Applied Digital (APLD) Company Report

On November 20, 2025, APLD ComputeCo LLC, an indirect subsidiary of Applied Digital Corporation, entered into an Indenture for 9.250% Senior Secured Notes Due 2030.
The Indenture was established with APLD HPC Holdings 2 LLC, Subsidiary Guarantors, and Wilmington Trust, National Association serving as both trustee and collateral agent.
This Indenture outlines the terms and conditions for the notes, covering aspects such as redemption, prepayment, and various covenants.

3 hours ago

8-K

Applied Digital Subsidiary Prices $2.35 Billion Senior Secured Notes Offering

APLD

Debt Issuance

New Projects/Investments

Applied Digital Corporation's subsidiary, APLD ComputeCo LLC, priced a $2.35 billion offering of 9.250% senior secured notes due 2030 at an issue price of 97%.
The offering is expected to close on or around November 20, 2025.
The net proceeds are intended to fund a portion of the construction and associated expenses for its 100 MW and 150 MW data centers (ELN-02 and ELN-03) at the 400 MW Ellendale, North Dakota data center campus ("Polaris Forge 1"), repay existing debt, fund debt service reserves, and cover transaction expenses.

7 days ago

8-K

Applied Digital Subsidiary Prices $2.35 Billion Senior Secured Notes Offering

APLD

Debt Issuance

New Projects/Investments

Applied Digital's subsidiary, APLD ComputeCo LLC, has priced a $2.35 billion offering of 9.250% senior secured notes due 2030 at an issue price of 97%.
The offering is expected to close on or around November 20, 2025.
The net proceeds will primarily fund the construction of 100 MW and 150 MW data centers (ELN-02 and ELN-03) at the 400 MW Ellendale, North Dakota data center campus (Polaris Forge 1), and repay existing debt.
The notes are secured by first-priority liens on substantially all assets of APLD Compute and its guarantors, with Applied Digital providing customary completion guarantees for the facilities.

7 days ago

Press Release

Applied Digital Secures Additional Funding for AI Factory Buildout

APLD

Debt Issuance

New Projects/Investments

Convertible Preferred Issuance

Applied Digital expects to receive an additional $787.5 million in perpetual preferred equity funding from Macquarie Asset Management by the end of November 2025, accelerating its AI Factory buildout across its North Dakota campuses.
This funding includes $450 million for Polaris Forge 2, which has leased 200 MW of critical IT capacity, and $337.5 million for Polaris Forge 1, contingent on the closing of the company's previously announced $2.35 billion senior secured notes offering.
Additionally, on November 10, 2025, Applied Digital entered into a $65 million revolving credit agreement with First National Bank of Omaha, accruing interest at SOFR plus 2.75% per annum and secured by the company's assets.

Nov 12, 2025, 9:32 PM

8-K

Applied Digital Secures Additional Funding and Loan for AI Factory Campuses

APLD

Debt Issuance

New Projects/Investments

Convertible Preferred Issuance

Applied Digital expects to receive an additional $787.5 million in funding from Macquarie Asset Management by the end of November 2025, supporting the continued build-out of its Polaris Forge 1 and Polaris Forge 2 AI Factory campuses in North Dakota.
Of this funding, $450 million is allocated toward completing Polaris Forge 2, which has leased 200 MW of critical IT capacity to a U.S.-Based Investment Grade Hyperscaler, with a first right of refusal for an additional 800 MW.
The remaining $337.5 million for Polaris Forge 1 is contingent on the closing of the company's previously announced $2.35 billion senior secured notes offering.
Additionally, on November 10, 2025, Applied Digital entered into a $65 million revolving loan agreement with First National Bank of Omaha, with interest accruing at SOFR plus 2.75% per annum.

Nov 12, 2025, 6:05 PM

Press Release

Applied Digital Subsidiary Announces Proposed Offering of Senior Secured Notes

APLD

Debt Issuance

New Projects/Investments

Applied Digital Corporation's subsidiary, APLD ComputeCo LLC, announced its intent to offer $2.35 billion in senior secured notes due 2030 in a private offering to qualified institutional buyers, as of November 10, 2025.
The net proceeds from the offering are intended to fund a portion of the construction and associated expenses for its 100 megawatt (MW) and 150 MW data centers (ELN-02 and ELN-03) at the Ellendale, North Dakota data center campus.
A portion of the proceeds will also be used to repay the aggregate principal balance plus any accrued and unpaid interest under a Credit and Guaranty Agreement dated February 11, 2025, fund a Debt Service Reserve Account, and pay transaction expenses.

