Applied Digital (APLD) Registration Filing summary

Company overview and business model

• Designs, develops, and operates high-performance, sustainably engineered data centers and colocation services for AI, networking, and blockchain workloads, with a focus on rapid deployment and waterless cooling technology.

• Operates two business segments: Data Center Hosting (crypto mining customers) and High-Performance Computing (HPC) Hosting (AI, machine learning, and other HPC applications).

• Facilities include sites in North Dakota with current and planned capacity expansions, including the Polaris Forge 1 and 2 campuses.

• Recently classified its Cloud Services Business as held for sale, representing a strategic shift.

Financial performance and metrics

• Entered into a $2.35 billion senior secured notes offering due 2030, with proceeds used for expansion and refinancing.

• Completed a $112.5 million sale of preferred units in its HPC business, with the right for the investor to invest up to an additional $4.9 billion.

• As of December 3, 2025, 279,263,526 shares of common stock and 407,183 shares of preferred stock were outstanding.

Use of proceeds and capital allocation

• Will not receive proceeds from the resale of 2,400,000 shares of common stock by selling stockholders; all offering expenses will be paid by the company.

• Recent capital raises and loans are allocated to data center construction, equipment purchases, transaction costs, and general corporate purposes.