Completion
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Design and construction Construction and operations
Ready for Service in Two Phases: Building 2 at Applied Digital's Polaris Forge 1
Applied Digital's results release of October 7, 2026 says the second building at its Polaris Forge 1 campus was delivered in two phases, on July 1 and October 1. It also names what is still under construction.
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Design and construction Construction and operations
A Row of Their Own: Data Centers in the Census Bureau's Table of Private Construction Spending
The U.S. Census Bureau's construction spending table of October 1, 2026, gives data centers a row of their own, under offices. Its preliminary August figure for that row is up from a year before, while the total for private construction is down.
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Financing and contracts Financing
As Necessary to Ensure the Timely Completion: Applied Digital's Release on the Pricing of Senior Secured Notes to Fund the Fourth Building at Polaris Forge 1
On June 9, 2026, Applied Digital said a subsidiary had priced senior secured notes due 2031. Its release says the subsidiary intends to use the net proceeds to fund construction at the fourth building of its campus at Ellendale, North Dakota, repay a bridge loan facility, fund debt service reserves and pay transaction expenses, and that the company will provide a completion guarantee.
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Financing and contracts Financing
Repaid With Proceeds From the Notes: Core Scientific's Form 8-K on Its Senior Secured Notes and Its Bridge Facility
In a Form 8-K dated May 6, 2026, Core Scientific reports that a subsidiary completed a private offering of senior secured notes due 2031, and that the company repaid all the borrowings outstanding under a bridge credit agreement of March 2026 with proceeds from the notes. The filing also describes a completion guarantee for data center projects, which it says is not a guarantee of the notes.
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Financing and contracts Financing
Construction, Power Availability and Tenant Concentration: A BIS Bulletin on Financing the AI Boom
A BIS Bulletin of January 7, 2026 says the size of anticipated AI investment needs will require firms to shift from operating cash flows to debt, with private credit playing a rapidly increasing role. It names power availability among the risks that may put that financing outside traditional bank and bond financing. The views are its authors'.
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Currently in the Design Phase: Applied Digital's Form 8-K on a Third Datacenter Lease
Applied Digital's Form 8-K with a date of report of August 28, 2025 describes a third datacenter lease at its North Dakota campus, for a building the filing says "is currently in the design phase." The company has guaranteed its subsidiary's obligations under the lease, and issued the tenant a warrant.
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Behind the meter Building and running the plant
Not Approval of the Service Agreement: The Louisiana Commission's Order on Generation and Transmission for a Single Customer
An order of the Louisiana Public Service Commission, decided on August 20, 2025, approves a settlement on a utility's application to build generation and transmission to serve new load from a data center. The settlement finds the construction of three new generators prudent, subject to customer protection conditions and later prudence reviews, and says the certification is not approval of the utility's service agreement with the customer.
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Subject to Lease Documents and Financing: Applied Digital's Conditional Anchor Tenant Agreement at Ellendale
In January 2024 Applied Digital said it had signed a conditional agreement to provide data center capacity for ten years at its campus in North Dakota. The release names no tenant, and the agreement was conditional on securing financing to complete construction.
