Applied Digital Corporation
APLDpublicneocloudAI data-center developer
What this company owes, to whom, at what cost and when it comes due. Every figure is the one the company itself states. cohort: neocloud · verified 2026-09-28 How these figures are built →
how it is counted
what the filer owes that is not on its balance sheet at this date: leases not yet commenced plus unrecorded purchase obligations, counted once. A filer that reports the same figure under both (Meta, Alphabet, Equinix, Arm, Applied Digital, Astera Labs) has stated one fact twice, and offBalanceNote says so
- Notes priced since 2024 · 4 →each tranche in the ledger as the company itself states it
how it is counted
principal in USD billions — native for USD, spot rate on the pricing date otherwise (fx recorded)
- $7.7B
- Loans and credit facilities · 2 →as signed; the figure counts new facilities, the count amendments too
how it is counted
the commitment as the company states it — a ceiling for revolvers and delayed-draw facilities, not an amount drawn; new facilities only: an amendment restates a commitment already counted.
- $860M
- Debt due in 12 months →no five-year schedule read for this company
how it is counted
the company's own maturity schedule for all its long-term debt, as its latest report states it: principal due in the next twelve months, years two to five and after; USD billions
- —
- Long-term debt on the balance sheet →on its balance sheet at 2026-05-31
how it is counted
long-term debt including its current portion, read line by line off the company's own balance sheet (ADR-0044), an asset manager's consolidated funds' debt apart where it is reported apart; its derivation says when the notes to the accounts gave a part, when the date came from the next report's prior-period column, or when finance leases sit inside a line
- $5.0B
- Cost of debt · 2026 Q2 →interest cover -11.74× · capex over operating cash flow 9.73×
how it is counted
4 × the quarter's interest cost ÷ average funded debt (borrowings + finance lease liabilities when the company states them apart; rateBasis says which) — interest cost is the interest expense plus the interest capitalised into what the company builds where it states that for the quarter; none when it states it only for a year in which it capitalised a tenth or more of its interest; interest expense under US GAAP includes finance-lease interest, so funded debt is the cleaner basis; a manager's consolidated VIEs' debt taken out of its debt line is added back where its interest expense pays for it
- —
- Sold at the market, four quarters to 2025-02-28 →6.1M shares, as the company states its own sales
how it is counted
sum of the quarterly rows of the company's own programmes in the twelve months to the newest quarter; 'quarters' says how many were found
- $31.0M
When it comes due
Its own schedule
None read.
Notes and facilities since 2024, by maturity year
What has it committed to?
Obligations as the company states them — leases and purchase obligations as it reports them, long-term debt read off its balance sheet — each at the date it last stated it. The off-balance-sheet total is what it owes that its balance sheet does not carry.
Obligations as stated
| Off the balance sheet | $20M | 2026-05-31 | Leases signed, not yet commenced at 2025-11-30 and Unrecorded purchase obligations at 2025-08-31 |
| Leases signed, not yet commenced | $17M | 2025-11-30 | read from the company's own words leases signed but not yet commenced — read from the company's own text by a deterministic rule, the sentence quoted (status amount | immaterial | table_row | no_unit; `unitNote` when the sentence gave no unit and the unit the report states for its figures was applied) |
| Unrecorded purchase obligations | $17M | 2025-08-31 | unconditional purchase obligations not recorded on the balance sheet |
