Applied Digital Corporation (data center builder and operator) has secured a USD 300 million senior secured bridge facility led by Goldman Sachs (investment management firm) to fund continued development and construction of its third artificial intelligence data center.

Facility Terms and Structure

The financing takes the form of a USD 300 million term loan with a 364-day maturity. The loan bears interest at the Secured Overnight Financing Rate, known as SOFR, plus 275 basis points.

Applied Digital said the loan is prepayable at any time without a premium and is secured by the assets of the project. The company described the closing of the facility as complete at the time of the announcement.

Ellendale Campus Expansion

The proceeds are earmarked specifically for the continued development and construction of Applied Digital's third AI data center at its Polaris Forge 1 campus in Ellendale, North Dakota.

The company operates under what it calls an AI Factory model at the Polaris Forge campus, which it has described as award-winning and designed to create economic opportunities in underserved communities.

Applied Digital noted that it expects to seek additional financing to fund the completion of construction beyond what the bridge facility covers, signaling that the USD 300 million is intended to carry the project forward through its current phase rather than to completion.

Management Commentary

Saidal Mohmand, Chief Financial Officer of Applied Digital, framed the financing as consistent with the company's approach to capital allocation. "This financing supports the continued development of our third AI data center at Polaris Forge 1 and reflects our disciplined approach to funding projects in line with construction timelines," Mohmand said in the announcement.

He added that the company is focused on procuring capital efficiently to move projects forward and bring capacity online as planned, while maintaining flexibility to transition to long-term financing.

Company Background

Applied Digital was founded in 2021 and is headquartered in Dallas, Texas. The company designs, builds, and operates what it describes as high-performance, sustainably engineered data centers and colocation services, serving customers across artificial intelligence, cloud, networking, and blockchain workloads.

The company trades on the Nasdaq exchange under the ticker symbol APLD and was named Best Data Center in the Americas 2025 by Datacloud. Applied Digital says it combines hyperscale expertise with proprietary waterless cooling technology and rapid deployment capabilities.

The company's stated mission includes delivering scalable compute infrastructure while creating economic opportunities in communities where it builds its facilities.

Financing Risks Outlined

Applied Digital acknowledged a range of risks associated with its construction and financing plans in forward-looking disclosures accompanying the announcement.

Among those cited are the company's ability to complete construction of its data center campuses as planned, its ability to raise additional capital to fund ongoing construction and operations, and its ability to obtain financing of data center leases on acceptable terms.

The company also pointed to its dependence on principal customers, including hyperscalers, and its ability to execute and perform obligations under lease agreements with those customers.

Other factors listed include power supply disruptions, equipment failures, regulatory changes, and broader conditions in debt and equity capital markets. Applied Digital directed investors to its most recently filed Annual Report on Form 10-K and subsequent quarterly filings with the Securities and Exchange Commission for a fuller accounting of those risks.

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