Applied Digital, a designer, builder and operator of high-performance, sustainably engineered data centers and colocation services for artificial intelligence, networking and blockchain workloads, closed a revolving credit facility on May 29, 2026. The credit facility was arranged by Goldman Sachs and provides for up to $350 million of committed capacity with an additional accordion option of up to $200 million. Proceeds from the credit facility will be used to support the pre- and post-lease development of the company’s data center projects and for working capital and other general corporate purposes.
“The strong support we received from this syndicate of leading financial institutions underscores the scale of the opportunity before us and the confidence our banking partners have in our ability to execute,” Saidal Mohmand, chief financial officer of Applied Digital, said. “As demand for AI and high-performance computing infrastructure continues to accelerate, this facility is intended to provide additional flexibility to advance our development pipeline while maintaining a disciplined approach to capital allocation. We believe this agreement further supports the quality of our platform, the strength of our customer relationships, and the long-term value creation potential of our business.”
The credit facility is secured by certain non-data center project assets, has a scheduled maturity of May 29, 2029, and bears interest at the Secured Overnight Financing Rate (SOFR) plus 225 basis points or at the Alternative Base Rate plus 125 basis points.
Applied Digital also entered into a Memorandum of Understanding with CoreWeave on June 5, 2026, to assign the lease with CoreWeave for Building 3 at the Polaris Forge 1 campus to a CoreWeave subsidiary, if that subsidiary achieves an investment grade credit rating.
Goldman Sachs acted as lead left arranger bookrunner and First National Bank of Omaha, Mizuho Bank, Royal Bank of Canada, Banco Santander and Wells Fargo Bank served as joint lead arrangers and joint bookrunners. First National Bank of Omaha serves as administrative agent and collateral agent under the credit facility.
