15 years of 210 MW long-term lock-in + 1.59 billion in financing for expansion, Applied Digital's AI data center narrative is indeed strong, and North Dakota's cheap electricity is the key advantage.

Applied Digital's subsidiary plans to issue $1.59 billion in senior secured bonds due in 2031 through a private placement, with the proceeds to be used for constructing the fourth AI data center at the Ellendale campus in North Dakota (ELN-04), adding 150 MW of IT load capacity, and repaying part of bridge loans and related expenses. Previously, Applied Digital announced a 15-year, 210 MW data center leasing agreement with a U.S. investment-grade ultra-large cloud service provider.