Applied Digital Corporation (NASDAQ: APLD) closed a revolving credit facility totaling up to $550 million on May 29, 2026, according to a company statement. The facility includes $350 million in committed capacity with an additional accordion option of up to $200 million.

Goldman Sachs arranged the credit facility, which will fund pre- and post-lease development of the company's data center projects, working capital, and general corporate purposes. The facility is secured by certain non-data center project assets and matures on May 29, 2029.

The credit facility bears interest at the Secured Overnight Financing Rate plus 225 basis points or at the Alternative Base Rate plus 125 basis points. First National Bank of Omaha serves as Administrative Agent and Collateral Agent, while several major banks participated as Joint Lead Arrangers and Joint Bookrunners.

"As demand for AI and high-performance computing infrastructure continues to accelerate, this facility is intended to provide additional flexibility to advance our development pipeline while maintaining a disciplined approach to capital allocation," said Saidal Mohmand, Chief Financial Officer of Applied Digital.

Applied Digital also entered into a Memorandum of Understanding with CoreWeave on June 5, 2026, to assign the lease for Building 3 at the Polaris Forge 1 campus to a CoreWeave subsidiary, contingent on that subsidiary achieving an investment grade credit rating.

The Dallas-based company designs, builds and operates data centers for artificial intelligence, networking, and blockchain workloads. First National Bank of Omaha, Mizuho Bank, Royal Bank of Canada, Banco Santander and Wells Fargo Bank served as Joint Lead Arrangers and Joint Bookrunners for the facility.