Applied Digital (US:APLD)2025-06-17 09:31Company Overview - Applied Digital develops and operates next-generation data centers and cloud infrastructure, focusing on accelerated compute and secure digital hosting[16] - The company supports AI/ML, blockchain, and high-performance computing workloads[17] - Applied Digital operates two blockchain data centers with a combined capacity of approximately 286 MW[72] - The company is constructing a 100 MW HPC data center in Ellendale, ND, with plans to expand into a 400 MW campus[46] HPC Data Centers and AI Demand - Hyperscalers are projecting total capital expenditures of $335 billion in 2025[103] - HPC data centers now average 200 MW, with capacity expected to triple by 2030, driving a projected 125% rise in electricity consumption[98] - Applied Digital's Ellendale HPC data center is being built with a peak rack load of 120kW/rack[142] Macquarie Transaction - Macquarie Asset Management (MAM) may invest up to $5 billion in Applied Digital's HPC data center development[50] - MAM's initial investment is up to $900 million in Applied Digital's Ellendale HPC Campus, with over $225 million payable at the initial closing[149] - At closing, Macquarie will receive a 15% common equity interest in APLD HPC Holdings, a subsidiary of APLD[159] Convertible Notes - Applied Digital issued $450 million in convertible notes at a 2.75% interest rate[48, 171]