What smart money is saying about Applied Digital

Position history

Every position in Applied Digital on record in the archive was reported in Q3 2025, across 1 fund letter, with 1 buy (opened or added).

Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.

Fund activity · 1 position · 1 move

• AddedRiverPark Next Century Growth Fund

  September 2025

  “o six in technology: Impinj, JFrog, Klaviyo, Netskope, Aehr Test, Applied Digital”

  Read the letter→
  Applied Digital

Also mentioned · 1

These funds discuss Applied Digital as a competitor, benchmark or comparable, without disclosing a position in it.

• MentionedCrossingBridge Advisors Funds

  June 2026

  “Applied Digital Polar DC Bond Issue (mil) $2,350.0 $750.0 DC Facility size 250MW 93MW Buildout Cost ~$12mil/MW ~EUR 10.1mil/MW Tenant (s) Core Weave Crusoe, Core Weave Lease Terms 15 yrs +10 (ext'n) 10 yrs + 3 (ext'n) for Crusoe 15 yrs + 10 (ext'n) for CoreWeave Coupon 9.25% ~EUR +600 bps Current YTM 6.80% ~8.28% Maintenance Covenants None • Liquidity ≥ EUR 20m • Net LTV ≤ 67.5% • <= 2 Financial covenant cures Permitted Distributions • Up to 30% of NOI once leases have commenced • Excess Cash Flow Up to EUR 1m max Bond Tenor 5 years 4 years Amort Semi Annual, ~25% by bond maturity None Permitted debt • Credit facilities up to 50% of NOI • Loan-to-Cost ratio does not exceed 66.67% EUR 100mil tap + 35m general basket Stabilized Leverage 7.0x 8.8x NOI Margin 88% 78% We benchmarked this issue (see table above) against the Applied Digital (APLD) bonds due 2030 — U.S. senior secured bonds issued to fund the buildout of a data center in Ellendale, North Dakota, where CoreWeave is also a tenant.”

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  55 more words on why: read CrossingBridge Advisors Funds’s full comment
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  Applied Digital