Applied Digital Corporation announced on October 7, 2025 that it has received the initial $112.5 million draw from a $5 billion perpetual preferred equity financing facility with Macquarie Asset Management (MAM). The funding is part of a broader $5 billion arrangement that will support the company’s 400 MW AI Factory campus in Ellendale, North Dakota, known as Polaris Forge 1.
Polaris Forge 1 is designed to scale up to 1 GW of critical IT capacity and is currently leasing its 400 MW under‑construction capacity to hyperscaler CoreWeave. The proceeds from the MAM draw will be used to complete the campus build‑out, cover transaction expenses, and fund platform‑level general and administrative costs.
Strategically, the preferred equity partnership is intended to substantially reduce Applied Digital’s equity contribution requirements for future development projects, providing a clear path to scale additional campuses in the coming years. By securing capital at the asset level, the company can accelerate construction timelines and reduce debt‑related capital costs for its high‑performance computing portfolio.
CEO Wes Cummins said, "Securing this funding at the asset level is especially important in an asset‑heavy business like ours. It gives us the capital to complete Polaris Forge 1 and provides a clear path to scale additional campuses." Macquarie’s senior managing director noted the partnership will help Applied Digital become an industry‑leading data center platform, underscoring the strategic importance of the financing for the company’s growth trajectory.
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