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Applied Digital closed a Goldman-led $300M senior secured bridge loan to accelerate its next 150 MW AI data center, layering it on top of $2.15B in notes and a $7.5B hyperscaler lease.<\/p>\n
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Bitcoin mining hosting and cloud services provider Applied Digital said it has closed a $300 million senior secured bridge facility to advance construction of a new AI data center project, following through on plans it outlined in April when it secured a 15\u2011year, $7.5 billion lease with an unnamed U.S. investment\u2011grade hyperscaler.<\/p>\n
Company disclosures indicate the bridge is designed to fund continued development of the 150 MW \u201cBuilding 3\u201d data center at its Polaris Forge 1 campus, part of a broader AI Factory platform that now includes a 430 MW campus at Delta Forge 1.<\/p>\n
The loan is secured by project assets and, according to Applied Digital, can be prepaid \u201cat any time without penalty,\u201d giving the firm flexibility to refinance into longer\u2011duration structures once permanent capital is arranged.<\/p>\n
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Management has said it expects to add a matching $300 million senior secured revolving credit facility, taking total new credit lines to as much as $600 million to cover pre\u2011lease and post\u2011lease development, working capital, and transaction expenses across its AI and high\u2011performance computing footprint.<\/p>\n
Applied Digital, listed on Nasdaq as APLD, started as a builder and operator of data centers for Bitcoin and crypto mining customers, with 106 MW and 180 MW facilities in Jamestown and Ellendale, North Dakota, running at full capacity by late 2025.<\/a><\/p>\n In March, the company priced $2.15 billion of senior secured notes via its APLD Compute 2 subsidiary, telling investors it would use the proceeds \u201cto fund the development and construction of 200 megawatts of critical IT load\u201d at an AI data center in North Dakota leased to Oracle under a 15\u2011year, roughly $5 billion contract.<\/p>\n The new bridge facility extends that financing stack, effectively front\u2011loading capital for Polaris Forge 1\u2019s 150 MW expansion while Applied Digital works with lenders on a longer\u2011term structure that matches the 15\u2011year profile of its hyperscaler leases.<\/p>\n A recent crypto.news\u00a0briefing<\/a>\u00a0outlined how the $7.5 billion AI campus lease gives Applied Digital contracted revenue visibility through 2041, making it easier to layer on project\u2011finance style debt.<\/a><\/p>\n Another crypto.news\u00a0overview<\/a>\u00a0noted that the company\u2019s combined plan for a $300 million bridge and a $300 million revolver is intended to \u201csmooth development risk\u201d as it scales up from crypto hosting to full\u2011blown AI infrastructure.<\/a><\/p>\n