Applied Digital and Macquarie Asset Management Execute First Funding Milestone in $5.0 Billion AI Infrastructure Partnership
Applied Digital (Nasdaq: APLD) received the initial draw from a previously disclosed perpetual preferred equity facility with Macquarie Asset Management totaling up to $5.0 billion. The first funding of $112.5 million was provided by MAM-managed funds to support construction of the 400MW Polaris Forge 1 AI Factory campus in Ellendale, North Dakota, which is designed to scale to 1GW and has leased the 400MW under construction to CoreWeave.
Proceeds will complete the 400MW buildout, fund platform G&A and transaction costs; Applied Digital expects near-term project financing to enable additional draws and does not anticipate further equity contributions to Polaris Forge 1.
Applied Digital (Nasdaq: APLD) ha ricevuto il primo finanziamento da una facility di azioni privilegiate perpetue precedentemente divulgata con Macquarie Asset Management, totalizzando fino a $5.0 miliardi. Il primo finanziamento di $112.5 milioni è stato fornito da fondi gestiti da MAM per supportare la costruzione del campus Polaris Forge 1 AI Factory da 400MW a Ellendale, North Dakota, che è progettato per scalare a 1GW e ha affittato i 400MW in costruzione a CoreWeave.
I proventi completeranno la realizzazione da 400MW, finanzieranno le spese generali e di transazione della piattaforma; Applied Digital prevede finanziamenti di progetto a breve termine per consentire ulteriori draw e non prevede ulteriori contributi di capitale a Polaris Forge 1.
Applied Digital (Nasdaq: APLD) recibió el primer desembolso de una facilidad de acciones preferentes perpetuas previamente divulgada con Macquarie Asset Management por un total de hasta $5.0 mil millones. El primer financiamiento de $112.5 millones fue proporcionado por fondos gestionados por MAM para apoyar la construcción del campus Polaris Forge 1 AI Factory de 400 MW en Ellendale, Dakota del Norte, diseñado para escalar a 1 GW y ha arrendado los 400 MW en construcción a CoreWeave.
Los ingresos permitirán completar el despliegue de 400 MW, financiar los gastos generales y de transacción de la plataforma; Applied Digital espera financiamiento de proyecto a corto plazo para permitir retiros adicionales y no espera más aportes de capital para Polaris Forge 1.
Applied Digital (나스닥: APLD)는 Macquarie Asset Management와의 사전에 공개된 영구 우선주 자본시설로부터 최초 인출을 받았으며 총액은 최대 $5.0 billion입니다. $112.5 million의 최초 자금은 MAM이 관리하는 펀드에 의해 400MW Polaris Forge 1 AI Factory 캠퍼스(노스다코타주 Ellendale) 건설을 지원하기 위해 제공되었으며, 이는 1GW로 확장하도록 설계되었고 건설 중인 400MW를 CoreWeave에 임대했습니다.
수익은 400MW 구축을 완료하고 플랫폼의 일반 및 관리(G&A) 및 거래 비용을 자금조달할 예정이며, Applied Digital은 향후 프로젝트 파이낸싱을 통해 추가 인출을 가능하게 할 것이며 Polaris Forge 1에 추가 자본 기여를 더 이상 기대하지 않는다고 밝혔습니다.
Applied Digital (Nasdaq: APLD) a reçu le premier tirage d'une facilité d'actions privilégiées perpétuelles préalablement divulguée avec Macquarie Asset Management, totalisant jusqu'à $5.0 milliards. Le premier financement de $112.5 millions a été fourni par des fonds gérés par MAM pour soutenir la construction du campus Polaris Forge 1 AI Factory de 400 MW à Ellendale, Dakota du Nord, conçu pour atteindre 1 GW et a loué les 400 MW en construction à CoreWeave.
Les produits permettront d'achever le déploiement de 400 MW, de financer les frais généraux et de transaction de la plateforme ; Applied Digital s'attend à un financement de projet à court terme pour permettre des tirages supplémentaires et ne prévoit pas d'autres apports en capitaux pour Polaris Forge 1.
Applied Digital (Nasdaq: APLD) erhielt den ersten Draw aus einer zuvor bekannt gemachten unbefristeten Vorzugsaktienfazilität mit Macquarie Asset Management in Höhe von insgesamt bis zu $5,0 Milliarden. Die erste Finanzierung von $112,5 Millionen wurde von MAM-verwalteten Fonds bereitgestellt, um den Bau des 400MW großen Polaris Forge 1 AI Factory-Campus in Ellendale, North Dakota, zu unterstützen, das darauf ausgelegt ist, auf 1 GW zu skalieren, und dem CoreWeave die 400 MW in Bau beliehen wurden.
