Applied Digital secures $550M revolving credit facility for AI data centres
What's the deal? Applied Digital, a Dallas-based designer and operator of AI-focused data centres, has closed a revolving credit facility worth up to $550 million. The facility, arranged by Goldman SachsDealroom has a profile for this one. Try Dealroom →, includes $350 million in committed capacity and an additional $200 million accordion option. Proceeds will fund pre- and post-lease development of data centre projects and general corporate purposes.
The credit facility closed on 29 May 2026, and matures in three years. It bears interest at SOFR plus 225 basis points or the Alternative Base Rate plus 125 basis points, secured by certain non-data centre project assets.
Goldman Sachs served as lead arranger, with First National Bank of OmahaDealroom has a profile for this one. Try Dealroom →, MizuhoDealroom has a profile for this one. Try Dealroom → Bank, Royal Bank of CanadaDealroom has a profile for this one. Try Dealroom →, Banco SantanderDealroom has a profile for this one. Try Dealroom →, and Wells FargoDealroom has a profile for this one. Try Dealroom → as joint lead arrangers and bookrunners.
Why now? Demand for AI and high-performance computing infrastructure is accelerating, and Applied Digital is positioning itself to capitalise. The company also signed a Memorandum of Understanding with CoreWeave on 5 June 2026 to potentially assign a lease at its Polaris Forge 1 campus to a CoreWeave subsidiary — contingent on that subsidiary achieving an investment-grade credit rating.
"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," said Saidal Mohmand, Applied Digital's chief financial officer.
What could go wrong? Data centre development is capital-intensive, and revolving credit adds leverage to a company that already operates in a competitive, fast-moving market. If AI infrastructure demand cools or project timelines slip, servicing debt could become a burden. The CoreWeave lease assignment also hinges on a credit rating outcome that isn't guaranteed.
The signal: Applied Digital's pivot is telling — Dealroom still catalogues it as a blockchain infrastructure and BTC mining operator, yet it is now securing half-a-billion-dollar credit lines for AI data centres. That six major corporate lenders underwrote the facility suggests banks view the AI compute buildout as a bankable, infrastructure-grade asset class, not a speculative bet. For a company founded only in 2021 and classified as late growth stage, the speed of that transition from crypto mining to Goldman Sachs-arranged debt financing illustrates how quickly capital markets are re-pricing AI infrastructure demand.
Read more: MarketScreener · Image: Hugovanmeijeren / Wikimedia Commons, CC BY-SA 3.0
