Applied Digital Secures $787.5 Million From Macquarie as Shares Fall 7.6%

Overview

• The $787.5 million infusion is a tranche of Applied Digital’s previously disclosed $5 billion perpetual preferred equity facility.
• $450 million is earmarked to complete the Polaris Forge 2 campus, which is being built to support up to 1 GW of critical IT load.
• At Forge 2, 200 MW is already leased to a U.S.-based investment‑grade hyperscaler under a roughly $5 billion agreement spanning about 15 years.
• The company also entered a loan and security agreement for up to $65 million in revolving loans and letters of credit with First National Bank of Omaha at a 2.75% annual rate, secured by its assets.
• Shares closed down 7.56% at $26.41 after the financing disclosure, and total leased capacity across Polaris Forge 1 and 2 stands at about 600 MW.