| Long-term debt on the balance sheet | $5.0B | 2026-05-31 | long-term debt including its current portion, read line by line off the company's own balance sheet (ADR-0044), an asset manager's consolidated funds' debt apart where it is reported apart; its derivation says when the notes to the accounts gave a part, when the date came from the next report's prior-period column, or when finance leases sit inside a line |
| Lease liabilities on the balance sheet | $124M | 2026-05-31 | operating plus finance, discounted operating + finance lease liabilities |
| Lease payments due | $137M | 2026-05-31 | operating plus finance, undiscounted operating + finance undiscounted payments due |
Obligations created, as announced
| 2026-06-26 | material definitive agreement | $2.0B | credit agreement | APLD Intermediate HoldCo LLC, Applied Digital Corporation, First National Bank |
| 2026-06-26 | direct financial obligation | $2.0B | credit agreement | APLD Intermediate HoldCo LLC, Applied Digital Corporation, First National Bank |
| 2026-06-16 | material definitive agreement | $1.6B | notes due | Applied Digital Corporation, Goldman Sachs & Co. LLC, Goldman Sachs Bank |
| 2026-06-16 | direct financial obligation | $1.6B | notes due | Applied Digital Corporation, Goldman Sachs & Co. LLC, Goldman Sachs Bank |
| 2026-05-05 | material definitive agreement | $100M | purchase agreement | Ekso Bionics, Inc. |
| 2026-03-10 | material definitive agreement | $2.1B | notes due | Applied Digital Corporation, Goldman Sachs & Co. LLC, APLD FAR Holdings LLC, Goldman Sachs Bank |
| 2026-03-10 | direct financial obligation | $2.1B | notes due | Applied Digital Corporation, Goldman Sachs & Co. LLC, APLD FAR Holdings LLC, Goldman Sachs Bank |
| 2026-03-04 | material definitive agreement | $100M | guarantee | Applied Digital Corporation, Base Electron, Inc. |
| 2026-03-04 | direct financial obligation | $2.4B | guarantee | — |
| 2026-02-17 | material definitive agreement | $15M | financing | APLD Intermediate HoldCo LLC, APLD ChronoScale HoldCo LLC, Applied Digital Corporation, Applied Digital Cloud Corporation, Ekso Bionics Holdings, Inc., ChronoScale Corporation |
| 2025-12-22 | material definitive agreement | $55M | financing | APLD DevCo LLC, Applied Digital Corporation, Macquarie Equipment Capital, Inc., APLD Intermediate HoldCo LLC, Northland Securities, Inc., RBC Capital Markets, LLC |
| 2025-12-22 | direct financial obligation | $55M | financing | APLD DevCo LLC, Applied Digital Corporation, Macquarie Equipment Capital, Inc., APLD Intermediate HoldCo LLC, Northland Securities, Inc., RBC Capital Markets, LLC |
| 2025-11-20 | material definitive agreement | $2.4B | notes due | APLD ComputeCo LLC, Applied Digital Corporation, Morgan Stanley & Co. LLC, APLD HPC Holdings LLC, Sumitomo Mitsui Banking Corporation |
| 2025-11-20 | direct financial obligation | $2.4B | notes due | APLD ComputeCo LLC, Applied Digital Corporation, Morgan Stanley & Co. LLC, APLD HPC Holdings LLC, Sumitomo Mitsui Banking Corporation |
| 2025-10-21 | material definitive agreement | $1.6B | purchase agreement | Applied Digital Corporation |
| 2025-10-09 | material definitive agreement | $5.0B | purchase agreement | Applied Digital Corporation, APLD HPC Holdings LLC, Holdings LLC, MIP VI HPC Holdings, LLC, APLD HPC TopCo LLC, MIP HPC Holdings, LLC |
| 2025-09-12 | material definitive agreement | $450M | guarantee | Applied Digital Corporation, Macquarie Equipment Capital, Inc., APLD FAR Holdings LLC, Northland Securities, Inc., Wells Fargo Securities, LLC |
| 2025-09-12 | direct financial obligation | $450M | guarantee | Applied Digital Corporation, Macquarie Equipment Capital, Inc., APLD FAR Holdings LLC, Northland Securities, Inc., Wells Fargo Securities, LLC |
| 2025-08-29 | material definitive agreement | $4.0B | — | CoreWeave, Inc. |
| 2025-08-15 | material definitive agreement | $300M | purchase agreement | Applied Digital Corporation |
