilities, not an amount drawn; new facilities only: an amendment restates a commitment already counted.
- $100M
- Debt due in 12 months →no five-year schedule read for this company
how it is counted
the company's own maturity schedule for all its long-term debt, as its latest report states it: principal due in the next twelve months, years two to five and after; USD billions
- —
- Long-term debt on the balance sheet →on its balance sheet at 2026-06-30
how it is counted
long-term debt including its current portion, read line by line off the company's own balance sheet (ADR-0044), an asset manager's consolidated funds' debt apart where it is reported apart; its derivation says when the notes to the accounts gave a part, when the date came from the next report's prior-period column, or when finance leases sit inside a line
- $1.8B
- Cost of debt · 2026 Q2 →interest cover -113.92× · capex over operating cash flow —
how it is counted
4 × the quarter's interest cost ÷ average funded debt (borrowings + finance lease liabilities when the company states them apart; rateBasis says which) — interest cost is the interest expense plus the interest capitalised into what the company builds where it states that for the quarter; none when it states it only for a year in which it capitalised a tenth or more of its interest; interest expense under US GAAP includes finance-lease interest, so funded debt is the cleaner basis; a manager's consolidated VIEs' debt taken out of its debt line is added back where its interest expense pays for it
- 0.46%
- Sold at the market, four quarters to 2024-06-30 →72.5M shares, as the company states its own sales
how it is counted
sum of the quarterly rows of the company's own programmes in the twelve months to the newest quarter; 'quarters' says how many were found
- $0.8M
When it comes due
Its own schedule
None read.
Notes and facilities since 2024, by maturity year
What has it committed to?
Obligations as the company states them — leases and purchase obligations as it reports them, long-term debt read off its balance sheet — each at the date it last stated it. The off-balance-sheet total is what it owes that its balance sheet does not carry.
Obligations as stated
| Long-term debt on the balance sheet | $1.8B | 2026-06-30 | long-term debt including its current portion, read line by line off the company's own balance sheet (ADR-0044), an asset manager's consolidated funds' debt apart where it is reported apart; its derivation says when the notes to the accounts gave a part, when the date came from the next report's prior-period column, or when finance leases sit inside a line |
| Lease liabilities on the balance sheet | — | 2024-06-30 | the company last stated it on 2024-06-30, with no amount in it operating + finance lease liabilities |
| Lease payments due | $2M | 2022-06-30 | operating plus finance, undiscounted operating + finance undiscounted payments due |
Obligations created, as announced
| 2026-09-25 | material definitive agreement | $2.3B | notes due | CleanSpark, Inc., CSRE Properties Sandersville, LLC, Morgan Stanley & Co. LLC, U.S. Bank Trust Company |
| 2026-09-25 | direct financial obligation | $2.3B | notes due | CleanSpark, Inc., CSRE Properties Sandersville, LLC, Morgan Stanley & Co. LLC, U.S. Bank Trust Company |
| 2025-11-13 | material definitive agreement | $1.1B | senior notes | CleanSpark, Inc., Company. The Company, U.S. Bank Trust Company |
| 2025-11-13 | direct financial obligation | $1.1B | senior notes | CleanSpark, Inc., Company. The Company, U.S. Bank Trust Company |
| 2025-09-25 | material definitive agreement | $100M | loan agreement | Two Prime Lending Limited, Collateral. The Company |
| 2025-09-25 | direct financial obligation | $100M | loan agreement | Two Prime Lending Limited, Collateral. The Company |
| 2025-09-23 | material definitive agreement | $300M | loan agreement | CleanSpark, Inc., Coinbase Credit, Inc., Coinbase, Inc., Coinbase Master Loan Agreement. The Company |
| 2025-09-23 | direct financial obligation | $300M | loan agreement | CleanSpark, Inc., Coinbase Credit, Inc., Coinbase, Inc., Coinbase Master Loan Agreement. The Company |
