APLD
APLD · Applied Digital Corporation · Catalyst Calendar · as of August 19, 2026
Banded 0–3 / 3–6 / 6–12 months, earliest first. Numbering is gapless and runs straight through the bands, so a boundary never resets the count. An ID marks position in the current ordering and changes between revisions, so catalysts are named by title.
The annual report states that Part III is incorporated by reference from the proxy statement for the 2026 annual meeting, to be filed within 120 days after the fiscal year ended May 31, 2026. That fixes the outside date at September 28, 2026. The proxy is where executive compensation, related party transactions and director independence appear, none of which is in the 10-K itself, and where any shareholder proposal would surface.
Routine filing with governance disclosure that supports the scale of the build, and an uncontested meeting.
Related party disclosure around the Base Electron investment or the ChronoScale separation reads less cleanly than the release implies, or a request for further authorised share capital appears on the agenda.
Source: Form 10-K for the year ended May 31, 2026, filed July 29, 2026. Filed
The three months from June to August 2026. The figures to watch are the run rate of revenue from the 175 MW live at Polaris Forge 1, the interest cost now that $1.59B of 7.000% notes has been outstanding for a full quarter, and whether restricted cash has begun to be drawn down into construction spending. It is also the first opportunity for the company to report progress on the 1.7 GW it says it is marketing.
Revenue steps up again on live capacity at Polaris Forge 1, adjusted EBITDA extends beyond the $42.4M of the prior quarter, and restricted cash converts into completed assets on schedule.
Interest on $3.74B of notes outruns revenue growth, the reported loss deepens, or a delivery date for a 2027 campus is pushed back.
Early October is a cadence estimate taken from the company's own recent reporting pattern, with fiscal fourth quarter and full year results released on July 27, 2026. Applied Digital has not announced a date for the first quarter.
Source: Form 8-K, July 27, 2026, and the filing index for CIK 0001144879, searched August 5, 2026. Filed
The three months from September to November 2026. This quarter also carries the calculation of public float used for filer status and, in the prior year, the aggregate market value of stock held by non-affiliates disclosed on the annual report cover, which stood at approximately $6.9B at November 30, 2025.
A second consecutive quarter of revenue growth from live capacity, with construction milestones on the 2027 campuses confirmed rather than restated.
The gap between adjusted net income and the reported loss widens further, or the Series G preferred facility is drawn to fund construction.
Estimated from the fiscal calendar and the company's recent reporting lag. No date has been announced.
Source: Form 10-K for the year ended May 31, 2026, filed July 29, 2026. Filed
The three months from December 2026 to February 2027. The last scheduled report before the calendar 2027 campuses are due to begin operations, and therefore the last opportunity to restate that timetable before it is tested.
Delta Forge 1 or Polaris Forge 3 is confirmed on schedule for calendar 2027 with a narrowed window rather than a year.
A slip is disclosed here rather than at the point of delivery, which would be the earliest observable signal that the franchise model does not replicate on time.
Confidence is Low rather than Medium because this estimate is three quarters out and rests on a reporting cadence this document has observed for one year rather than several.
Source: Form 10-K for the year ended May 31, 2026, filed July 29, 2026. Filed
The two largest leases in the book, 300 MW each and approximately $7.5B of base-term revenue each, both with the unnamed high investment-grade hyperscaler. Delta Forge 1 is at Boyce, Louisiana; Polaris Forge 3 is the third North Dakota campus. Applied Digital states initial operations are expected to commence in calendar year 2027 for both. This is the item that tests the franchise model: Polaris Forge 1 proved the company can build one campus, and these two prove whether it can build them in parallel in different states.
Both energise within calendar 2027, converting roughly $15B of contracted base-term revenue into an operating asset and validating the repeatability claim the whole equity story rests on.
Either slips into 2028. Interest on the secured notes continues while the associated rent does not begin, and the case that the model replicates loses its only planned evidence.
Confidence is Low on the date and not on the outcome. The company states a calendar year, not a quarter, so the window is twelve months wide by the issuer's own description. Nothing here rates the probability that the campuses are delivered.
Source: Form 8-K, July 27, 2026. Filed
The fifth AI Factory campus and the third consecutive lease with the same hyperscaler, 210 MW for approximately $5.2B of base-term revenue, in a southern state Applied Digital has not named. It sits outside the twelve-month window and shapes the backdrop rather than trading in it, but it is the item that makes the customer concentration structural: three leases, 810 MW and roughly $20B with one counterparty.
