SMBC $375M Financing
Company: Applied Digital - Project: Polaris Forge 1
The claim, verbatim
APLD HPC Holdings LLC closed a $375 million financing with Sumitomo Mitsui Banking Corporation, with proceeds intended to advance development of the first and second data center buildings at the Ellendale HPC Campus.
Source (primary)
Earnings Release (IR page (ir.applieddigital.com), earnings_call)
View cached copy (2026-09-25)Live source ↗Archive.org ↗
Quote: “APLD HPC Holdings LLC closed a $375 million financing with Sumitomo Mitsui Banking Corporation ("SMBC"). The Company used a portion of the proceeds to repay its obligations under the November 2024 Macquarie Promissory Note, and the remaining proceeds are intended to be used to advance the development of the first and second data center buildings at the Ellendale HPC Campus.”
How we checked this
Checked on October 12, 2026. The cited source supports every part of this claim.
The press release states both the closing of the $375 million SMBC financing and the intended use of proceeds. It also notes that part of the proceeds first went to repay the November 2024 Macquarie Promissory Note, and only the remainder is earmarked for the Ellendale buildings.
Confirmed in the source:
- APLD HPC Holdings LLC closed a $375 million financing with Sumitomo Mitsui Banking Corporation
- Proceeds from the SMBC financing are intended to advance development of the first and second data center buildings at the Ellendale HPC Campus
What we did: Read our cached copy of IR page (ir.applieddigital.com) (https://ir.applieddigital.com/news-events/press-releases/detail/121/applied-digital-reports-fiscal-third-quarter-2025-results/) in full (33,151 characters, retrieved September 25, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Earnings Release
Quote: “APLD HPC Holdings LLC closed a $375 million financing with Sumitomo Mitsui Banking Corporation ("SMBC"). The Company used a portion of the proceeds to repay its obligations under the November 2024 Macquarie Promissory Note, and the remaining proceeds are intended to be used to advance the development of the first and second data center buildings at the Ellendale HPC Campus.”