Overview
- Applied Digital separated its cloud operation into ChronoScale, which now trades on Nasdaq as CHRN with Applied Digital holding about 97% of the shares.
- The company closed a $300 million senior secured bridge loan led by Goldman Sachs with a 364‑day term at SOFR plus 275 basis points.
- Management said the funds will build a third AI data center at the Polaris Forge 1 campus in North Dakota.
- Shares of Applied Digital jumped over back‑to‑back sessions and set a new 52‑week high, according to Benzinga Pro data.
- ChronoScale is pitched as a GPU‑based platform for AI training, inference, and high‑performance computing, which CEO Wes Cummins said will scale more efficiently under the new structure.