Applied Digital Debt, Lenders and Contracts
The public financings and compute contracts naming Applied Digital, with lenders, pricing and sources.
Applied Digital has raised $8B in 7 public debt and structured financings since 2025, from 5 named lenders. Leads include Goldman Sachs, First National Bank of Omaha, Macquarie and 2 more.
It is the seller in 6 contracts in the Offtake Tracker, with High-investment-grade hyperscaler (unnamed), CoreWeave, Tier-one investment-grade hyperscaler (unnamed) and 1 more; data center leases total $36.2B.
Profile
| Type | AI campus developer |
| Headquarters | Dallas, Texas |
| Founded | 2021 |
| Listing | NASDAQ: APLD (SEC EDGAR) |
| Market cap | $2B to $10B at Oct 9, 2026 (CompaniesMarketCap) |
| Website | applieddigital.com |
Debt at Aug 31, 2026
$6.4B of debt and $2.9B of cash at Aug 31, 2026, from the 10-Q filed Oct 7, 2026. Leases are not counted as debt.
| Facility | Principal | Rate | Maturity | Security | Rating |
|---|---|---|---|---|---|
| 2030 9.250% Senior Secured Notes (Polaris Forge 1)Senior secured notes | $2.4B | 9.25% | Dec 2030 | Secured | - |
| 2031 6.750% Senior Secured Notes (Polaris Forge 2)Senior secured notes | $2.1B | 6.75% | Mar 2031 | Secured | - |
| 2031 7.000% Senior Secured Notes (ELN-04)Senior secured notes | $1.6B | 7.00% | Jun 15, 2031 | Secured | - |
| Convertible NotesConvertible notes | $450M | 2.75% | Jun 2030 | Unsecured | - |
| 2026 Revolving Credit Facility ($430M)Revolver | $82.4M | SOFR + 2.25% | May 2029 | Secured, recourse | - |
| Other debtOther | $99.2M | Various (7.3% weighted on term loans) | Various to 2031 | Secured | - |
Financings (7)
| Date | Amount | Type | Lenders | Pricing | Source |
|---|---|---|---|---|---|
| Jun 16, 2026 | $1.6B | Senior notes | Not named | 7.00% fixed | SEC |
| May 29, 2026 | $350M | Revolver | First National Bank of Omaha | - | SEC |
| May 1, 2026 | $300M | Construction loan | Goldman Sachs | - | SEC |
| Mar 10, 2026 | $2.1B | Senior notes | Goldman Sachs | 6.75% fixed (OID 98) | SEC |
| Nov 20, 2025 | $2.4B | Senior notes | Morgan Stanley | 9.25% fixed (OID 97) | SEC |
| Feb 12, 2025 | $375M | Construction loan | SMBC | - | DCD |
| Jan 14, 2025 | $900M | Preferred equity | Macquarie | - | SEC |
Other financings
| Date | Amount | Type | Lender | Detail | Source |
|---|---|---|---|---|---|
| 2025 | $50M | Development loan | Macquarie Equipment Capital | $50M pre-lease development loan | Applied Digital |
Compute contracts (6)
| Date | Buyer | Seller | Type | Value | Term | Source |
|---|---|---|---|---|---|---|
| Jun 8, 2026 | Tier-one investment-grade hyperscaler (unnamed) | Applied Digital | Data center lease | $5.2B | 15 yrs | SEC |
| May 20, 2026 | High-investment-grade hyperscaler (unnamed) | Applied Digital | Data center lease | $7.5B | 15 yrs | Applied Digital |
| Apr 23, 2026 | High-investment-grade hyperscaler (unnamed) | Applied Digital | Data center lease | $7.5B | 15 yrs | GlobeNewswire via Finviz |
| Oct 22, 2025 | Investment-grade hyperscaler (unnamed) | Applied Digital | Data center lease | $5B | 15 yrs | GlobeNewswire via Seeking Alpha |
| Jul 30, 2025 | CoreWeave | Applied Digital | Data center lease | $4B | 15 yrs | Baxtel |
| Jun 2, 2025 | CoreWeave | Applied Digital | Data center lease | $7B | 15 yrs | Bisnow |
Sites
| Site | Location | MW | Status |
|---|---|---|---|
| Polaris Forge 1Former crypto hosting site; fully leased to CoreWeave | Ellendale, ND | 400 MW | AI/HPC |
| Polaris Forge 2Investment-grade hyperscaler, about 15 years | Harwood, ND | 200 MW | Planned AI/HPC |
| Polaris Forge 3High-investment-grade hyperscaler | ND | 300 MW | Planned AI/HPC |
| Delta Forge 1High-investment-grade hyperscaler; 430 MW campus in the southern U.S. | - | 300 MW | Planned AI/HPC |
| Delta Forge 2Tier-one investment-grade hyperscaler | AL | 210 MW | Planned AI/HPC |
MW as reported: some figures are gross power, some critical IT. Sources: Applied Digital, DCD.
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