Data center operator Applied Digital (NASDAQ: APLD) is pursuing new finance strategies to pay for expansion plans, now set to offer $2.35 billion in senior secured notes due 2030 per an announcement Monday from the company.
Applied Digital said proceeds from the offering will fund construction and related expenses for its 100-megawatt and 150-megawatt data centers, known as ELN-02 and ELN-03, at the company’s 400-megawatt Ellendale, North Dakota campus called Polaris Forge 1.
Applied Digital signed a colocation agreement for an extra 150 MW of critical IT capacity with AI hyperscaler CoreWeave (NASDAQ: CRWV) in August 2025. Formerly a Bitcoin mining hosting provider, Applied Digital has pivoted completely into AI infrastructure provision, commonly called a ‘powershell’ build.
At time of publication, APLD is up 3.5% during pre-market hours.