| 2025-06-02 | material definitive agreement | $4.0B | — | Applied Digital Corporation, CoreWeave, Inc., Datacenter Lease. The Company, Nasdaq Listing Rules. The Company |
| 2025-05-01 | material definitive agreement | $150M | — | Applied Digital Corporation, Northland Securities, Inc. |
| 2025-02-12 | material definitive agreement | $375M | credit agreement | APLD HPC Holdings LLC, Holdings LLC, Applied Digital Corporation, Sumitomo Mitsui Banking Corporation, Macquarie Equipment Capital, Inc., APLD HPC TopCo LLC |
| 2025-02-12 | direct financial obligation | $375M | credit agreement | APLD HPC Holdings LLC, Holdings LLC, Applied Digital Corporation, Sumitomo Mitsui Banking Corporation, Macquarie Equipment Capital, Inc., APLD HPC TopCo LLC |
| 2025-01-14 | material definitive agreement | $4.1B | purchase agreement | Applied Digital Corporation, APLD HPC Holdings LLC, MIP VI HPC Holdings, LLC |
| 2024-12-02 | material definitive agreement | $150M | guarantee | Holdings LLC, Applied Digital Corporation, Macquarie Equipment Capital, Inc., CIM APLD Lender Holdings, LLC |
| 2024-12-02 | direct financial obligation | $150M | guarantee | Holdings LLC, Applied Digital Corporation, Macquarie Equipment Capital, Inc., CIM APLD Lender Holdings, LLC |
| 2024-11-05 | material definitive agreement | $450M | senior notes | Applied Digital Corporation, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Company. The Company |
| 2024-11-05 | direct financial obligation | $450M | senior notes | Applied Digital Corporation, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Company. The Company |
| 2024-08-30 | material definitive agreement | $50M | purchase agreement | Applied Digital Corporation, Northland Securities, Inc., Common Stock. The Company |
| 2024-07-09 | material definitive agreement | $125M | — | Applied Digital Corporation, B. Riley Securities, Inc., BTIG, LLC, Lake Street Capital Markets, LLC, Northland Securities, Inc., Roth Capital Partners, LLC |
| 2024-06-07 | material definitive agreement | $110M | lease agreement | Applied Digital Corporation, CIM APLD Lender Holdings, LLC, Private Placement Warrants. The Company, Applied Digital Cloud Corporation |
| 2024-06-07 | direct financial obligation | $110M | lease agreement | Applied Digital Corporation, CIM APLD Lender Holdings, LLC, Private Placement Warrants. The Company, Applied Digital Cloud Corporation |
| 2024-05-24 | material definitive agreement | $42M | financing | Applied Digital Corporation, Nasdaq Stock Market LLC |
| 2024-05-24 | direct financial obligation | $42M | financing | Applied Digital Corporation, Nasdaq Stock Market LLC |
| 2024-05-06 | material definitive agreement | $25M | — | Applied Digital Corporation, Roth Capital Partners, LLC |
| 2024-04-30 | material definitive agreement | $50M | — | Applied Digital Corporation, Promissory Notes. The Company |
| 2024-04-30 | direct financial obligation | $50M | — | Applied Digital Corporation, Promissory Notes. The Company |
| 2024-04-01 | material definitive agreement | $50M | guarantee | Applied Digital Corporation, Nasdaq Stock Market LLC, AI Bridge Funding LLC |
| 2024-04-01 | direct financial obligation | $50M | guarantee | Applied Digital Corporation, Nasdaq Stock Market LLC, AI Bridge Funding LLC |
| 2024-03-15 | material definitive agreement | $87M | — | Applied Digital Corporation, Mara Garden City LLC, Marathon Digital Holdings, Inc., EDB, Ltd. |
| 2024-03-05 | material definitive agreement | $16M | loan agreement | Applied Digital Corporation, Cornerstone Bank, SAI Computing, LLC, APLD Hosting, LLC, Starion Bank |
| 2024-02-06 | material definitive agreement | $35M | — | AI Bridge Funding LLC, B. Riley Financial, Inc. |
| 2024-02-06 | direct financial obligation | $35M | — | AI Bridge Funding LLC, B. Riley Financial, Inc. |
What has it borrowed, and at what cost?
Each note tranche in the ledger priced since 2024, as the company itself states it, and each credit facility as signed. Nothing is netted, nothing is estimated.
