October 7, 2025 — Dallas, TX — Leads & Copy — Applied Digital Corporation (Nasdaq: APLD) has received $112.5 million in initial funding from its perpetual preferred equity financing facility with Macquarie Asset Management (MAM). The funds will support the construction of Applied Digital’s 400MW AI Factory campus in Ellendale, North Dakota, named Polaris Forge 1, which is designed to scale up to 1 gigawatt.
The MAM-managed funds’ first draw will aid the build-out of the facility, where all 400MW of critical IT capacity under construction has been leased to CoreWeave, the AI Hyperscaler™. The financing is expected to reduce Applied Digital’s equity contribution requirements for its future development projects.
Wes Cummins, Chairman and CEO of Applied Digital, said securing this funding at the asset level is important, providing capital to complete Polaris Forge 1 and scale additional campuses. Anton Moldan, Senior Managing Director of Macquarie Asset Management, stated that they believe Applied Digital will distinguish itself as a valuable partner to hyperscale customers. Saidal Mohmand, CFO of Applied Digital, added that the financing should provide the capital structure needed to deliver Polaris Forge 1 and scale future campuses.
Northland Capital Markets acted as sole placement agent, with Lowenstein Sandler LLP as counsel to Applied Digital and Simpson Thacher & Bartlett LLP as counsel to Macquarie Asset Management.
Investor Relations Contacts: Matt Glover and Ralf Esper, Gateway Group, Inc., (949) 574-3860, APLD@gateway-grp.com; Media Contact: JSA (Jaymie Scotto & Associates), (856) 264-7827, jsa_applied@jsa.net
Source: Applied Digital
