Applied Digital Corporation on Sept. 7 announced it has received an initial $112.5 million funding from its previously disclosed perpetual preferred equity financing facility of up to $5 billion with Macquarie Asset Management (MAM).
The initial investment, funded by MAM-managed entities, will support the build-out of Applied Digital’s 400MW Polaris Forge 1 AI Factory campus in Ellendale, North Dakota, which is designed to scale to 1 gigawatt (GW) over time. The company has fully leased the campus’s 400MW capacity under construction to CoreWeave, the AI Hyperscaler™, under a long-term agreement.
Proceeds from this first draw will fund ongoing construction and support platform-level operations and transaction expenses. Future draws under the MAM facility are expected following the anticipated closing of a project financing facility.
Funding
In January 2025, Applied Digital entered into a $5 billion perpetual preferred equity financing facility with Macquarie Asset Management. Macquarie committed up to $900 million to fund Applied Digital’s Ellendale high-performance computing campus, Polaris Forge 1. An additional $4.1 billion remains available to support future data center and HPC projects. The structure allows Applied Digital to retain 85% ownership of its HPC business. Macquarie holds perpetual preferred equity along with a 15% common equity stake in that segment.
Applied Digital said the partnership substantially reduces its equity contribution requirements for current and future projects. It eliminates the need for additional equity investment in Polaris Forge 1.
“This funding at the asset level gives us the capital to complete Polaris Forge 1,” said Wes Cummins, Chairman and CEO of Applied Digital. “It provides a clear path to scale additional campuses. With Macquarie’s support, we can strengthen our balance sheet and accelerate the build-out of our AI Factory platform.”
Anton Moldan, Senior Managing Director at Macquarie Asset Management, said Applied Digital can meet growing U.S. demand for AI and high-performance computing capacity. “We own and manage large private data center platforms globally,” he said. “This experience makes us an ideal partner to help Applied Digital scale its HPC data center platform.”
Northland Capital Markets acted as sole placement agent for the transaction. Lowenstein Sandler LLP advised Applied Digital, while Simpson Thacher & Bartlett LLP represented Macquarie Asset Management.
Separately, Applied Digital has also begun work on Polaris Forge 2, a $3 billion AI campus in Harwood, where groundbreaking took place in September 2025 and construction is now underway.
Project Factsheet: Polaris Forge 1 AI Factory Campus
Location: Ellendale, North Dakota
Developer: Applied Digital Corporation
Partner/Investor: Macquarie Asset Management (MAM)
Total Planned Capacity: 400MW (scalable to 1GW)
Project Type: AI and high-performance computing (HPC) data center campus
Tenant: CoreWeave (leased full 400MW capacity)
Funding Facility: Up to $5 billion perpetual preferred equity financing with MAM
Initial Funding Draw: $112.5 million (October 7, 2025)
Use of Funds: Construction of Polaris Forge 1, platform-level G&A, and transaction expenses
Financing Support: Anticipated project financing facility for additional draws
