07:20 AM EST, 01/14/2025 (MT Newswires) -- Applied Digital ( APLD ) said Tuesday it has struck a $5 billion perpetual preferred equity funding facility with Macquarie.

Under the terms, Macquarie's asset-management unit agreed to invest up to $900 million in Applied Digital's ( APLD ) high performance computing data center campus in Ellendale, North Dakota, the company added.

Shares of the company were up 16% in recent Tuesday premarket activity.