A fifth campus delivered on a schedule set three years earlier would make the pipeline read as a program rather than as a series of individual projects.
The furthest-out commitment is the one most exposed to a change in the tenant's own plans, and it is the least observable until close to delivery.
Source: Form 8-K, July 27, 2026. Filed
Ongoing and undated, most material first. These take “Why undated” in place of timing confidence.
Delta Forge 1, Polaris Forge 3 and Delta Forge 2 are all leased to the same customer, which Applied Digital describes as a new United States based, high investment-grade hyperscaler and does not name. Together that is 810 MW and roughly $20B of the $36B contracted book. The company asserts the credit quality; a reader cannot verify it, size the tenant's other commitments, or judge how much of its own capacity plan sits with this one landlord.
The tenant is named, in a filing or by the tenant itself, and the credit can be assessed directly. A counterparty willing to sign three times in a row is itself evidence of satisfaction with delivery.
The concentration remains unverifiable, and any deterioration reaches the reader only through Applied Digital's own disclosure. Take-or-pay protects against non-use, not against non-performance.
Source: Form 8-K, July 27, 2026. Filed
Applied Digital has entered a memorandum of understanding with CoreWeave to assign the Building 4 lease at Polaris Forge 1 to a CoreWeave subsidiary upon that subsidiary achieving an investment-grade credit rating. The trigger is observable and is not in either party's sole gift. The company separately enhanced credit on the existing CoreWeave leases through a restructured special purpose subsidiary, unconditional springing guarantees from CoreWeave and a $50M letter of credit, following what it describes as CoreWeave's A3-rated refinancing.
Assignment to a rated subsidiary raises the credit quality behind 150 MW and supports the 9.250% notes secured on the CoreWeave leases.
The rating is not obtained, the memorandum lapses, and the counterparty structure stays as it is. A memorandum of understanding is not a binding assignment.
Source: Form 8-K, July 27, 2026. Filed
Beyond the contracted portfolio and the roughly 1.4 GW under construction, Applied Digital states it is actively marketing an additional 1.7 GW across multiple states. On the record of the last year, in which three leases with one hyperscaler were signed within a few months, this is the item with the widest range of outcomes on the calendar and the one most likely to arrive without notice.
A new lease on similar terms would add materially to the contracted book and, if with a different tenant, would reduce the concentration described in the unnamed hyperscaler condition (S1).
A long period without a new lease would suggest the demand that produced three signings in months has been met, and would leave the marketed capacity carrying development cost without revenue.
Source: Form 8-K, July 27, 2026. Filed
Under the preferred equity purchase agreement of April 30, 2025, Applied Digital may issue up to $2B of Series G convertible preferred stock at its option, through the earlier of August 27, 2029 and full funding. None was outstanding at May 31, 2026, so the whole facility is available. That is $2B of capacity available at the company's option, convertible into common stock. No market capitalization is stated in this document, so the facility is not expressed as a proportion of one. The at-the-market program, by contrast, is close to exhausted at roughly $196.4M of $200M sold.
Committed capital available on demand without a further shareholder vote, which removes financing risk from the construction program in a market where a note issue might not always be available.
A draw dilutes common holders through conversion, and because it needs no announcement in advance it can arrive at any price. Shares outstanding already rose 28 percent during FY2026.
Source: Form 10-K for the year ended May 31, 2026, filed July 29, 2026, and Form 8-K, June 26, 2026. Filed
The cloud services business was separated and combined with Ekso Bionics Holdings to form ChronoScale, listed on Nasdaq as CHRN. Applied Digital retains approximately 96 percent, so ChronoScale is consolidated into the financial statements while being excluded from every non-GAAP measure. The result is two accounting bases for one company: FY2026 revenue of $611.3M or $539.7M, and a net loss to common of $249.2M or adjusted net income of $36.1M.
A distribution or sell-down would make the separation real, simplify the accounts to one basis, and could realize value for a business the company no longer treats as core.
The stake stays where it is and the dual presentation persists, or a sell-down realizes less than the carrying value. Applied Digital's Schedule 13D and its June amendment on ChronoScale are the only public record of its intentions.
