Applied Digital Corp. 8-K

What Happened Applied Digital Corporation filed an 8‑K on June 9, 2026 reporting that its subsidiary, APLD ComputeCo 3 LLC, priced an offering of $1.59 billion aggregate principal amount of 7.000% senior secured notes due 2031 at an issue price of 100%. The Offering is expected to close on or about June 16, 2026, subject to market and other conditions. The notes will be sold to qualified institutional buyers under Rule 144A and to non‑U.S. persons under Regulation S.

Key Details

• Issuer: APLD ComputeCo 3 LLC (subsidiary of Applied Digital).
• Size/terms: $1.59 billion aggregate principal; 7.000% interest; due 2031; issue price 100%.
• Expected close: on or around June 16, 2026, subject to market and other conditions.
• Use of proceeds: fund construction of 150 MW of critical IT load (ELN‑04) at Polaris Forge 1 (Ellendale, ND), repay the bridge loan under the Credit and Guaranty Agreement with Goldman Sachs Bank USA, fund debt service reserves, and pay transaction expenses.

Why It Matters This transaction is a material financing for Applied Digital’s AI Factory expansion: it raises capital earmarked for a specific 150 MW buildout at Polaris Forge 1 and will replace an existing bridge loan. The new notes add long‑term secured debt at a fixed 7.00% coupon and, if completed, will affect the company’s consolidated debt levels and interest obligations. The filing also notes the Offering is subject to customary closing conditions and contains forward‑looking statements and related risks.