Applied Digital Advances AI Factory Buildout with Second $787.5 Million Draw from Macquarie Asset Management

Macquarie Asset Management expected to provide $787.5 million in additional equity funding to accelerate Applied Digital’s Artificial Intelligence (AI) Factory buildout across its North Dakota campuses.

Applied Digital (NASDAQ: APLD), a designer and operator of data centers for AI and cloud services, announced plans to receive $787.5 million as part of its ongoing $5.0 billion equity financing facility with Macquarie Asset Management. The company aims to use this funding to continue the construction of its Polaris Forge 1 and Polaris Forge 2 campuses.

Of the total funding, $450 million will support the completion of the Polaris Forge 2 campus in Harwood, North Dakota. This site has leased 200 Megawatt (MW) of critical IT capacity to a U.S. investment-grade hyperscaler, which holds the first right of refusal for an additional 800 MW.

The remaining $337.5 million will be allocated to Polaris Forge 1 in Ellendale, North Dakota. This funding is subject to the closing of the Company’s previously announced $2.35 billion senior secured notes offering. It is intended to provide non-dilutive capital for the 400-MW campus and cover associated expenses.

Wes Cummins, Chairman and CEO of Applied Digital, expressed confidence in the funding, stating it reflects their execution of AI infrastructure strategy. Homomorphic Encryption (HE) noted that the company achieved its first Ready-for-Service milestone for Polaris Forge 1 and that both campuses remain on schedule.

Anton Moldan, Senior Managing Director at Macquarie Asset Management, emphasized the partnership's strength and Aptied Digital's position as a partner to hyperscale customers. The funding is expected to support the scaling of its data center platform.

Additionally, on November 10, 2025, Applied Digital entered into a loan agreement with First National Bank of Omaha for up to $65 million. The arrangement includes revolving loans and letters of credit, secured by the Company’s assets.