---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-25-022506"
form_type: "8-K"
ticker: "APLD"
cik: "0001144879"
company_name: "Applied Digital Corp."
filed_at: "2025-11-14T23:59:59+00:00"
generated_at: "2026-05-16T19:44:02.845983+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# APLD ComputeCo prices $2.35B of 9.250% senior secured notes due 2030 at 97%

## Summary
- Net proceeds to fund construction of 100 MW and 150 MW data centers (ELN-02 and ELN-03) at Polaris Forge 1 campus in Ellendale, ND.
- $2.35B aggregate principal, 9.250% interest, due 2030; priced at 97% of par.
- Proceeds also repay Sumitomo Mitsui Banking Corp credit agreement balance plus accrued interest, fund debt service reserves and transaction costs.
- Notes guaranteed by APLD Compute's direct and indirect subsidiaries; secured by first-priority liens on substantially all assets of APLD Compute and guarantors.
- Closing expected Nov 20, 2025; private placement to QIBs under Rule 144A and offshore under Reg S.

## SEC filing metadata
- accession: 0001493152-25-022506
- form_type: 8-K
- ticker: APLD
- cik: 0001144879
- company_name: Applied Digital Corp.
- filed_at: 2025-11-14T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- 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/1144879/000149315225022506/0001493152-25-022506-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1144879/000149315225022506/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-25-022506
- JSON: https://secwatch.observer/filing/0001493152-25-022506.json
- Plain text: https://secwatch.observer/filing/0001493152-25-022506.txt

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