Australia’s Macquarie Group has acquired a 15% stake in Applied Digital’s high-performance computing division and pledged up to US$5 billion for its AI data center projects.

This includes an initial US$900 million investment in a data center campus under construction in North Dakota.

Applied Digital retains the right to contribute an additional US$4.1 billion toward future data centers over the next 30 months.

The funding will help the company pay down construction debt, recover over US$300 million of its equity investment, and meet rising demand for AI infrastructure.

Applied Digital’s stock has tripled over the past two years amid growing AI adoption.