Applied Digital on November 10, 2025 announced a proposed private offering of 2.35 billion dollars aggregate principal amount of senior secured notes due 2030. The company said net proceeds will fund construction and related expenses for ELN 02 and ELN 03 at the 400 megawatt Ellendale campus, Polaris Forge 1, repay outstanding credit balances, and support transaction costs. The release also sets out the intended uses of proceeds and cautions about forward looking statements, while referencing recent project milestones and larger buildout plans for North Dakota campuses.

The size and purpose of the offering make clear that Applied Digital is moving to accelerate physical buildout in southeast North Dakota. Ellendale is already a focal point for the company, and adding two additional facility phases at the Polaris Forge 1 site will materially increase regional data center capacity. That expansion has a range of local economic effects, even for counties such as Stutsman that are not the immediate site of construction.

Short term impacts will show up in labor demand. Construction of ELN 02 and ELN 03 requires contractors, electricians, equipment installers, and logistics support. Local suppliers and contractors in Stutsman County may see increased opportunities for bids and subcontracting, while demand for skilled technicians and operations staff will rise as the campus moves toward commissioning. In the medium term, ongoing operations can create maintenance and facilities roles, although data center operations typically concentrate a smaller workforce relative to construction activity.

Housing and community services are likely to feel pressure as well. Rapid project phases can increase demand for temporary housing, rental units, and local services. Local governments and planners in Stutsman County should anticipate potential strain on rental markets and consider short term measures to accommodate construction workers and new residents tied to data center projects nearby.

Utilities are another critical area. A 400 megawatt campus represents significant electric load when fully operational, and expanded buildout plans across North Dakota require coordination with regional grid operators, transmission planners, and local utilities to manage capacity and reliability. The notes offering specifically cites proceeds for construction of ELN 02 and ELN 03, underscoring the near term need for infrastructure investments that have cross county implications.

Financially, a private offering of senior secured notes provides Applied Digital with capital while increasing leverage against its assets. The company framed the move as a way to fund growth and address existing credit balances. The release also urged caution on forward looking statements, reminding investors and communities that timelines and outcomes depend on development and permitting milestones.

For Stutsman County readers, the announcement is a reminder that North Dakota data center expansion is a regional story. Local leaders and residents will want to monitor hiring patterns, housing availability, and utility coordination as Applied Digital progresses with its Ellendale buildout and broader state plans.