Source: Form 8-K, July 27, 2026, and the Schedule 13D of May 12, 2026 and its amendment of June 26, 2026, both filed by Applied Digital about ChronoScale Corp, CIK 0001549084. Filed
Applied Digital is working with Base Electron Corp., an independent power producer that has engaged Babcock & Wilcox, to develop approximately 1.2 GW of front-of-the-meter natural gas-fired generation in the Dakotas in collaboration with regional utilities. The company states its shareholders own approximately 10 percent of Base Electron through its investment. No commissioning date, capital commitment or offtake arrangement is disclosed.
Owned or affiliated generation converts a grid dependency into a supply the company has an interest in, which is the constraint that limits every operator in this sector.
Gas generation carries permitting, emissions and construction risk of its own, on a timetable the company has not disclosed, and the 10 percent interest gives influence rather than control.
Source: Form 8-K, July 27, 2026. Filed
Closed items, kept for the record, ordered by resolution date. A resolved catalyst takes the next free R number; it does not carry its old D number over.
The company is now a pure data center owner and operator in its own presentation, with the cloud business on a separate listed vehicle.
Ninety-six percent ownership means the business is still consolidated, so the separation is presentational until the stake is reduced. It leaves the dual accounting basis described in the ChronoScale stake condition (S5).
The cloud services business was combined with Ekso Bionics Holdings, Inc. to form ChronoScale, an independent publicly traded accelerated-compute platform. The date is taken from the Schedule 13D Applied Digital filed as an acquirer of the ChronoScale stake, which is the earliest public record of the completed transaction in this issuer's index.
Source: Schedule 13D filed May 12, 2026 by Applied Digital about ChronoScale Corp, CIK 0001549084, and Form 8-K, July 27, 2026. Filed
Working capital and letter of credit capacity for pre- and post-lease development across campuses, arranged by Goldman Sachs and running to May 2029.
A further secured claim on the group alongside $3.74B of project notes. The covenants were not read for this document.
Originally up to $550M, being $350M committed with a $200M accordion. Subsequent to the year end the committed amount was raised to $430M with $120M of accordion remaining.
Source: Form 8-K, June 26, 2026, and Form 8-K, July 27, 2026. Filed
Repaid the $300M bridge and funded the 150 MW fourth building at Polaris Forge 1 without issuing equity, at par rather than at a discount.
A 7.000% coupon accruing from June 2026 on capacity not yet earning, on top of the 6.750% notes and the 9.250% notes.
Sold under a purchase agreement dated June 9, 2026 to qualified institutional buyers in reliance on Rule 144A, with Goldman Sachs & Co. LLC as representative of the initial purchasers. Goldman Sachs therefore appears in three roles across this company's financings: representative of the initial purchasers here, arranger of the revolving credit facility, and lead of the repaid bridge.
Source: Form 8-K, June 16, 2026. Filed
Additional committed revolver capacity, and a confirmed private placement route for the Series G preferred that does not require a registration statement.
It also confirms that up to $2B of convertible preferred can be issued without registration or advance notice, which is the standing dilution condition recorded as the Series G preferred facility (S4).
It is not the only claim ahead of the common equity, and this calendar did not carry the other one. The company's investor presentation of June 2026, pages 55 to 58, sets out a Macquarie Asset Management investment through APLD HPC TopCo 2 LLC: a 15% common equity interest in APLD HPC Holdings, at least $225M funded at closing, $2.25M of availability per contracted megawatt, and perpetual preferred at 12.75% PIK stepping to a 16.75% cap, with a 1.8x MOIC liquidation floor, force-redemption from year seven and a governance step-in right. Filed Two of those are dated events in disguise: a coupon that steps and a redemption that becomes exercisable on a schedule. Neither is given a dated row, because the deck states the mechanism without a closing date this calendar can anchor to, and an invented date would be worse than a recorded mechanism.
The 8-K reports the incremental facility under the May 29, 2026 credit agreement and states that the offer and sale of Series G preferred stock under the preferred equity purchase agreement, and the common stock issuable on conversion, are made in reliance on the exemption in Securities Act Section 4(a)(2).
Source: Form 8-K, June 26, 2026. Filed
Fourth quarter revenue up 407 percent on the year, adjusted EBITDA of $42.4M in the quarter and $107.2M for the year, and a third lease with the same hyperscaler announced alongside.
A net loss to common of $249.2M, total liabilities up fivefold to $6,185.7M, and most of the balance sheet cash restricted to construction draws.
