Goldman Secures Up to $750 Billion Credit Line for AI Data Center Expansion

Applied Digital Corporation (APLD) on May 29 closed a revolving credit facility of $350 million, with an additional $200 million accordion option, for a total maximum commitment of $550 million, underwritten by Goldman Sachs. The facility carries interest at SOFR plus 2.25% or an alternate base rate plus 1.25%, and matures on May 29, 2029. The company plans to use the proceeds for pre- and post-lease development costs of its data-center projects, for working capital and other general corporate purposes. Separately, on June 5 it signed a memorandum of understanding to transfer the lease of Building 3 at its Polaris Forge 1 campus in North Dakota to a CoreWeave affiliate.

This credit is secured not only by its data-center assets but also by other company assets. Multiple financial institutions, including Goldman Sachs and First National Bank of Omaha, served as joint arrangers, enhancing Applied Digital’s liquidity and its ability to execute its AI and high-performance computing infrastructure growth strategy.

Earlier, on May 4, the company arranged a $300 million (approximately KRW 410 billion) senior-secured bridge loan to fund development of Building 3 at the Polaris Forge 1 campus. More recently, Applied Digital has announced successive long-term leases with investment-grade hyperscale customers in the U.S. for new AI data centers, further bolstering its contracted cash flows.

Applied Digital is a U.S.-based infrastructure company that designs, builds and operates data centers for AI and high-performance computing. Centered on its Polaris Forge campus in North Dakota, it leases hundreds of megawatts of capacity under long-term contracts to cloud and AI-specialist customers. With surging AI compute demand driving large-scale capital investment and financing across North America’s hyperscale data-center sector, the company is pursuing aggressive expansion backed by multiple long-term lease agreements and project financings.