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Applied Digital Secures $125M in Financing from CIM Group
CIM Group closed on an initial $125 million loan commitment with a potential increase of up to $200 million to Applied Digital, a company specializing in High-Performance Computing (HPC) data center solutions. The loan will fund the construction of Applied Digital’s HPC Campus in Ellendale, North Dakota.
“As a long-term investor in digital infrastructure, CIM Group appreciates and supports the great strides Applied Digital is making with its diversification into next-generation digital infrastructure designed to serve global technology companies,“ said Avi Shemesh, Co-Founder and Principal, CIM Group.
In October 2023, Applied Digital began construction on the campus’s first building, a 100 MW, 342,000-square-foot data center. Additionally, Applied Digital has entered into exclusivity and executed an LOI with a U.S.-based hyperscaler for a 400 MW capacity lease at this campus.
“CIM’s financing facility will be instrumental in solidifying Applied Digital’s position as a leading HPC data center owner and operator,” said Wes Cummins, Applied Digital’s CEO.