Nov 10, 2025, 12:47 PM

8-K

Applied Digital Corporation Stockholders Approve Equity Plan and Authorized Share Increases

APLD

Proxy Vote Outcomes

Executive Compensation

On November 5, 2025, Applied Digital Corporation's stockholders approved an amendment to the 2024 Omnibus Equity Incentive Plan, increasing the number of shares authorized for issuance under the plan from 10,000,000 to 25,000,000.
Stockholders also approved a Certificate of Amendment to the Articles of Incorporation, which increases the total number of authorized common stock shares to 600,000,000, each with a par value of $0.001. This amendment was filed on November 5, 2025, and acknowledged on November 6, 2025.
During the Annual Meeting on November 5, 2025, stockholders elected six directors, ratified CBIZ CPAs P.C. as the independent registered public accounting firm for fiscal year 2026, and provided advisory approval for executive compensation.

Nov 6, 2025, 10:12 PM

8-K

Applied Digital Secures $5 Billion AI Factory Lease

APLD

New Projects/Investments

Revenue Acceleration/Inflection

Applied Digital (APLD) announced a $5 billion, 15-year lease agreement with a U.S. Based Investment Grade Hyperscaler for 200 megawatts (MW) of AI and high-performance compute capacity at its Polaris Forge 2 Campus.
This agreement includes a first right of refusal for an additional 800 MW at Polaris Forge 2, which has a total expansion potential of 1-gigawatt (GW).
The new lease increases Applied Digital's total contracted capacity with two major hyperscalers in North Dakota to 600 MW.
The initial 200 MW capacity from this lease is expected to come online starting in 2026 and reach full capacity in 2027.
The company previously secured an additional 150MW lease with CoreWeave at Polaris Forge 1 and has a $5.0 billion AI infrastructure partnership with Macquarie Asset Management.

Oct 22, 2025, 12:07 PM

8-K

Applied Digital Reports Strong Q1 2026 Revenue Growth and Capacity Expansion

APLD

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

Applied Digital reported fiscal Q1 2026 revenue of $64.2 million, an 84% year-over-year increase, exceeding Street estimates. While remaining unprofitable, the company's reported loss per share of 7 cents was better than the 13-cent loss expected by LSEG.
The company significantly expanded its infrastructure, activating its first 100 MW this quarter and having approximately 700 MW under construction. It secured a 150 MW addition at its Polaris Forge campus with CoreWeave, boosting the anticipated contracted lease revenue for that project to about $11 billion.
To support its growth, Applied Digital drew over $360 million from a $5 billion preferred equity financing facility and obtained additional project and equipment financing.
Following these results, the company's stock rallied 16-18%, contributing to a year-to-date market capitalization increase of approximately 345%. Analysts, however, highlighted ongoing concerns regarding negative margins, cash burn, and execution risks.

Oct 9, 2025, 11:08 PM

CNBC

Applied Digital Expands CoreWeave Contract to $11 Billion and Breaks Ground on New 1 Gigawatt Campus

APLD

New Projects/Investments

Revenue Acceleration/Inflection

Debt Issuance

Applied Digital (APLD) expanded its long-term lease agreement with CoreWeave for Polaris Forge 1 to 400 megawatts, increasing the total contract value to approximately $11 billion over 15 years.
The company broke ground on Polaris Forge 2, a new campus near Harwood, North Dakota, with an initial 300 megawatts capacity and potential to scale to 1 gigawatt, with initial development costs projected at approximately $3 billion.
For Q1 fiscal year 2026, revenues from continuing operations were $64.2 million, an 84% increase from Q1 2025, primarily driven by $26.3 million from tenant fit-out services.
APLD reported a net loss of $27.8 million, or $0.11 per share, and an adjusted net loss of $7.6 million, or $0.03 per share, for Q1 fiscal year 2026.
The company secured an initial $112.5 million draw from a $5 billion preferred equity facility with Macquarie Asset Management to advance construction of Polaris Forge 1, which is expected to unlock $20 to $25 billion in total capital for scaling.

Oct 9, 2025, 9:00 PM

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