(Reuters) – Investment bank Macquarie will invest up to $5 billion in Applied Digital’s AI data centers and will take a 15% stake in the company, the Wall Street Journal reported on Tuesday.
Shares of the data center operator jumped over 20% in premarket trading.
Macquarie’s asset-management arm agreed to invest up to $900 million in a data center campus that Applied Digital is developing in North Dakota, the report said.
It also has the right of first refusal to invest an additional $4.1 billion in future company data centers for 30 months, according to the WSJ report.
Applied Digital and Macquarie did not immediately respond to Reuters’ requests for comment.
(Reporting by Zaheer Kachwala in Bengaluru; Editing by Saumyadeb Chakrabarty and Maju Samuel)
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