Applied Digital Announces $1.59B Senior Notes Offering to Fund 150 MW AI Campus

Applied Digital Corporation announced that its subsidiary intends to offer $1.59 billion in senior secured notes due 2031 to fund the construction of a new 150-megawatt (MW) AI data center. The company also disclosed it has secured a new revolving credit facility with up to $550 million in total capacity to support strategic growth.

Key Details

• Senior Notes Offering: The private offering of $1.59 billion in senior secured notes is intended to fund the construction of the "ELN-04" facility at the Polaris Forge 1 campus in Ellendale, North Dakota, and to repay a bridge loan facility with Goldman Sachs.
• New Credit Facility: On May 29, 2026, the company closed a revolving credit facility arranged by Goldman Sachs, providing $350 million in committed capacity with an additional $200 million accordion option.
• CoreWeave Agreement: The company entered into a Memorandum of Understanding on June 5, 2026, to assign the lease for the new ELN-04 facility to a subsidiary of CoreWeave, Inc., contingent upon the subsidiary achieving an investment-grade credit rating.