09:18 AM EDT, 10/07/2025 (MT Newswires) -- Applied Digital ( APLD ) said Tuesday it has received the initial funding of $112.5 million under its previously disclosed perpetual preferred equity financing facility of up to $5 billion with Macquarie Asset Management.

The company said the initial funding will support the construction of Polaris Forge 1, a 400 megawatts artificial intelligence campus in Ellendale, North Dakota.

Polaris Forge 1 has leased out the 400MW of IT capacity under construction to CoreWeave ( CRWV ) , Applied Digital ( APLD ) said.

Shares of Applied Digital ( APLD ) were up more than 2% in recent Tuesday premarket activity.