Applied Digital Corporation (NASDAQ:APLD) secures a loan facility with Macquarie Group for new data center projects. APLD is in talks with an investment-grade hyperscaler and plans to draw $100 million from the facility. The company also announces a spinoff of Applied Digital Cloud into a separate company called ChronoScale.

Chairman and CEO Wes Cummins highlights the financing’s importance for developing purpose-built campuses for hyperscale customers. Wall Street analysts have a consensus Buy rating on APLD, with an average price target of $40.50 implying a 68.40% upside. The company specializes in designing, building, and operating data centers for AI, cloud, networking, and blockchain workloads.

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Read more at Yahoo Finance: Applied Digital (APLD) Pushes AI Expansion and Separates Cloud Unit