Applied Digital Corp. 8-K/A

What Happened
Applied Digital Corp. (APLD) reported on March 30, 2026 that it amended and restructured certain datacenter lease arrangements at its Polaris Forge 1 campus originally entered May 28, 2025. Two of the four ELN-02 data halls were moved from the original lease with CoreWeave Parent to a new lease with CoreWeave Compute Acquisition Co. VIII, LLC (CoreWeave SPV) on substantially the same terms; the ELN-02 Parent Lease term for those halls was suspended and will resume if the SPV lease ends. Separately, CoreWeave Parent assigned its remaining ELN-03 lease rights and obligations to CoreWeave SPV and was released from that lease. CoreWeave Parent also delivered unconditional springing guaranties for both ELN-02 and ELN-03 obligations and agreed to provide a $50,000,000 letter of credit within 30 days.

Key Details

• Date of actions: March 30, 2026 (original leases were entered May 28, 2025).
• New ELN-02 SPV Lease is conterminous with the original ELN-02 Parent Lease term; suspended ELN-02 Parent Lease term will resume upon SPV lease expiration/termination.
• CoreWeave Parent provided Unconditional Springing Guaranties of Payment and Performance for ELN-02 and ELN-03.
• CoreWeave Parent must provide a $50,000,000 letter of credit to secure obligations under the ELN-02 Parent Lease within 30 days.
• Company states these transactions are favorable to holders of APLD’s 9.250% notes due 2030.

Why It Matters
For investors, the changes mean enhanced credit support for Applied Digital’s Polaris Forge datacenter leases: guaranties from CoreWeave Parent and a $50M letter of credit reduce counterparty/lease performance risk tied to those facilities. The company explicitly notes the transactions as favorable to its 9.250% notes due 2030, which could affect bondholder risk perceptions. The filing contains forward-looking disclaimers and references prior 8-K disclosures and executed agreements filed as exhibits.