Die Erlöse werden den 400MW-Bau abschließen, die Plattform-G&A- und Transaktionskosten finanzieren; Applied Digital rechnet kurzfristig mit Projektfinanzierungen, um weitere Draws zu ermöglichen, und erwartet keine weiteren Eigenkapitalbeiträge zu Polaris Forge 1.
Applied Digital (ناسداك: APLD) تلقّت سحباً أولياً من تسهيلات أسهم عادية دائمة مسبقاً الكشف عنها مع Macquarie Asset Management بإجمالي يصل إلى $5.0 مليار. تم توفير التمويل الأول البالغ $112.5 مليون من قبل صناديق مُدارة من قبل MAM لدعم بناء حرم Polaris Forge 1 AI Factory سعة 400MW في Ellendale، North Dakota، المصمم ليتسع حتى 1GW وقد تم تأجير الـ400MW قيد البناء إلى CoreWeave.
ستخطط العوائد لإكمال بناء الـ400MW، وتمويل النفقات العامة G&A للمَنصة وتكاليف المعاملات؛ تتوقع Applied Digital تمويلاً قريباً للمشروع لتمكين سحب إضافي ولا تتوقع مساهمات إضافية لرأس المال لـ Polaris Forge 1.
Applied Digital (纳斯达克: APLD) 已从与 Macquarie Asset Management 先前披露的永久优先股融资便利中获得首笔提款，总额高达 $5.0 十亿美元。第一笔融资为 $112.5 百万美元，由 MAM 管理的基金提供，用于支持北达科他州 Ellendale 的 400MW Polaris Forge 1 AI Factory 园区建设，该园区计划扩展至 1GW，并已将正在建设的 400MW 租给 CoreWeave。
募集资金将用于完成 400MW 的建设、资助平台的一般与交易成本（G&A and transaction costs）；Applied Digital 预计近期的项目融资将使进一步提款成为可能，并且不再预期对 Polaris Forge 1 的额外股本投入。
- Initial draw of $112.5 million funded by MAM-managed funds
- Perpetual preferred facility totaling $5.0 billion
- 400MW Polaris Forge 1 leased to CoreWeave
- Polaris Forge 1 designed to scale to 1 gigawatt
- Facility expected to reduce Applied Digital's equity contribution needs
- None.
Insights
Applied Digital secured an initial
Applied Digital received the first draw from Macquarie Asset Management on
The near-term closing of a project financing is cited as a condition that will enable additional draws under the Macquarie facility; that financing and the lease to CoreWeave are the key operational dependencies. The company states it currently does not expect to make further equity contributions into Polaris Forge 1, and proceeds will fund completion of the 400MW campus, platform-level G&A, and transaction costs.
Watch for three concrete, monitorable items in the short term: confirmation of the project financing closing that allows further draws, any draw notices or incremental funding under the
DALLAS, Oct. 07, 2025 (GLOBE NEWSWIRE) -- Applied Digital Corporation (Nasdaq: APLD) ("Applied Digital" or the "Company"), a designer, builder, and operator of high-performance, sustainably engineered data centers and colocations services for artificial intelligence, cloud, networking and blockchain workloads, announced today that it has received the initial funding from its previously disclosed perpetual preferred equity financing facility of up to
Polaris Forge 1 has leased the 400MW of critical IT capacity currently under construction to CoreWeave, the AI Hyperscaler™. Proceeds from the MAM facility will be used toward completing the buildout of this campus, where Applied Digital’s anticipated near-term closing of a project financing facility will allow additional draws under the MAM facility to support ongoing construction. Together, these facilities are expected to provide the capital required to complete the 400MW campus, fund platform-level G&A, and cover transaction expenses.
The MAM preferred equity partnership is intended to substantially reduce Applied Digital’s equity contribution requirements for its future development projects. At this time, the Company does not anticipate making any additional equity contributions into Polaris Forge 1.
