Applied Digital Corporation's subsidiary, APLD ComputeCo 2 LLC, intends to offer $2.15 billion in senior secured notes due 2031. The proceeds will fund the development and construction of 200 megawatts of critical IT load at the Polaris Forge 2 AI Factory campus in Harwood, North Dakota. The Polaris Forge 2 campus is currently leased to Oracle. Funds will also cover Project Accounts, including the Debt Service Reserve Account, and related transaction expenses. The notes will be privately offered to qualified institutional buyers and non-U.S. persons. Applied Digital will provide customary completion guarantees for the Polaris Forge 2 project.