---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-25-021955"
form_type: "8-K"
ticker: "APLD"
cik: "0001144879"
company_name: "Applied Digital Corp."
filed_at: "2025-11-12T23:59:59+00:00"
generated_at: "2026-05-16T20:54:03.152105+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Applied Digital secures $787.5M Macquarie equity draw and $65M credit facility for AI campus buildout

## Summary
- Second draw under $5.0B Macquarie equity facility: $787.5M expected by end of November 2025.
- $450M allocated to Polaris Forge 2 (Harwood, ND); $337.5M to Polaris Forge 1 (Ellendale, ND) subject to $2.35B notes offering.
- Polaris Forge 2 has 200 MW leased to an investment-grade hyperscaler; first right of refusal for additional 800 MW.
- New $65M revolving credit with First National Bank of Omaha at SOFR+2.75%, secured by company assets.
- First data hall at Polaris Forge 1 achieved Ready-for-Service milestone; both campuses on schedule.

## SEC filing metadata
- accession: 0001493152-25-021955
- form_type: 8-K
- ticker: APLD
- cik: 0001144879
- company_name: Applied Digital Corp.
- filed_at: 2025-11-12T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1144879/000149315225021955/0001493152-25-021955-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1144879/000149315225021955/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-25-021955
- JSON: https://secwatch.observer/filing/0001493152-25-021955.json
- Plain text: https://secwatch.observer/filing/0001493152-25-021955.txt

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