| 2025-04-16 | material definitive agreement | $200M | loan agreement | CleanSpark, Inc., Coinbase Credit, Inc., Coinbase, Inc., Agreement. The Company |
| 2025-04-16 | direct financial obligation | $200M | loan agreement | CleanSpark, Inc., Coinbase Credit, Inc., Coinbase, Inc., Agreement. The Company |
| 2024-09-17 | material definitive agreement | $6M | purchase agreement | CSRE Properties Mississippi, LLC, CleanSpark, Inc., Eyas Investment Group Limited, Makerstar Capital, Inc., Beast Power, Inc. |
| 2024-09-11 | material definitive agreement | $25M | purchase agreement | CleanSpark, Inc., CleanSpark TN, LLC, Exponential Digital, LLC, Jellico Technologies LLC, West Crossville Technologies LLC, Campbell Junction Technologies LLC |
| 2024-08-05 | material definitive agreement | $56M | credit agreement | CleanSpark, Inc., GRIID Infrastructure Inc., Tron Merger Sub, Inc. |
| 2024-06-27 | material definitive agreement | $155M | term loan | CleanSpark, Inc., GRIID Infrastructure Inc., Tron Merger Sub, Inc., Griid Holdings, LLC, Adit EdTech Sponsor, LLC |
| 2024-06-20 | material definitive agreement | $26M | — | CleanSpark, Inc., CSRE Properties Sandersville, LLC |
| 2024-05-31 | material definitive agreement | $19M | — | CleanSpark, Inc., CSRE Properties Wyoming, LLC, MineOne Wyoming Data Center LLC |
| 2024-05-09 | material definitive agreement | $19M | purchase agreement | CSRE Properties Wyoming, LLC, CleanSpark, Inc. |
| 2024-04-12 | material definitive agreement | $374M | purchase agreement | CleanSpark, Inc., Bitmain Technologies Delaware Limited |
| 2024-03-28 | material definitive agreement | $800M | — | CleanSpark, Inc., H.C. Wainwright & Co., LLC, ATM Agreement. The Company |
| 2024-02-06 | material definitive agreement | $20M | purchase agreement | CSRE Properties Dalton, LLC, CleanSpark, Inc., Eyas Investment Group Limited, Coinmaker Miners Limited, Makerstar Capital, Inc., CSRE Properties Mississippi, LLC |
| 2024-01-08 | material definitive agreement | $320M | — | CleanSpark, Inc., Bitmain Technologies Delaware Limited |
What has it borrowed, and at what cost?
Each note tranche in the ledger priced since 2024, as the company itself states it, and each credit facility as signed. Nothing is netted, nothing is estimated.
Notes priced since 2024
| 2026-09-25 | $2.28B | 7.875% | 2031 | fixed | — |
Loans and credit facilities as signed
| 2025-09-25 | revolving credit facility “The Two Prime Master Loan Agreement provides for a revolving credit facility of up to $100 million.” | $100M | — | SOFR + 3.55% | 2026-09-14 | — |
Private credit — loans only their lenders publish
| 2025-05-07 | Cleanspark, Inc. “United States Digital Assets Technology and Services Cleanspark, Inc. Type of Investment Equipment Financing Investment Date April 22, 2022 Maturity Date May 1, 2025 Interest Rate Fixed interest rate 10.3%; EOT 5.0%” | Trinity Capital Inc. | Equipment Financing | Fixed interest rate 10.3%; EOT 5.0% | 2025-05-01 |
Cost of debt, from its own statements
Latest quarter, 2026 Q2: cost of debt 0.46%, interest cover -113.92×, capex over operating cash flow —.
rate outside 0.5–15.0 % — the debt lines read may not hold all the debt; check them against the balance sheet
Cost of debt: 4 × the quarter's interest cost ÷ average funded debt (borrowings + finance lease liabilities when the company states them apart; rateBasis says which) — interest cost is the interest expense plus the interest capitalised into what the company builds where it states that for the quarter; none when it states it only for a year in which it capitalised a tenth or more of its interest; interest expense under US GAAP includes finance-lease interest, so funded debt is the cleaner basis; a manager's consolidated VIEs' debt taken out of its debt line is added back where its interest expense pays for it Interest cover: operating income ÷ interest expense. Capex over operating cash flow: cash purchases of PP&E ÷ operating cash flow; null when operating cash flow is not positive.
