The anticipated additional draws of an aggregate amount equal to $787.5 million are expected to be completed by the end of the month and will support the continued build-out of Applied Digital's Polaris Forge 1 and Polaris Forge 2 AI Factory campuses in North Dakota.
Of the anticipated funding, $450 million will be allocated toward completing the build-out of Polaris Forge 2, Applied Digital's AI Factory campus in Harwood, North Dakota. The Polaris Forge 2 campus has leased 200 MW of critical IT capacity, currently under construction, to a U.S.-Based Investment Grade Hyperscaler, which also holds the first right of refusal for an additional 800 MW of critical IT load at that campus, representing the full 1-gigawatt expansion potential of the site.
Macquarie Asset Management will fund the remaining $337.5 million into Polaris Forge 1 in Ellendale, North Dakota, subject to the closing of the Company's previously announced $2.35 billion senior secured notes offering and other customary conditions. The investment will provide additional non-dilutive capital for the 400-MW campus, support platform-level general and administrative expenses, and cover transaction costs.
"This funding underscores the continued execution of our AI infrastructure strategy and the confidence in Applied Digital's ability to deliver at scale," said Wes Cummins, Chairman and Chief Executive Officer of Applied Digital. "With Macquarie Asset Management's ongoing support and the anticipated completion of our senior secured notes offering, we believe we're positioned to strengthen our balance sheet, accelerate development, and expand our AI Factory platform. We recently achieved our first Ready-for-Service milestone for our first data hall at Polaris Forge 1, and both Polaris Forge 1 and 2 remain on schedule, reflecting our disciplined execution and commitment to on-time delivery."
"Applied Digital continues to distinguish itself as a trusted partner to hyperscale customers, with a differentiated portfolio of near-term power availability built by a pioneering leadership team," said Anton Moldan, Senior Managing Director of Macquarie Asset Management. "We are pleased to deepen our partnership with Applied Digital as it scales its high-performance compute data center platform. Our global experience as an owner and manager of some of the largest private data center portfolios positions us to help Applied Digital become an industry-leading data center platform."
"With Macquarie Asset ...
