Applied Digital Corp. (NASDAQ:APLD) shares rose on Wednesday after the company announced the pricing of a $2.15 billion senior secured notes offering to fund its Polaris Forge 2 project.



APLD ComputeCo 2 LLC, a subsidiary, priced 6.750% senior secured notes due 2031 at 98% of face value.



Proceeds will support the development and construction of 200 megawatts of critical IT capacity at the Polaris Forge 2 campus in Harwood, North Dakota.



The company expects to close the offering by March 10, 2026, subject to customary conditions. The notes are secured by first-priority liens on most assets of APLD Compute 2 and its subsidiaries.



<h2>Power Infrastructure Deal</h2>



In a separate announcement, Babcock &amp; Wilcox Enterprises Inc. (NYSE:BW) said it has received full notice to proceed on a $2.4 billion power generation project for Base Electron, an independent power producer backed by Applied Digital. The project will deliver 1.2 gigawatts of new generation capacity intended to supply electricity to Applied Digital's AI Factory campuses.



<h2>Technical Analysis</h2>



The stock is currently trading 12.5% below its 20-day simple moving average (SMA) and 15.3% below its 100-day SMA, indicating some short-term weakness. Over the past 12 months, shares have surged and now trade closer to their 52-week high than their low.



The RSI stands at 50.00, placing the stock in neutral territory and suggesting it is neither overbought nor oversold. However, the MACD is at 0.10, below its signal line at 0.15, indicating continued bearish pressure on the stock.



The combination of neutral RSI and bearish MACD suggests mixed momentum.



<ul>
<li>Key Resistance: $30.00</li>



<li>Key Support: $25.00</li>
</ul>



<h2>Earnings &amp; Analyst Outlook</h2>



Applied Digital is expected to announce its next earnings report on April 13, 2026. 



<ul>
<li>EPS Estimate: Loss of 15 cents (Down from Loss of 8 cents)</li>



<li>Revenue Estimate: $77.11 million (Up from $52.92 million)</li>
</ul>



Analyst Consensus &amp; Recent Actions: The stock carries a Buy Rating with an average price target of $30.80. Recent analyst moves include:



<ul>
<li>B. Riley Securities: Buy (Raises Target to $53.00) (Jan. 9)</li>



<li>Roth Capital: Buy (Raises Target to $58.00) (Jan. 8)</li>



<li>Needham: Buy (Maintains Target to $41.00) (Jan. 8)</li>
</ul>



APLD Price Action: Applied Digital shares were up 8.80% at $28.45 at the time of publication on Wednesday, according to Benzinga Pro data.



Photo by PJ McDonnell via Shutterstock

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Applied Digital Corp. has priced a $2.15 billion senior secured notes offering to fund its Polaris Forge 2 project, leading to an 8.80% rise in its stock. The notes, due in 2031, will support the construction of a 200-megawatt AI data center in North Dakota. Despite short-term trading weakness, the stock remains close to its 52-week high. Analysts maintain a Buy rating with a price target averaging $30.80. The next earnings report is expected on April 13, 2026, with an EPS estimate of a loss of 15 cents.

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Applied Digital Prices $2.15 Billion Debt Deal To Build Massive AI Campus