Applied Digital will raise $2.35 billion through the issuance of senior secured notes

Applied Digital, a Nasdaq-listed Bitcoin mining hosting and cloud services company, announced that it will issue senior secured notes to raise $2.35 billion through its subsidiary APLD ComputeCo LLC. The issuance will be conducted via a private placement and is expected to be completed around November 20, 2025, subject to market and other conditions. The new funds will be used for the construction of its data center campus.