Applied Digital Corporation closed a $300 million senior secured bridge facility on May 4, 2026, with Goldman Sachs as the lead arranger. The loan is intended to fund the continued development of the company’s third AI data center at the Polaris Forge 1 campus in Ellendale, North Dakota.
The bridge facility carries a 364‑day maturity and an interest rate of SOFR plus 275 basis points. It is secured by the assets of the Polaris Forge 1 project and is designed to provide immediate liquidity while the company pursues long‑term debt to complete the expansion.
Prior quarter results illustrate the company’s growth trajectory: Q4 2024 revenue rose 98% to $43.7 million, while Q4 2025 revenue increased 41% to $38.0 million. The bridge loan is part of a disciplined funding strategy that aligns capital inflows with construction milestones, allowing Applied Digital to maintain momentum on large hyperscaler contracts without delaying project timelines.
Polaris Forge 1, originally built for cryptocurrency mining, has been repurposed for AI and high‑performance computing workloads. The campus hosts a 400 MW lease with CoreWeave, projected to generate roughly $7 billion in contracted revenue, and has an option for an additional 150 MW. In addition, a $7.5 billion, 15‑year lease with a U.S. hyperscaler at the Delta Forge 1 campus has pushed total contracted revenue above $23 billion, underscoring the company’s strategic pivot to AI infrastructure.
CFO Saidal Mohmand said the 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.” 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.”
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