Released July 27, 2026 as a Form 8-K under Items 2.02 and 9.01 with the earnings release as Exhibit 99.1. The release also announced the Delta Forge 2 lease and the closing of the 7.000% notes as subsequent events.
Source: Form 8-K, July 27, 2026. Filed
Filed on time, two days after the results, with no notification of late filing. It carries the at-the-market and preferred facility detail the release does not.
It confirms that the entire $2B Series G facility is undrawn and available, and that the $200M at-the-market program is close to exhausted at roughly $196.4M sold.
Part III is incorporated by reference from the proxy statement to be filed within 120 days of the year end, which sets the dated proxy item above.
Source: Form 10-K for the year ended May 31, 2026, filed July 29, 2026. Filed
Funds 200 MW of critical IT load at Polaris Forge 2 in Harwood, North Dakota, at a lower coupon than the notes that followed it.
Issued at 98 percent of par, so the cash raised is below the principal that must be repaid, and the coupon accrues against capacity not yet operating.
Reported among recent highlights in the fiscal 2026 results release. This item sorts last in the resolved list because the completion date was not established here: the release does not state it, and the specific current report announcing the closing was not identified in this sweep. It is placed last rather than given an assumed date, so that the ordering of the other six remains honest.
Source: Form 8-K, July 27, 2026, and Form 10-K for the year ended May 31, 2026, filed July 29, 2026. Filed
Every category reviewed appears as a row, including those that produced catalysts, which read across by title and ID. A category checked and found empty is recorded rather than omitted.
| Category | Status | Basis |
|---|---|---|
| Earnings | Covered above | FY1Q27 results (D2), FY2Q27 results (D3), FY3Q27 results (D4); FY2026 results (R5) and the FY2026 annual report (R6). |
| Product launches | None | The category has no referent in this business. Applied Digital builds and leases data center capacity under long-term contracts and does not sell a product on a launch cycle. What stands in its place is campus energisation, which is covered by Delta Forge 1 and Polaris Forge 3 initial operations (D5) and Delta Forge 2 initial operations (D6). |
| Investor days | Not established | The company's investor relations events calendar was not read. Its analyst coverage page was, and is the source for the coverage set in the research report, but no events page was retrieved. Also named in what was not checked. |
| Industry conferences | Not established | No conference calendar was checked. Also named in what was not checked. |
| Regulatory decisions | Not established | No interconnection, permitting or utility commission record was queried in North Dakota or Louisiana, and no grid operator queue was read. Power approvals bear directly on the 2027 campuses (D5). Also named in what was not checked. |
| Lawsuits | Not established | Court dockets were not searched, on CourtListener, PACER or any state portal. Also named in what was not checked. |
| Macro events | Not established | No central bank or macro calendar was checked. Interest rates bear on the refinancing of $3.74B of notes due 2031, but no scheduled macro event is dated here. Also named in what was not checked. |
| Management changes | None | No change is pending or announced. Wes Cummins is Chairman and Chief Executive Officer, quoted as such in the results release of July 27, 2026, and no Item 5.02 report appears in the index in the twelve months to August 4, 2026. Index for CIK 0001144879, searched August 5, 2026. |
| Major contracts | Covered above | The three hyperscaler leases underlie the unnamed hyperscaler condition (S1), Delta Forge 1 and Polaris Forge 3 initial operations (D5) and Delta Forge 2 initial operations (D6); the CoreWeave arrangements underlie the Building 4 assignment (S2); further capacity is under marketing (S3). |
| Buybacks | None | No repurchase program is disclosed. Treasury stock fell from 9,291,199 to 7,165,300 shares during FY2026, so shares left treasury rather than entering it. Filed 8-K, July 27, 2026. |
| Insider transaction filings | Covered above | The index holds 267 insider filings for CIK 0001144879: 205 on Form 4, 34 on Form 144, 26 on Form 3 and 2 on Form 5, from November 9, 2001 to August 6, 2026, of which 34 fall in 2026. The week of August 4 carries both directions. Four Forms 4 of August 4 report awards rather than sales, approximately 3,045,000 shares acquired across four insiders including 1,600,000 to the Chairman and Chief Executive, with roughly 1,222,000 shares withheld for tax at $27.39. One Form 4 of August 6 reports the only outright sale, 75,000 shares at $31.15 by a director, leaving 133,378. The awards bear on the dilution overlay in section 5; the sale does not. Filed Forms 3, 4, 5 and 144 enumerated across the complete index, searched August 12, 2026. |
