Applied Digital Corporation
APLD-🇺🇸 USA
- Price
- $15.50
- as of Nov 6, 2026
- Market cap
- $4.7B
- as of Nov 6, 2026
Estimated total debt principal$14.13B
Trailing 12-month dilution+13.0%Jul 29, 2025 → Oct 6, 2026
Cash & equivalents$3.68Bas of Aug 31, 2026
Estimated cost of debt9.61%incl. floating estimate
Encumbered capacity250 MW
Basic shares outstanding - Evolution
Funding the build to end-2030
Capex from the Sites & Capacity estimates at $12M per MW, paid over the twelve months before each delivery, net of the project debt already raised.
Capex to fund$23.06bn2,438 MW to deliver · $3.35bn already funded
Equity raised$1.29bn5% dilution a year
Debt to raise$8.58bn385.9m shares at end-2030
Capex by site and year
| Site | Contracted | Funded | 2026 | 2027 | 2028 | 2029 | 2030 | To fund | MW added |
|---|---|---|---|---|---|---|---|---|---|
| Polaris Forge 2building | 27% | $2.15bn | — | — | — | $1.77bn | $2.57bn | $4.34bn | 728 MW |
| Polaris Forge 3building | 100% | — | — | — | $3.6bn | — | — | $3.6bn | 300 MW |
| Delta Forge 1building | 100% | — | — | $1.8bn | $1.8bn | — | — | $3.6bn | 300 MW |
| Delta Forge 2building | 100% | — | — | $1.89bn | $630m | — | — | $2.52bn | 210 MW |
| Polaris Forge 1building | 100% | $1.2bn | — | — | — | — | — | — | 150 MW |
| Finland | 0% | — | — | — | — | $1.2bn | $1.2bn | $2.4bn | 200 MW |
| Unsited 2030 pipeline | 0% | — | — | — | — | $3.3bn | $3.3bn | $6.6bn | 550 MW |
| Total | 47% | $3.35bn | — | $3.69bn | $6.03bn | $6.27bn | $7.07bn | $23.06bn | 2,438 MW |
Sources and uses
| Year | Capex | Operating cash | Cash used | Equity raised | Debt to raise | Shares out | Closing cash |
|---|---|---|---|---|---|---|---|
| 2026 | — | $564m | — | $234m · +15.1m | — | 317.5m | $3.15bn |
| 2027 | $3.69bn | $900m | $2.79bn | $246m · +15.9m | — | 333.4m | $602m |
| 2028 | $6.03bn | $1.46bn | $602m | $258m · +16.7m | $3.71bn | 350.1m | $0m |
| 2029 | $6.27bn | $2.98bn | — | $271m · +17.5m | $3.02bn | 367.6m | $0m |
| 2030 | $7.07bn | $4.93bn | — | $285m · +18.4m | $1.85bn | 385.9m | $0m |
Equity at 5% of the share count a year at the latest close; the fair values at date on the Valuation tab grow the share count at the same rate.
Debt stack
Secured notes
Total: $6.09B| Instrument | Principal | Rate | Maturity | Stage | Source |
|---|---|---|---|---|---|
Senior Secured Notes due 2031 — Polaris Forge 2 (APLD ComputeCo 2 LLC)SPV · APLD ComputeCo 2 LLC | $2.15B | 6.75% | 2031 | Other | Jun 17, 2026 |
7.000% senior secured notes due 2031 (APLD ComputeCo 3 LLC, Polaris Forge 1 Building 4)SPV · APLD ComputeCo 3 LLC | $1.59B | 7% | Jun 15, 2031 | Closed | Jun 16, 2026 |
9.250% senior secured notes due 2030SPV · APLD ComputeCo LLC | $2.35B | 9.25% | Dec 15, 2030 | Closed | Nov 20, 2025 |
Convertible notes
Total: $450.0M · net: $434.5M| Instrument | Principal | Rate | Reference price | Conversion price | Capped call | Prepaid forward repurchase | Maturity | Stage | Source |
|---|---|---|---|---|---|---|---|---|---|
$450.0Mnet $434.5M | 2.75% | $9.75 | 2030 | Closed | Nov 4, 2024 |
Private placement
Total: $7.16B| Instrument | Principal | Rate | Maturity | Secured | Ratings | Stage | Source |
|---|---|---|---|---|---|---|---|
$2.00B | Unsecured | Upsized | Jun 26, 2026 | ||||
$5.00B | 12.75% | Unsecured | Closed | Jan 14, 2025 | |||
$160.0M | Closed | Sep 5, 2024 |
Revolver
Total: $430.0M| Instrument | Principal | Rate | Maturity | Secured | Ratings | Stage | Source |
|---|---|---|---|---|---|---|---|
$430.0M | SOFR + 225 bps | May 28, 2029 | Secured * | Upsized | Jun 26, 2026 |
Equity & warrants
No equity-related instruments yet.