Applied Digital Plans $2.15 Billion Notes for AI Expansion

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An update from Applied Digital Corporation ( (APLD) ) is now available.

On March 2, 2026, Applied Digital announced that its subsidiary APLD ComputeCo 2 LLC plans to offer $2.15 billion in senior secured notes due 2031 in a private placement to qualified institutional buyers under Rule 144A and to certain non-U.S. investors under Regulation S. The company has also released selected investor presentation slides in connection with this proposed debt offering, which is subject to market conditions and other factors.

Net proceeds from the planned notes issuance are earmarked to fund the development and construction of 200 megawatts of critical IT load at Polaris Forge 2, Applied Digital’s AI Factory campus in Harwood, North Dakota that is currently leased to Oracle. The transaction is expected to significantly expand the company’s AI-focused infrastructure capacity and deepen its relationship with a key hyperscale customer, with implications for its growth trajectory and positioning in the competitive AI data center market.

The most recent analyst rating on (APLD) stock is a Hold with a $28.00 price target. To see the full list of analyst forecasts on Applied Digital Corporation stock, see the APLD Stock Forecast page.

Spark’s Take on APLD Stock

According to Spark, TipRanks’ AI Analyst, APLD is a Neutral.

The score is held back primarily by weak financial quality (large losses, negative operating/free cash flow, and high leverage). It is supported by constructive technicals and a strong earnings-call outlook tied to large signed hyperscaler leases and near-term capacity ramp, with valuation constrained by lack of profitability and no dividend support.

To see Spark’s full report on APLD stock, click here.

More about Applied Digital Corporation

Applied Digital Corporation operates in the digital infrastructure and data center industry, focusing on high-performance computing facilities tailored for artificial intelligence workloads. The company develops and operates large-scale “AI Factory” campuses, including sites such as Polaris Forge 2 in Harwood, North Dakota, where it serves major enterprise clients like Oracle through dedicated, high-capacity IT load deployments.

Average Trading Volume: 30,338,227

Technical Sentiment Signal: Buy

Current Market Cap: $7.62B

For detailed information about APLD stock, go to TipRanks’ Stock Analysis page.