“Securing this funding at the asset level is especially important in an asset-heavy business like ours. It gives us the capital to complete Polaris Forge 1 and provides a clear path to scale additional campuses. With Macquarie’s support, we’re able to strengthen our balance sheet and accelerate the build-out of our AI Factory platform. With MAM’s expertise and relationships, we believe Applied Digital is positioned as one of the fastest-growing developers in the U.S,” said Wes Cummins, Chairman and Chief Executive Officer of Applied Digital.
"As the demand for AI and HPC capacity continues to accelerate, we believe Applied Digital will distinguish itself as a valuable partner to hyperscale customers, with its differentiated portfolio of near-term power availability that has been built by a pioneering leadership team,” said Anton Moldan, Senior Managing Director of Macquarie Asset Management. “We are excited to partner with Applied Digital to build and scale its HPC data center platform. Our global experience as an owner and manager of some of the largest private data center platforms in the world positions us as an ideal partner to help Applied Digital become an industry-leading data center platform.”
“This financing is expected to provide us with the capital structure needed to fully deliver Polaris Forge 1 and a path to scale future campuses. With MAM’s support, we believe we are positioned to drive transformative progress across our pipeline of large scale, next -generation AI Factories,” said Saidal Mohmand, Chief Financial Officer of Applied Digital.
Northland Capital Markets acted as sole placement agent to the Company. Lowenstein Sandler LLP acted as counsel to the Company, and Simpson Thacher & Bartlett LLP acted as counsel to Macquarie Asset Management.
About Applied Digital
Applied Digital (Nasdaq: APLD) named Best Data Center in the Americas 2025 by Datacloud — designs, builds, and operates high-performance, sustainably engineered data centers and colocation services for artificial intelligence, cloud, networking, and blockchain workloads. Headquartered in Dallas, TX, and founded in 2021, the company combines hyperscale expertise, proprietary waterless cooling, and rapid deployment capabilities to deliver secure, scalable compute at industry-leading speed and efficiency, while creating economic opportunities in underserved communities through its award-winning Polaris Forge AI Factory model.
Learn more at applieddigital.com or follow @APLDdigital on X and LinkedIn.
Caution About Forward-Looking Statements
This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things, future operating and financial performance, product development, market position, business strategy and objectives and future financing plans. These statements use words, and variations of words, such as “will,” “continue,” “build,” “future,” “increase,” “drive,” “believe,” “look,” “ahead,” “confident,” “deliver,” “outlook,” “demonstrates,” “expect,” “project” and “predict.” Other examples of forward-looking statements may include, but are not limited to, (i) statements that reflect perspectives and expectations regarding current and future campus development, (ii) statements about the HPC industry, (iii) statements of Company plans and objectives, including our evolving business model, or estimates or predictions of actions by suppliers and current and potential customers, (iv) statements of future economic performance, (v) statements of assumptions underlying other statements and statements about the Company or its business and (vi) the Company’s plans to obtain future financing. You are cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events and thus are inherently subject to uncertainty. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the Company’s expectations and projections. These risks, uncertainties, and other factors include: our ability to complete construction of the Polaris Forge 1 data centers; the lead time of customer acquisition and leasing decisions and related internal approval processes; changes to AI and HPC infrastructure needs and their impact on future plans; costs related to the HPC operations and strategy; our ability to timely deliver any services required in connection with completion of installation under the lease agreements; our ability to raise additional capital to fund ongoing and future data center construction and operations; our ability to obtain financing of the lease agreements on acceptable financing terms, or at all; our dependence on principal customers, including our ability to execute and perform our obligations under our leases with key customers, including without limitation, the lease agreements; our ability to timely and successfully build hosting facilities with the appropriate contractual margins and efficiencies; power or other supply disruptions and equipment failures; the inability to comply with regulations, developments and changes in regulations; cash flow and access to capital; availability of project and other financing to continue to grow our business; decline in demand for our products and services; maintenance of third party relationships; and conditions in the debt and equity capital markets. A further list and description of these risks, uncertainties and other factors can be found in the company’s most recently filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q, including in the sections captioned “Forward-Looking Statements” and “Risk Factors,” and in the company’s subsequent filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov, on the Company’s website (www.applieddigital.com) under “Investors,” or on request from the Company. Information in this release is as of the dates and time periods indicated herein, and the Company does not undertake to update any of the information contained in these materials, except as required by law.
Investor Relations Contacts
Matt Glover and Ralf Esper
Gateway Group, Inc.
(949) 574-3860
APLD@gateway-grp.com
Media Contact
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jsa_applied@jsa.net
FAQ
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