Applied Digital secures $300M bridge loan to fund AI data center expansion in North Dakota

Applied Digital Corporation has closed a $300 million senior secured bridge facility led by Goldman Sachs to finance the development of its third AI data center at the Polaris Forge 1 campus in Ellendale, North Dakota. The 364-day term loan carries an interest rate of SOFR plus 275 basis points and is secured by project assets. This funding supports the company's strategy to align financing with construction timelines and maintain flexibility for future long-term financing. Applied Digital plans to seek additional capital to complete the data center's construction and expand its AI infrastructure capabilities.