Applied Digital (APLD) to Advance AI Factory Projects in North Dakota

Applied Digital Corporation (NASDAQ:APLD) is one of the 15 Best Performing AI Stocks Heading into 2026. On November 12, Applied Digital Corporation (NASDAQ:APLD) reported that it expects to receive funding from a funding deal it announced earlier. This deal involves a perpetual preferred equity financing facility that could provide up to $5 billion with Macquarie Asset Management.

The company plans to draw about $787.5 million by the end of November 2025. These funds will help Applied Digital Corporation (NASDAQ:APLD) build two AI Factory campuses in North Dakota. These campuses are called Polaris Forge 1 and Polaris Forge 2.

According to the report by Applied Digital Corporation (NASDAQ:APLD), $450 of the expected funding will be used to complete Polaris Forge 2 in Harwood, North Dakota. This campus has also leased 200 MW of critical IT supply to a US-based Investment Grade Hyperscaler. The customer also holds the first right of refusal for an additional 800 MW, which could bring the total expansion potential of the site to 1 GW.

The remaining $337.5 million will be funded by Macquarie Asset Management into Polaris Forge 1, Applied Digital Corporation’s (NASDAQ:APLD) AI factory campus in Ellendale, North Dakota. This is subject to the company closing a $2.35 billion senior secured notes offering and other customary conditions. This funding will provide capital for the 400-MW campus and help cover transaction costs and general business expenses.

This funding supports Applied Digital Corporation’s (NASDAQ:APLD) ongoing work on its AI infrastructure strategy and the confidence in the company’s ability to deliver at scale.

Applied Digital Corporation (NASDAQ:APLD) is a technology company that designs, develops, and operates digital infrastructure for the high-performance computing (HPC) and artificial intelligence (AI) industries.

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Disclosure: None. This article is originally published at Insider Monkey.