Originally reported by Devin Fry for Valley News Live.
HARWOOD, N.D. — 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, 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 leased to Oracle. The financing came roughly seven months after Applied Digital announced the project, describing it as a 280-megawatt “AI Factory” spanning more than 900 acres.
Inside the financing
The new funding specifically supports 200 megawatts of critical computing capacity at the site. The bonds carry a 6.75% interest rate and mature in 2031, with Goldman Sachs serving as 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.
