Applied Digital Secures $112.5M to Expand AI Data Center

The race to build AI infrastructure is heating up, and Applied Digital just secured a major boost. The company has received $112.5 million in initial funding to expand its AI data center campus in North Dakota.

Funding Milestone Achieved

Applied Digital announced it has received the first installment of a $5 billion financing agreement with Macquarie Asset Management (MAM). This initial $112.5 million will go towards building out the “Polaris Forge 1” campus in Ellendale, North Dakota.

The facility is designed to eventually scale up to 1 gigawatt of power. Currently, 400MW of critical IT capacity under construction at Polaris Forge 1 has already been leased to CoreWeave, an AI hyperscaler. This funding is earmarked for completing the construction of the campus.

Strategic Partnership Benefits

This substantial financial backing significantly reduces Applied Digital’s need to contribute equity to future development projects. The company anticipates securing additional project financing soon, which will unlock further funding from the MAM facility to support ongoing construction.

Wes Cummins, Chairman and CEO of Applied Digital, emphasized the importance of securing asset-level funding. He stated it provides the capital to complete Polaris Forge 1 and enables the scaling of additional campuses.

Macquarie's Perspective

Anton Moldan, Senior Managing Director at Macquarie Asset Management, expressed excitement about partnering with Applied Digital. He believes Applied Digital's portfolio and leadership team position it as a key player in meeting the growing demand for AI and high-performance computing (HPC) capacity.

Looking Ahead

Saidal Mohmand, CFO of Applied Digital, believes this capital structure will fully deliver Polaris Forge 1 and pave the way for scaling future campuses. The company aims to drive transformative progress across its pipeline of next-generation AI Factories with MAM’s support.