Applied Digital (NASDAQ: APLD) is set to receive $787.5 million in additional funding from Macquarie Asset Management to continue developing its AI Factory campuses in North Dakota. $450 million will go towards completing Polaris Forge 2, which has leased 200 MW of IT capacity. Macquarie will also fund $337.5 million for Polaris Forge 1, subject to the closing of a $2.35 billion senior secured notes offering. Applied Digital’s CEO highlighted the importance of this funding for accelerating development and expanding their AI Factory platform.

In addition to the funding news, Applied Digital secured a $65 million revolving loan from First National Bank of Omaha. The loan is secured by the company’s assets and accrues interest at a rate of SOFR plus 2.75% per annum. These financial moves aim to support Applied Digital’s growth and development in the data center industry.

Read more at GlobeNewswire: Applied Digital Advances AI Factory Buildout with Second