---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-25-017609"
form_type: "8-K"
ticker: "APLD"
cik: "0001144879"
company_name: "Applied Digital Corp."
filed_at: "2025-10-09T23:59:59+00:00"
generated_at: "2026-05-17T04:09:23.365594+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

# Applied Digital closes $112.5M initial draw from $5B Macquarie preferred equity facility for Ellendale campus.

## Summary
- Initial funding of $112.5M from Macquarie Asset Management; total potential investment up to $5B.
- Preferred units accrue dividends at 12.75% p.a., with step-ups; minimum 1.80x liquidation preference.
- Company issued warrants to purchase 2.4M shares at $8.29, exercisable upon full $450M funding of Polaris Forge 1.
- MAM may invest additional $337.5M in tranches; total $450M for first 100MW; further $4.55B for future HPC projects.
- Company states no additional equity contributions anticipated for Polaris Forge 1; project financing expected soon.

## SEC filing metadata
- accession: 0001493152-25-017609
- form_type: 8-K
- ticker: APLD
- cik: 0001144879
- company_name: Applied Digital Corp.
- filed_at: 2025-10-09T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 1.01, 3.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1144879/000149315225017609/0001493152-25-017609-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1144879/000149315225017609/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-25-017609
- JSON: https://secwatch.observer/filing/0001493152-25-017609.json
- Plain text: https://secwatch.observer/filing/0001493152-25-017609.txt

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