---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-26-008549"
form_type: "8-K"
ticker: "APLD"
cik: "0001144879"
company_name: "Applied Digital Corp."
filed_at: "2026-03-02T23:59:59+00:00"
generated_at: "2026-05-15T22:32:15.229449+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Applied Digital subsidiary proposes $2.15B senior secured notes due 2031 for Polaris Forge 2 development

## Summary
- APLD ComputeCo 2 LLC intends to offer $2.15B aggregate principal of senior secured notes due 2031 in private placement.
- Net proceeds to fund 200 MW critical IT load at Polaris Forge 2 AI Factory campus in Harwood, ND, currently leased to Oracle.
- Notes fully guaranteed by six subsidiaries; secured by first-priority liens on substantially all assets of issuer and guarantors.
- Applied Digital will provide completion guarantees to ensure timely completion of the Polaris Forge 2 project.
- Offering subject to market conditions; no assurance of timing, terms, or completion.

## SEC filing metadata
- accession: 0001493152-26-008549
- form_type: 8-K
- ticker: APLD
- cik: 0001144879
- company_name: Applied Digital Corp.
- filed_at: 2026-03-02T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1144879/000149315226008549/0001493152-26-008549-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1144879/000149315226008549/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-26-008549
- JSON: https://secwatch.observer/filing/0001493152-26-008549.json
- Plain text: https://secwatch.observer/filing/0001493152-26-008549.txt

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