Notes priced since 2024
| 2026-07-29 | $1.59B | floating | 2031 | floating | — |
| 2026-06-16 | $1.59B | 7% | 2031 | fixed | — |
| 2026-03-10 | $2.15B | 6.75% | 2031 | fixed | — |
| 2025-11-20 | $2.35B | 9.25% | 2030 | fixed | — |
Loans and credit facilities as signed
| 2026-06-26 | revolving credit facility “The Incremental Assumption Agreement amends the Original Credit Agreement to, among other things, increase the aggregate principal amount of the revolving credit commitments under the Original Credit Agreement to $430.0 million which caused the Credit Agreement to become material to the Company and thereby requires disclosure under this Current Report on Form 8-K.” | $430M | — | — | 2029-05-28 | Omaha |
| 2026-06-26 | letter of credit facility “The Credit Facility will mature on May 28, 2029, and includes a $430.0 million letter of credit sub-facility, which reduces overall availability.” | $430M | — | — | 2029-05-28 | Omaha |
Private credit — loans only their lenders publish
| 2026-05-06 | Applied Digital Corporation “United States Artificial Intelligence & Automation Applied Digital Corporation Type of Investment Equipment Financing Investment Date June 21, 2024 Maturity Date April 1, 2026” | Trinity Capital Inc. | Equipment Financing | — | 2026-04-01 |
| 2026-05-06 | Applied Digital Corporation “United States Artificial Intelligence & Automation Applied Digital Corporation Type of Investment Equipment Financing Investment Date May 28, 2024 Maturity Date May 1, 2026” | Trinity Capital Inc. | Equipment Financing | — | 2026-05-01 |
| 2026-05-06 | Applied Digital Corporation “United States Artificial Intelligence & Automation Applied Digital Corporation Type of Investment Equipment Financing Investment Date March 25, 2024 Maturity Date March 1, 2026 Interest Rate Fixed interest rate 19.0%; EOT 0.0%” | Trinity Capital Inc. | Equipment Financing | Fixed interest rate 19.0%; EOT 0.0% | 2026-03-01 |
| 2026-02-25 | Applied Digital Corporation “Portfolio Company Debt Securities- United States Applied Digital Corporation Type of Investment Equipment Financing Investment Date March 13, 2024 Maturity Date October 1, 2025” | Trinity Capital Inc. | Equipment Financing | — | 2025-10-01 |
| 2026-02-25 | Applied Digital Corporation “Portfolio Company Debt Securities- United States Applied Digital Corporation Type of Investment Equipment Financing Invest” | Trinity Capital Inc. | Equipment Financing Invest | — | — |
| 2025-11-05 | Applied Digital Corporation “Portfolio Company Debt Securities- United States Applied Digital Corporation Type of Investment Equipment Financing Investment Date March 13, 2024” | Trinity Capital Inc. | Equipment Financing | — | — |
Cost of debt, from its own statements
Latest quarter, 2026 Q2: cost of debt —, interest cover -11.74×, capex over operating cash flow 9.73×.
no rate: the company capitalises much of its interest into what it builds (57 % in the year to 2026-05-31) and states it only for the year; the quarter's interest expense leaves it out
Cost of debt: 4 × the quarter's interest cost ÷ average funded debt (borrowings + finance lease liabilities when the company states them apart; rateBasis says which) — interest cost is the interest expense plus the interest capitalised into what the company builds where it states that for the quarter; none when it states it only for a year in which it capitalised a tenth or more of its interest; interest expense under US GAAP includes finance-lease interest, so funded debt is the cleaner basis; a manager's consolidated VIEs' debt taken out of its debt line is added back where its interest expense pays for it Interest cover: operating income ÷ interest expense. Capex over operating cash flow: cash purchases of PP&E ÷ operating cash flow; null when operating cash flow is not positive.
What equity has it sold?
Raises as announced, and shares actually sold under an at-the-market programme when the company states the period.
Equity and hybrid raises
| 2025-06-02 | atm “The
Company is targeting a potential “at the market” offering of up to $200 million (the “Offering”) of common stock.” | $200M | — | — |
| 2024-11-05 | convertible “persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The aggregate principal amount of notes sold in the offering was $450.0 million, which includes $75.0 million aggregate” | $450M | 2.75% | 2030 |
| 2024-07-09 | atm “In accordance with the terms of the sales agreement, we may offer and sell shares of our common stock having an aggregate offering price of up to $125,000,000 from time to time through one or more Agents, acting as our agents or principals.” | $125M | — | — |
| 2024-05-17 | atm “This prospectus supplement and the accompanying prospectus relate to the offer and sale by us pursuant to the sales agreement of shares of up to 2,000,000 shares of our Series E Preferred Stock having an aggregate offering price of up to $50,000,000 from time to time under this prospectus supplement and the accompanying prospectus at a purchase price of $25 per share.” | $50M | — | — |
| 2024-05-17 | preferred · E “This is an offering (the “Offering”) by Applied Digital Corporation (the “Company”) of up to 2,000,000 shares of our Series E Redeemable Preferred Stock, par value $0.001 per share (“Series E Preferred Stock”) at a price per share of $25.00 per share.” | $50M | 9% | — |
| 2024-04-30 | atm “Under the shelf registration process and the terms of our agreement with the Lender, we may offer up to 24,532,449 shares of our Common Stock having an aggregate offering price of up to $25,000,000 from time to time under this prospectus supplement and the accompanying prospectus.” | $25M | — | — |
At the market, as the company states its own sales
18 stated period(s) across 3 quarter(s) · last four quarters to 2025-02-28: 6.1M shares for $31.0M.
