$2.15B Senior Secured Notes for Polaris Forge 2
Company: Applied Digital - Project: Polaris Forge 2
The claim, verbatim
$2.15 billion private offering of 6.75% Senior Secured Notes due 2031 to fund 200 MW development 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 development of 200 MW of critical IT load at Polaris Forge 2 in Harwood, North Dakota.”
How we checked this
Checked on October 12, 2026. The cited source supports every part of this claim.
The release describes the $2.15 billion 6.750% notes due 2031 and states the proceeds will fund 200 MW at Polaris Forge 2.
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
- Proceeds will fund development 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/159/applied-digital-reports-fiscal-fourth-quarter-and-full-year/) in full (55,619 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 development of 200 MW of critical IT load at Polaris Forge 2 in Harwood, North Dakota.”