---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-26-014498"
form_type: "8-K/A"
ticker: "APLD"
cik: "0001144879"
company_name: "Applied Digital Corp."
filed_at: "2026-04-01T23:59:59+00:00"
generated_at: "2026-05-15T07:56:39.957537+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Applied Digital restructures CoreWeave leases; obtains investment-grade credit support

## Summary
- CoreWeave refinanced debt for ELN-02 & ELN-03 received A3 rating (investment grade) vs BB.
- CoreWeave provides springing guaranties for both SPV leases and $50M letter of credit for ELN-02.
- For ELN-03, lease assigned to CoreWeave SPV; CoreWeave Parent released from obligations.
- Applied Digital says transactions are favorable to holders of its 9.250% notes due 2030.

## SEC filing metadata
- accession: 0001493152-26-014498
- form_type: 8-K/A
- ticker: APLD
- cik: 0001144879
- company_name: Applied Digital Corp.
- filed_at: 2026-04-01T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1144879/000149315226014498/0001493152-26-014498-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1144879/000149315226014498/form8-ka.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-26-014498
- JSON: https://secwatch.observer/filing/0001493152-26-014498.json
- Plain text: https://secwatch.observer/filing/0001493152-26-014498.txt

## Source-grounded claims
- claim_id: 0ae61d830652c667d100e88cb668383390f3e733
  claim: Applied Digital Corp. entered into ELN-03 Guaranty with CoreWeave Parent valued at Unconditional Springing Guaranty of Payment and Performance in connection with CoreWeave SPV's oblig (effective 2026-03-30).
  evidence_excerpt: CoreWeave Parent also provided an Unconditional Springing Guaranty of Payment and Performance in connection with CoreWeave SPV’s obligations under the ELN-03 Parent Lease (the “ELN-03 Guaranty”), similar to the ELN-02 Guaranty.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1144879/000149315226014498/0001493152-26-014498-index.htm
- claim_id: 14759d59a3c34612cbbcae7cd1dcd6522017159b
  claim: Applied Digital Corp. amended ELN-02 Parent Lease Amendment with CoreWeave Parent valued at Amendment to suspend the term for two of the four data halls covered by the ELN-02 Parent Lease. (effective 2026-03-30).
  evidence_excerpt: On March 30, 2026, the Company and CoreWeave Parent amended the ELN-02 Parent Lease to suspend the term for two of the four data halls covered by the lease (the “ELN-02 Parent Lease Amendment”)
  evidence_url: https://www.sec.gov/Archives/edgar/data/1144879/000149315226014498/0001493152-26-014498-index.htm
- claim_id: 495fd7623dc0cc02f841b4383145823c241deb1d
  claim: Applied Digital Corp. entered into ELN-02 SPV Lease with CoreWeave Compute Acquisition Co. VIII, LLC valued at New datacenter lease for two data halls on substantially the same terms as the ELN-02 Parent Lease, (effective 2026-03-30).
  evidence_excerpt: the Company entered into a new datacenter lease with CoreWeave Compute Acquisition Co. VIII, LLC (“CoreWeave SPV”), a wholly owned subsidiary of CoreWeave Parent, for those two data halls on substantially the same terms as the ELN-02 Parent Lease (the “ELN-02 SPV Lease”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1144879/000149315226014498/0001493152-26-014498-index.htm
- claim_id: ca57f3e5902d3cb42d2a117edf0502e1293c70c0
  claim: Applied Digital Corp. entered into ELN-03 Assignment Agreement with CoreWeave SPV valued at Assignment of all rights and obligations under the ELN-03 Parent Lease from CoreWeave Parent to Core (effective 2026-03-30).
  evidence_excerpt: On March 30, 2026, CoreWeave Parent entered into an Assignment, Assumption and Consent Agreement with CoreWeave SPV and APLD ELN-03 LLC (the “Assignment Agreement”), assigning all of CoreWeave Parent’s rights and obligations under the ELN-03 Parent Lease to CoreWeave SPV for the remaining term of the ELN-03 Parent Lease and releasing CoreWeave Parent from the ELN-03 Parent Lease.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1144879/000149315226014498/0001493152-26-014498-index.htm
- claim_id: ed47341bae78d41e9efeebd9e67f8c4384306abf
  claim: Applied Digital Corp. entered into ELN-02 Guaranty with CoreWeave Parent valued at Unconditional Springing Guaranty of Payment and Performance in connection with CoreWeave SPV's oblig (effective 2026-03-30).
  evidence_excerpt: On March 30, 2026, as further credit enhancement, CoreWeave Parent delivered to APLD ELN-02 LLC an Unconditional Springing Guaranty of Payment and Performance (the “ELN-02 Guaranty”) in connection with CoreWeave SPV’s obligations under the ELN-02 SPV Lease.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1144879/000149315226014498/0001493152-26-014498-index.htm

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