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Applied Digital - Debt Financing
Overview
Funding Date
May 19, 2023
Financing amount
$50M
Valuation
--
Category
About Applied Digital - Debt Financing
Applied Digital Corporation (Nasdaq: APLD) ("Applied Digital" or the "Company"), a designer, builder and operator of next-generation digital infrastructure that is designed for High Performance Computing ("HPC") applications, today announced that the Company has reached an agreement for a loan with a maximum principal amount of $50.0 million. The Company intends to use the loan, which has a 2-year term and 9.0% interest rate, to provide additional liquidity to fund the buildout of its AI Cloud platform and datacenters.
Founders & Team
Wes Cummins
David Rench
Regina Ingel
Jason Zhang
Company Profile / Project Introduction
Applied Digital (Nasdaq: APLD) designs, develops and operates next-generation datacenters across North America to provide digital infrastructure solutions to the rapidly growing high-performance computing (HPC) industry. Applied Digital Corporation is rebranded from Applied Blockchain, Inc. Applied Digital’s next-generation datacenters are ideal hosting sites for HPC applications that can offer lower cost, high compute power solutions compared to traditional datacenters that are typically higher cost and do not have the ability in most current facilities to provide the power density required for AI/ML workload.