Macquarie will invest up to $5 billion in data centers being built by artificial-intelligence infrastructure company Applied Digital, adding to the Australian bank’s substantial AI-related investments.

Applied Digital has entered into a significant $5 billion perpetual preferred equity financing facility with Macquarie.

Following the announcement of a $5 billion financing agreement with Macquarie Asset Management for its high-performance computing data center operations, Applied Digital Corp. ( APLD, Financials) rose 11.39% to $8.65 as of 1:13 p.m. ET Tuesday.