Data center developer Applied Digital has closed $375 million in financing with Sumitomo Mitsui Banking Corporation (SMBC) for its Ellendale campus in North Dakota.

Some of the proceeds will go towards repaying the company’s obligations under the Macquarie capital senior secured note which saw Macquarie investing up to $5 billion in Applied's AI data center business in January 2025, with the rest being used to develop the first and second buildings on the Ellendale campus.

The Ellendale campus in Dickey County began construction in September 2022. The site’s 180MW ELN01 is for hosting cryptomining hardware; the 369,000 sq ft ELN02 – set to offer 100MW – is for HPC hosting. Two other buildings dedicated to HPC are also expected to be built on the campus, totaling 300MW.

“This financing enables us to advance the development of our Ellendale HPC campus, and we look forward to strengthening our relationship with SMBC as we continue scaling our HPC data center platform," said Saidal Mohmand, chief financial officer of Applied Digital. "We expect this financing to bridge us to more permanent project financing once we get a hyperscaler lease signed for the Ellendale HPC campus.”

Applied Digital (formerly Applied Blockchain) has more than 100MW of capacity under construction for its HPC business in North Dakota and a planned pipeline of more than 1GW. In addition to Ellendale, the company has a 100MW facility in Jamestown, known as JMS01.

The company does not mine its own Bitcoin, but hosts hardware on behalf of other cryptomining firms, as well as now pivoting to hosting HPC and AI hardware amid demand for capacity. Applied is also offering its own cloud services and has previously said it will host and offer access to Nvidia Blackwell GPUs.

Applied Digital is also planning a 200MW facility in Iowa.

Headquartered in Tokyo, SMBC’s offerings include banking, leasing, securities, and consumer finance. The company has a presence in the US, Canada, Mexico, Brazil, Chile, Colombia, and Peru.