Applied Digital and Macquarie Asset Management Execute First Funding Milestone in $5.0 Billion AI Infrastructure Partnership

Core Insights - Applied Digital Corporation has secured initial funding of $112.5 million from Macquarie Asset Management as part of a larger $5.0 billion perpetual preferred equity financing facility to support the development of its AI Factory campus in Ellendale, North Dakota [1][2][4] - The 400MW capacity currently under construction at Polaris Forge 1 has been leased to CoreWeave, indicating strong demand for AI and HPC capacity [2][5] - The partnership with Macquarie is expected to significantly reduce the equity contribution requirements for future development projects, allowing the company to focus on scaling its operations without additional equity input [3][4] Financial and Operational Highlights - The funding will be utilized to complete the buildout of the 400MW campus, cover general and administrative expenses, and manage transaction costs [2][5] - The financing structure is designed to provide the necessary capital to fully deliver Polaris Forge 1 and facilitate the scaling of future campuses [5] - The company aims to leverage Macquarie's expertise to enhance its balance sheet and accelerate the development of its AI Factory platform, positioning itself as a leading developer in the U.S. [4][5] Strategic Positioning - The demand for AI and high-performance computing (HPC) capacity is increasing, and Applied Digital is positioned to become a valuable partner for hyperscale customers due to its unique portfolio of power availability [5] - The company has been recognized as the Best Data Center in the Americas for 2025, highlighting its competitive edge in the industry [7]