---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-25-028791"
form_type: "8-K"
ticker: "APLD"
cik: "0001144879"
company_name: "Applied Digital Corp."
filed_at: "2025-12-22T23:59:59+00:00"
generated_at: "2026-05-16T12:23:31.696204+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Applied Digital secures $100M development loan from Macquarie for AI data centers

## Summary
- Initial $45M drawn Dec 18, 2025; additional $55M uncommitted second draw available.
- Loan bears 8.0% interest, PIK for first 12 months; matures Dec 18, 2027 or earlier if lease signed.
- Proceeds fund pre-lease development costs for new AI factory campuses; company in advanced talks with investment-grade hyperscaler.
- Loan secured by assets of APLD DevCo and guaranteed by Parent; Macquarie as lender.
- Northland Securities and Credit Agricole, RBC, TD, TCBI acted as placement agent and financial advisors.

## SEC filing metadata
- accession: 0001493152-25-028791
- form_type: 8-K
- ticker: APLD
- cik: 0001144879
- company_name: Applied Digital Corp.
- filed_at: 2025-12-22T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1144879/000149315225028791/0001493152-25-028791-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1144879/000149315225028791/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-25-028791
- JSON: https://secwatch.observer/filing/0001493152-25-028791.json
- Plain text: https://secwatch.observer/filing/0001493152-25-028791.txt

## Key facts
- Debt Financings
  Applied Digital Corp. incurred loan of $45 million with Macquarie Equipment Capital, Inc. at 8.0% per annum maturing December 18, 2027.
  - Instrument: loan
  - Principal: $45 million
  - Counterparty: Macquarie Equipment Capital, Inc.
  - Rate: 8.0% per annum
  - Maturity: December 18, 2027
  - Event: incurrence
  source text: by, among other documents, a promissory note (the “Promissory Note”) executed by the Borrower in favor of the Lender. The Promissory Note provides for a principal sum of (a) $45 million (the “First Draw”), which was drawn on the Closing Date, plus (b) $55 million (the “Second Draw,” and, together with the First Draw, each, a “Draw” and, collectively, the
  evidence_url: https://www.sec.gov/Archives/edgar/data/1144879/000149315225028791/0001493152-25-028791-index.htm

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