Core Viewpoint - Applied Digital Corporation has announced a $2.15 billion offering of senior secured notes to fund the development of its AI Factory campus in North Dakota and related expenses [1][2]. Group 1: Offering Details - APLD ComputeCo 2 LLC has priced the offering of 6.750% senior secured notes due 2031 at an issue price of 98% [1]. - The offering is expected to close around March 10, 2026, subject to market conditions [1][4]. - The notes will be sold to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S [1][5]. Group 2: Use of Proceeds - The net proceeds from the offering will be used to fund the development and construction of 200 megawatts of critical IT load at the Polaris Forge 2 campus [2]. - Proceeds will also be allocated to the "Project Accounts," including the Debt Service Reserve Account, and to cover related fees and expenses [2]. Group 3: Guarantees and Security - The notes will be fully guaranteed by APLD Compute 2's existing and future subsidiaries, which include several HoldCo and LandCo entities [3]. - The notes and guarantees will be secured by first-priority liens on substantially all assets of APLD Compute 2 and the Guarantors, excluding certain properties [3]. Group 4: Company Overview - Applied Digital is recognized for designing, building, and operating high-performance data centers for AI, networking, and blockchain workloads [7]. - The company was founded in 2021 and is headquartered in Dallas, TX, combining expertise in hyperscale operations and proprietary cooling technologies [7].

Core Viewpoint - Applied Digital Corporation announced a private offering of $2.15 billion in senior secured notes due 2031 to fund the development of its AI Factory campus in North Dakota and related expenses [1][2]. Group 1: Offering Details - APLD Compute 2 plans to offer $2.15 billion in senior secured notes, subject to market conditions, to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S [1][5]. - The net proceeds from the offering will be used for developing 200 megawatts of critical IT load at the Polaris Forge 2 campus and to fund project accounts, including a Debt Service Reserve Account [2]. Group 2: Guarantees and Security - The notes will be fully guaranteed by APLD Compute 2's existing and future subsidiaries, which include several LLCs [3]. - The notes and guarantees will be secured by first-priority liens on substantially all assets of APLD Compute 2 and its subsidiaries, excluding certain properties [3]. Group 3: Project Completion and Funding - Applied Digital will provide completion guarantees for the Polaris Forge 2 project, ensuring necessary funding for timely completion [4]. - The offering is subject to market conditions, and there is no assurance regarding the completion or terms of the offering [4]. Group 4: Company Overview - Applied Digital, founded in 2021 and headquartered in Dallas, TX, specializes in designing and operating high-performance data centers for AI, networking, and blockchain workloads [7]. - The company was recognized as the Best Data Center in the Americas 2025 by Datacloud, highlighting its expertise in hyperscale data center solutions [7].

Core Viewpoint - Applied Digital Corporation will host a conference call on January 7, 2026, to discuss its operations and financial results for the fiscal second quarter ended November 30, 2025 [1][2]. Company Overview - Applied Digital is a designer, builder, and operator of high-performance, sustainably engineered data centers and colocation services for artificial intelligence, cloud, networking, and blockchain workloads [4]. - The company was founded in 2021 and is headquartered in Dallas, TX [4]. - It has been recognized as the Best Data Center in the Americas 2025 by Datacloud [4]. - Applied Digital utilizes proprietary waterless cooling and rapid deployment capabilities to provide secure and scalable computing solutions [4]. Conference Call Details - The conference call will take place at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) [2]. - Participants can join by dialing 1-800-549-8228 and using Conference ID: 75943 [2]. - A replay of the call will be available from 8:00 p.m. Eastern Time on January 7, 2026, through January 14, 2026 [3].

