Applied Digital Prices $2.15B Debt Deal to Fund AI Campus Expansion

The company's stock rose after announcing the pricing of senior secured notes to support the development of its Polaris Forge 2 project.

Published on Mar. 4, 2026

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Applied Digital Corp. (NASDAQ:APLD) announced the pricing of a $2.15 billion senior secured notes offering to fund the development and construction of 200 megawatts of critical IT capacity at its Polaris Forge 2 campus in Harwood, North Dakota. The notes are secured by first-priority liens on most assets of APLD Compute 2 and its subsidiaries.

Why it matters

The debt deal will allow Applied Digital to expand its AI data center capabilities, which is a key part of the company's growth strategy. The Polaris Forge 2 project is expected to significantly increase the company's computing power and support its ambitions in the rapidly evolving AI infrastructure market.

The details

APLD ComputeCo 2 LLC, a subsidiary of Applied Digital, priced 6.750% senior secured notes due 2031 at 98% of face value. The company expects to close the offering by March 10, 2026, subject to customary conditions.

  • Applied Digital announced the pricing of the $2.15 billion notes offering on March 4, 2026.
  • The company expects to close the offering by March 10, 2026.

The players

Applied Digital Corp.

An American technology company that provides infrastructure solutions for digital asset mining and high-performance computing.

APLD ComputeCo 2 LLC

A subsidiary of Applied Digital that priced the $2.15 billion senior secured notes.

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What’s next

The company expects to close the $2.15 billion notes offering by March 10, 2026, subject to customary conditions.

The takeaway

Applied Digital's debt financing will enable the company to significantly expand its Polaris Forge 2 AI data center project, positioning it to capitalize on the growing demand for high-performance computing and AI infrastructure solutions.