Core Insights - Applied Digital Corporation (NASDAQ:APLD) is recognized as one of the 15 best-performing AI stocks heading into 2026, with a significant funding deal expected to provide up to $5 billion from Macquarie Asset Management [1][5] Funding and Projects - The company plans to draw approximately $787.5 million by the end of November 2025 to support the construction of two AI Factory campuses in North Dakota, named Polaris Forge 1 and Polaris Forge 2 [2] - Of the expected funding, $450 million will be allocated to complete Polaris Forge 2 in Harwood, North Dakota, which has secured a lease for 200 MW of critical IT supply to a US-based Investment Grade Hyperscaler, with potential expansion to 1 GW [3] - The remaining $337.5 million will be directed towards Polaris Forge 1 in Ellendale, North Dakota, contingent upon closing a $2.35 billion senior secured notes offering and other customary conditions, aimed at funding the 400-MW campus and covering transaction costs [4] Strategic Positioning - This funding is part of Applied Digital Corporation's ongoing strategy to enhance its AI infrastructure, reflecting confidence in the company's ability to deliver scalable solutions in the high-performance computing and AI sectors [5]