Core Viewpoint - Applied Digital Corporation's subsidiary, APLD ComputeCo LLC, has announced a $2.35 billion offering of senior secured notes to fund data center construction and repay existing debt [1][2]. Financing Details - The offering consists of 9.250% senior secured notes due in 2030, priced at an issue price of 97% [1]. - The net proceeds will be used for the construction of 100 MW and 150 MW data centers, repayment of existing credit agreements, funding debt service reserves, and covering transaction expenses [2]. Security and Guarantees - The notes will be fully guaranteed by APLD Compute's existing and future subsidiaries, with first-priority liens on substantially all assets of APLD Compute and the Guarantors [3]. - Applied Digital will provide completion guarantees to ensure timely construction of the data centers [4]. Regulatory Compliance - The notes have not been registered under the Securities Act and will only be offered to qualified institutional buyers [5]. Company Overview - Applied Digital is recognized for its high-performance, sustainably engineered data centers, focusing on AI, cloud, networking, and blockchain workloads [7].

Core Insights - Applied Digital has successfully achieved Ready for Service (RFS) for the first phase (50 MW) of its Polaris Forge 1 AI Factory Campus in Ellendale, North Dakota, marking a significant milestone in scaling its AI infrastructure to meet demand [1][3] - The Polaris Forge 1 Campus is set to deliver a fully leased 400 MW critical IT load deployment for CoreWeave, with an estimated $11 billion in anticipated lease revenue over approximately 15 years [2] Company Performance - The CEO of Applied Digital highlighted the team's capability to convert complex AI Factory designs into operational facilities with speed and precision, establishing a new standard for data centers [3] - The COO emphasized the strategic planning and execution that enabled the timely delivery of the first building, with plans to deliver an additional 50 MW by the end of the year [4] Infrastructure and Efficiency - Polaris Forge 1 is designed to expand to 1 gigawatt (GW) to meet increasing demands for AI and high-performance computing, featuring proprietary designs that include liquid cooling and power distribution innovations [4] - The efficiencies from the facility's design, combined with North Dakota's climate and renewable power access, are projected to yield $2.7 billion in lifecycle cost savings over 30 years [4] Recent Developments - The announcement follows a $5 billion AI Factory lease agreement with a U.S.-based investment-grade hyperscaler at the Polaris Forge 2 Campus in Harwood, North Dakota [5] - Polaris Forge 1 has been recognized as Capacity Magazine's Data Center of the Month for October 2025, highlighting its operational excellence [5] Company Overview - Applied Digital, founded in 2021 and headquartered in Dallas, TX, specializes in designing, building, and operating high-performance data centers for AI, cloud, networking, and blockchain workloads [6]

Company Overview - Applied Digital has undergone several name changes, starting as Applied Science Products in 2021, then becoming Applied Blockchain, and finally rebranding to Applied Digital in 2022 [3] - The company specializes in designing, building, and operating high-performance, sustainably engineered data centers and colocation services, particularly for artificial intelligence, cloud, networking, and blockchain workloads [3] Investment Performance - An investment of $10,000 in Applied Digital shares in early October 2022 would have grown to approximately $144,500, reflecting an average annual growth rate of 144% [2] - In comparison, the S&P 500 index, which includes 500 of America's largest companies, averaged gains of 24% during the same period, turning $10,000 into $19,000 [2] Industry Context - The demand for data centers is significantly increasing due to the growing use of artificial intelligence, which bodes well for the future of Applied Digital [3] - Applied Digital has been recognized as the "Best Data Center in the Americas 2025" by Datacloud, highlighting its competitive position in the industry [3]

Core Viewpoint - Applied Digital Corporation will host a conference call on October 9, 2025, to discuss its operations and financial results for the fiscal first quarter ended August 31, 2025 [1] Company Overview - Applied Digital is a designer, builder, and operator of high-performance, sustainably engineered data centers and colocation services for AI, cloud, networking, and blockchain workloads [4] - The company was founded in 2021 and is headquartered in Dallas, TX [4] - It has been recognized as the Best Data Center in the Americas 2025 by Datacloud [4] - Applied Digital combines hyperscale expertise, proprietary waterless cooling, and rapid deployment capabilities to deliver secure and scalable compute solutions [4] Conference Call Details - The conference call will take place on October 9, 2025, at 5:00 p.m. Eastern Time [2] - Participants can dial in at 1-800-549-8228 with Conference ID 39290 [2] - A replay of the call will be available from 8:00 p.m. Eastern Time on October 9, 2025, through October 16, 2025 [3]