(Reuters) - Investment bank Macquarie will invest up to $5 billion in Applied Digital's ( APLD ) AI data centers and will take a 15% stake in the company, the Wall Street Journal reported on Tuesday.

Shares of the data center operator jumped over 20% in premarket trading.

Macquarie's asset-management arm agreed to invest up to $900 million in a data center campus that Applied Digital ( APLD ) is developing in North Dakota, the report said.

It also has the right of first refusal to invest an additional $4.1 billion in future company data centers for 30 months, according to the WSJ report.

Applied Digital ( APLD ) and Macquarie did not immediately respond to Reuters' requests for comment.