---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-25-002040"
form_type: "8-K"
ticker: "APLD"
cik: "0001144879"
company_name: "Applied Digital Corp."
filed_at: "2025-01-14T23:59:59+00:00"
generated_at: "2026-05-28T01:43:36.078312+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Applied Digital secures up to $5B perpetual preferred equity facility from Macquarie for HPC data centers

## Summary
- MAM to invest up to $900M for 400 MW Ellendale HPC campus; initial $225M at close.
- Preferred units accrue 12.75% dividend, 1.80x liquidation preference; MAM gets 15% common equity.
- Additional $4.1B right of first refusal for future HPC projects over 30 months.
- Company to recover ~$300M equity investment; existing $180M bridge debt to be repaid.
- Closing conditioned on hyperscaler lease for first 100 MW; warrants for 8.9M shares at $8.29.

## SEC filing metadata
- accession: 0001493152-25-002040
- form_type: 8-K
- ticker: APLD
- cik: 0001144879
- company_name: Applied Digital Corp.
- filed_at: 2025-01-14T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 3.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1144879/000149315225002040/0001493152-25-002040-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1144879/000149315225002040/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-25-002040
- JSON: https://secwatch.observer/filing/0001493152-25-002040.json
- Plain text: https://secwatch.observer/filing/0001493152-25-002040.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.