What equity has it sold?
Raises as announced, and shares actually sold under an at-the-market programme when the company states the period.
Equity and hybrid raises
| 2025-11-13 | convertible “persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The aggregate principal amount of notes sold in the offering was $1,150,000,000. The notes are senior unsecured obligat” | $1.15B | 0% | 2032 |
| 2024-03-28 | atm “In accordance with the terms of the sales agreement, as so amended, or the amended sales agreement, we may offer and sell shares of our common stock having an aggregate offering price of up to $800,000,000 from time
to time after the date hereof through Wainwright acting as our sales agent pursuant to this prospectus supplement and the accompanying prospectus.” | $800M | — | — |
At the market, as the company states its own sales
12 stated period(s) across 4 quarter(s) · last four quarters to 2024-06-30: 72.5M shares for $0.8M.
The last four quarters: sum of the quarterly rows of the company's own programmes in the twelve months to the newest quarter; 'quarters' says how many were found.
When does it come due, and who holds it?
The company's own five-year schedule, what we have placed by year from the notes and facilities since 2024, and the price the funds that hold its paper report.
No five-year debt maturity schedule is read for this company.
What we have placed by maturity year, since 2024
| 2026 | — | $100M | 0 | 1 |
| 2031 | $2.28B | — | 1 | 0 |
No fund-reported price for its paper. Fund holdings are matched only on identifiers the ledger already holds, so a tranche with no CUSIP in the ledger cannot be matched.
How does it compare?
The same twelve measures every company on the AI trade page carries, beside the median across them. Below each measure, the arithmetic behind it.
Twelve measures, beside the median
| Self-funding operating cash flow $-0.5B ÷ capex $0.1B over 4 quarters to 2026Q2 | -5.74× | 1.31× across 40 companies | 2026Q2 |
| Funding mix of $0.1B of capex over 4 quarters to 2026Q2: operations -573.9%, new debt 2473.9% ($2.3B notes + $0.0B facilities), equity 1251.1% | -573.9% | — | 2026Q2 |
| Off balance sheet (not-commenced leases + purchase obligations) ÷ (that + long-term debt) | — neither part stated | 41.9% across 23 companies | 2026-06-30 |
| Committed facilities $0.1B committed across 1 new facilities, 0.06× the $1.8B of long-term debt on the balance sheet | $100M | — | 2026-06-30 |
| Marginal cost of debt principal-weighted coupon of $2.3B priced in the last twelve months; the book carries 0.46%, a gap of +7.41 points | 7.87% | — | — |
| New-issue spread median of 1 USD tranches: coupon less the 10-year Treasury on each pricing date (range 276–276 bp) | 276 bp | — | — |
| Floating-rate share $0.1B floating ($0.0B notes + $0.1B facilities off SOFR) ÷ $2.4B raised | 4.2% | 0% across 40 companies | — |
| Rate shock (+100 bp) $0.1B of floating debt × 100 bp = $0.00B more interest a year; interest cover would be -103.11× on the latest quarter annualised | $1M | — | — |
| Secured share of new facilities $0.0B secured ÷ $0.1B committed; $0.1B does not say | 0% | 0% across 24 companies | — |
| Refinancing burden debt due within two years ÷ operating cash flow over four quarters | — the filer tags no maturity schedule | 0.15× across 23 companies | — |
| Liquidity runway ($0.2B cash and equivalents as tagged — short-term investments are not included — + $0.1B committed) ÷ $0.0B a quarter of capex and interest, as of 2026Q2 | 11.5 | — | 2026Q2 |
Does our ledger explain its balance sheet?
Across 4 of 15 quarter(s) its debt rose $1.8B and the notes we hold for those quarters total $0M — 0% explained.
the change in the filer's own borrowings over a fiscal quarter, against the principal of the tranches our ledger says were priced inside that quarter; this is not a reconciliation to the penny and is not meant to be; we do not track repayments, draws under facilities, commercial paper or currency translation.