Applied Digital rises as March $2.15B Polaris Forge 2 financing keeps bid under AI buildout
Applied Digital shares are higher Tuesday, March 31, 2026, as investors continue to react to its recent $2.15 billion senior secured notes financing for the Polaris Forge 2 AI data center campus. The March funding improved near-term buildout visibility, helping offset concerns about the company’s capital intensity.
1. What’s moving the stock today
Applied Digital (APLD) is trading up about 3% on Tuesday, March 31, 2026, with the stock’s latest catalyst still centered on its March project-finance update for Polaris Forge 2 in Harwood, North Dakota. Earlier this month, the company said its subsidiary priced $2.15 billion of 6.750% senior secured notes due 2031 to fund development and construction of 200 MW of critical IT load at Polaris Forge 2, a step that investors view as de-risking the next phase of its AI data center buildout.
2. Why it matters for valuation
For APLD, securing large, committed capital has been the key gating factor for scaling its AI “factory” campuses. The March notes pricing (and the planned use of proceeds for Polaris Forge 2 construction and related project accounts) helps improve confidence that the company can keep construction moving on schedule, which in turn supports expectations for future lease-up and revenue conversion as facilities come online.
3. What to watch next
The next near-term checkpoint is the company’s fiscal third-quarter 2026 earnings call scheduled for April 8, 2026. Investors will be looking for updated timing on Polaris Forge 2 construction progress, any incremental customer/leasing updates, and how the new project financing impacts liquidity, interest expense trajectory, and the company’s broader capital plan.