Applied Digital, Macquarie Asset Management execute funding milestone

Applied Digital (APLD) has received the initial funding from its previously disclosed perpetual preferred equity financing facility of up to $5.0 billion with Macquarie Asset Management. The first draw of $112.5 million was funded today by MAM-managed funds and will support the build-out of Applied Digital’s 400MW AI Factory campus in Ellendale, North Dakota, which is designed to scale up to 1 gigawatt over time. Polaris Forge 1 has leased the 400MW of critical IT capacity currently under construction to CoreWeave. 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.