Core Viewpoint - Applied Digital Corporation's subsidiary, APLD ComputeCo LLC, plans to offer $2.35 billion in senior secured notes due 2030 to fund data center construction and repay existing debt [1][2]. Group 1: Offering Details - APLD Compute intends to offer $2.35 billion in senior secured notes in a private offering to qualified institutional buyers under Rule 144A of the Securities Act [1]. - The net proceeds will be used for the construction of 100 MW and 150 MW data centers, ELN-02 and ELN-03, at the Polaris Forge 1 campus in North Dakota [2]. - The offering is subject to market conditions, and there is no assurance regarding its completion [4]. Group 2: Security and Guarantees - The notes will be fully guaranteed by APLD Compute's existing and future subsidiaries, which include several HoldCo and LandCo entities [3]. - The notes and guarantees will be secured by first-priority liens on substantially all assets of APLD Compute and its subsidiaries, excluding certain properties [3]. Group 3: Company Overview - Applied Digital Corporation specializes in designing, building, and operating high-performance data centers for AI, cloud, networking, and blockchain workloads [7]. - The company has been recognized as the Best Data Center in the Americas for 2025 by Datacloud [7].

Core Insights - The Canada data center colocation market is projected to grow from $1.38 billion in 2024 to $2.11 billion by 2030, reflecting a compound annual growth rate (CAGR) of 7.33% [1][4] - As of December 2024, Canada has approximately 111 operational colocation data centers, with expectations for growth in both existing and new facilities [1][2] Market Overview - Toronto and Montreal are the primary hubs for data center growth in Canada, with Toronto hosting around 35 facilities and Montreal 29 facilities [2] - The report includes a comprehensive analysis of colocation demand and supply, market size metrics, and insights into the investment landscape in Canada [3][4] Market Dynamics - The report covers various aspects such as utilized white floor area, IT power capacity, and occupancy rates, providing a detailed snapshot of the current market landscape [3][4] - It also examines the impact of artificial intelligence on the data center industry and the sustainability status in Canada [3][14] Competitive Landscape - Key players in the Canadian colocation market include Cologix, Compass Datacenters, Digital Realty, eStruxture Data Centers, Equinix, and Telehouse, among others [2][6] - The report analyzes the competitive scenario, including market share by revenue and IT power capacity for existing operators [6][18] Future Projections - The study forecasts the colocation market's growth factors, potential opportunities, and pricing trends for both retail and wholesale colocation services from 2024 to 2030 [6][14] - It identifies 29 upcoming colocation facilities, indicating a robust pipeline for future growth in the sector [3][14]