By Devin Fry
Published: Mar. 10, 2026 at 2:34 PM MST
Link to full article

HARWOOD, N.D. (Valley News Live) – The company building a massive artificial intelligence data center near Harwood has secured more than $2 billion to move the project forward.

Applied Digital Corporation closed a $2.15 billion bond offering Tuesday, according to a filing with the U.S. Securities and Exchange Commission. The company plans to use the money to fund construction at its Polaris Forge 2 campus in Harwood, an AI facility currently leased to Oracle.

The financing comes roughly seven months after Applied Digital announced the project last August. The company said at the time it planned to break ground in September 2025 on what it described as a 280-megawatt “AI Factory” spanning more than 900 acres.

The new funding will specifically support 200 megawatts of critical computing capacity at the site, the SEC filing states.

The bonds carry a 6.75% interest rate and mature in 2031. Goldman Sachs served as the lead underwriter.

Applied Digital also operates the Polaris Forge 1 data center campus in Ellendale, N.D. The Harwood site is expected to employ more than 200 full-time workers and will be powered by Cass County Electric Cooperative.