$2.15B Senior Secured Notes offering
Company: Applied Digital - Project: Polaris Forge 2
The claim, verbatim
Completed $2.15 billion private offering of 6.750% Senior Secured Notes due 2031 at 98% of par, with proceeds funding development and construction of 200 MW critical IT load at Polaris Forge 2
Source (primary)
Earnings Release (IR page (ir.applieddigital.com), earnings_call)
View cached copy (2026-09-25)Live source ↗Archive.org ↗
Quote: “Completed a $2.15 billion private offering of 6.750% Senior Secured Notes due 2031, issued at 98% of par through its subsidiary APLD ComputeCo 2 LLC. Proceeds will fund the development and construction of 200 MW of critical IT load at the Polaris Forge 2 AI Factory campus in Harwood, North Dakota.”
How we checked this
Checked on October 12, 2026. The cited source supports every part of this claim.
The release states every term of the notes offering and its use of proceeds as claimed.
Confirmed in the source:
- Applied Digital completed a $2.15 billion private offering of Senior Secured Notes
- The notes carry a 6.750% coupon and are due 2031
- The notes were issued at 98% of par
- Proceeds will fund development and construction of 200 MW of critical IT load at Polaris Forge 2
What we did: Read our cached copy of IR page (ir.applieddigital.com) (https://ir.applieddigital.com/news-events/press-releases/detail/148/applied-digital-reports-fiscal-third-quarter-2026-results/) in full (47,470 characters, retrieved September 25, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Earnings Release
Quote: “Completed a $2.15 billion private offering of 6.750% Senior Secured Notes due 2031, issued at 98% of par through its subsidiary APLD ComputeCo 2 LLC. Proceeds will fund the development and construction of 200 MW of critical IT load at the Polaris Forge 2 AI Factory campus in Harwood, North Dakota.”