The last four quarters: sum of the quarterly rows of the company's own programmes in the twelve months to the newest quarter; 'quarters' says how many were found.
When does it come due, and who holds it?
The company's own five-year schedule, what we have placed by year from the notes and facilities since 2024, and the price the funds that hold its paper report.
No five-year debt maturity schedule is read for this company.
What we have placed by maturity year, since 2024
| 2029 | — | $860M | 0 | 2 |
| 2030 | $2.35B | — | 1 | 0 |
| 2031 | $5.33B | — | 3 | 0 |
No fund-reported price for its paper. Fund holdings are matched only on identifiers the ledger already holds, so a tranche with no CUSIP in the ledger cannot be matched.
How does it compare?
The same twelve measures every company on the AI trade page carries, beside the median across them. Below each measure, the arithmetic behind it.
Twelve measures, beside the median
| Self-funding operating cash flow $0.1B ÷ capex $2.9B over 4 quarters to 2026Q2 | 0.03× | 1.31× across 40 companies | 2026Q2 |
| Funding mix of $2.9B of capex over 4 quarters to 2026Q2: operations 3.1%, new debt 298.1% ($7.7B notes + $0.9B facilities), equity 1.1% | 3.1% | — | 2026Q2 |
| Off balance sheet $0.0B off the balance sheet ÷ (that + $5.0B long-term debt); the company states the same figure as leases not yet commenced and as purchase obligations; counted once, as leases not yet commenced; each figure as the filer last stated it (leasesNotYetCommenced 2025-11-30, longTermDebt 2026-05-31, unrecordedPurchaseObligations 2025-08-31) | 0.3% the company states the same figure as leases not yet commenced and as purchase obligations; counted once, as leases not yet commenced | 41.9% across 23 companies | 2026-05-31 |
| Committed facilities $0.9B committed across 2 new facilities, 0.17× the $5.0B of long-term debt on the balance sheet | $860M | — | 2026-05-31 |
| Marginal cost of debt principal-weighted coupon of $6.1B priced in the last twelve months; the book carries 1.09%, a gap of +6.69 points | 7.78% | — | — |
| New-issue spread median of 3 USD tranches: coupon less the 10-year Treasury on each pricing date (range 257–515 bp) | 260 bp | — | — |
| Floating-rate share $1.6B floating ($1.6B notes + $0.0B facilities off SOFR) ÷ $8.5B raised | 18.6% | 0% across 40 companies | — |
| Rate shock (+100 bp) $1.6B of floating debt × 100 bp = $0.02B more interest a year; interest cover would be -8.33× on the latest quarter annualised | $16M | — | — |
| Secured share of new facilities $0.0B secured ÷ $0.9B committed; $0.9B does not say | 0% | 0% across 24 companies | — |
| Refinancing burden debt due within two years ÷ operating cash flow over four quarters | — the filer tags no maturity schedule | 0.15× across 23 companies | — |
| Liquidity runway ($1.6B cash and equivalents as tagged — short-term investments are not included — + $0.9B committed) ÷ $0.7B a quarter of capex and interest, as of 2026Q2 | 3.4 | — | 2026Q2 |
Does our ledger explain its balance sheet?
Across 7 of 14 quarter(s) its debt rose $4.9B and the notes we hold for those quarters total $4.5B — 90.9% explained.
the change in the filer's own borrowings over a fiscal quarter, against the principal of the tranches our ledger says were priced inside that quarter; this is not a reconciliation to the penny and is not meant to be; we do not track repayments, draws under facilities, commercial paper or currency translation.