DALLAS, November 13, 2025 — Leads & Copy — Applied Digital (NASDAQ: APLD) anticipates receiving $787.5 million in additional funding by the end of the month as part of its perpetual preferred equity financing facility with Macquarie Asset Management. This follows a previously disclosed agreement for up to $5.0 billion.
The funds will support the continued construction of Applied Digital’s Polaris Forge 1 and Polaris Forge 2 AI Factory campuses in North Dakota. Specifically, $450 million is earmarked for completing Polaris Forge 2 in Harwood, North Dakota. This campus has already leased 200 MW of critical IT capacity to a U.S.-based investment-grade hyperscaler, which also holds the first right of refusal for an additional 800 MW, representing the site’s full 1-gigawatt expansion potential.
The remaining $337.5 million from Macquarie Asset Management will be directed towards Polaris Forge 1 in Ellendale, North Dakota. This is contingent upon the closing of Applied Digital’s previously announced $2.35 billion senior secured notes offering and other customary conditions. These funds will provide non-dilutive capital for the 400-MW campus, cover general and administrative expenses, and offset transaction costs.
Wes Cummins, Chairman and Chief Executive Officer of Applied Digital, emphasized that the funding highlights the continued execution of their AI infrastructure strategy and confidence in Applied Digital’s ability to deliver at scale. He believes that the ongoing support from Macquarie Asset Management, alongside the anticipated completion of their senior secured notes offering, will strengthen their balance sheet, accelerate development, and expand their AI Factory platform.
Anton Moldan, Senior Managing Director of Macquarie Asset Management, stated that Applied Digital distinguishes itself as a trusted partner to hyperscale customers. Macquarie’s global experience positions them to assist Applied Digital in becoming a leading data center platform.
Saidal Mohmand, Chief Financial Officer of Applied Digital, added that the additional investments provide the necessary capital to deliver on Polaris Forge 1 and advance Polaris Forge 2. He believes this reinforces the strength of their financing model and execution strategy.
It’s noted that up to half of the $337.5 million allocated to Polaris Forge 1 may be used for the second building on that campus. Funds not used for that specific purpose will support other data center projects and general corporate needs, and will not act as credit support for the senior secured notes.
In addition, Applied Digital entered into a loan and security agreement with First National Bank of Omaha on November 10, 2025, for up to $65 million in revolving loans and letters of credit. Interest accrues on the outstanding balance at SOFR plus 2.75% per annum, secured by the Company’s assets.
Matt Glover or Ralf Esper
Gateway Group, Inc.
(949) 574-3860
APLD@gateway-grp.com
Source: Applied Digital