| Dividends | None | No common dividend has been declared or paid, and none appears across the 812 filings the index holds for CIK 0001144879, searched August 12, 2026. |
| Financings and capital structure | Covered above | The 7.000% notes (R3), the 6.750% notes (R7), the revolving credit facility (R2), the incremental facility and Series G route (R4), and the undrawn $2B preferred facility (S4). Added beyond the standard categories because a capital structure is not a major contract, and this issuer's financings are the largest events on its record. |
| Mergers, acquisitions and separations | Covered above | The ChronoScale separation (R1) and the retained 96 percent stake (S5). Added beyond the standard categories for an issuer of this size. |
| Analyst coverage and short interest | Not established | Coverage itself is set out in the research report, from the issuer's own page read August 5, 2026. No forthcoming initiation, transfer or rating event is dated, and no exchange short interest report was retrieved. Added beyond the standard categories for an issuer of this size. Also named in what was not checked. |
| Credit rating actions | Not established | No rating agency action was sought or read, though the senior secured notes are rated instruments by their nature and the CoreWeave Building 4 assignment (S2) turns on a third party obtaining an investment-grade rating. Added beyond the standard categories because this issuer has rated debt. Also named in what was not checked. |
| Index membership | Not established | No index provider announcement was checked. Added beyond the standard categories for an issuer of this size. Also named in what was not checked. |
| Segment reporting | Not established | The segment note in the annual report was not read to establish whether AI data center leasing and data center hosting are reported as separate segments. The results release presents them as separate businesses without a segment table. Added beyond the standard categories because the two are paid on entirely different terms. Also named in what was not checked. |
Sits across every other catalyst rather than beside them.
Applied Digital funds its build from four sources, and they are drawn on in a clear hierarchy that a reader can use to anticipate the next move.
Project-level secured notes do the heavy lifting. $2.15B of 6.750% notes at APLD ComputeCo 2, issued at 98 percent of par, and $1.59B of 7.000% notes at APLD ComputeCo 3, issued at par, both due 2031, together with the 9.250% notes due 2030 secured on the CoreWeave leases. These are issued at ring-fenced subsidiaries against signed leases. The indentures were not read, so nothing is asserted here about recourse to the parent.
Bank facilities cover working capital. A revolving credit facility under the credit agreement of May 29, 2026 with First National Bank of Omaha and Goldman Sachs Lending Partners LLC, arranged by Goldman Sachs and maturing May 2029, upsized to $430M committed with $120M of accordion remaining. A separate $65M First National Bank of Omaha revolver dated November 10, 2025 provides revolving loans and letters of credit.
The at-the-market program is nearly spent. The June 2025 sales agreement with Northland Securities and Wells Fargo Securities allows up to $200,000,000, of which approximately $196.4M had been sold by May 31, 2026 across roughly 15.3 million shares. Little capacity remains under it.
The $2 billion preferred facility is entirely unused. None of the Series G convertible preferred authorised under the April 2025 purchase agreement was outstanding at the year end, and the facility runs to August 27, 2029. This is the largest single source of potential dilution on the calendar and the one requiring no announcement in advance (S4).
The dilution that has already happened is substantial: shares outstanding rose from 224,909,669 to 287,883,603 during FY2026, a 28 percent increase, and to 291,469,112 by July 28, 2026. The per-share loss narrowed 22 percent while the absolute loss deepened 7 percent, which is a consequence of the larger denominator rather than an improvement in the business.
The reading taken here is that the next material capital event is more likely to be another project note issue than a preferred draw, because the last three financings were debt, because each new campus lease supports its own secured issue, and because the preferred converts into common at a time when the shares trade well below the two established analyst targets. That is an inference from the pattern of financings and from the near-exhaustion of the equity program, not something Applied Digital has stated. The company can draw the preferred facility at its election and without notice.
Source: Form 8-K, July 27, 2026; Form 10-K for the year ended May 31, 2026, filed July 29, 2026; Form 8-K, June 26, 2026; Form 8-K, June 16, 2026. Filed
What would prove this read wrong, stated in advance. Each trigger is settleable from a document; an unquantified threshold is not a test.
| # | If this happens… | …this was wrong | Status |
|---|---|---|---|
| 1 | A Form 8-K or periodic report states that initial operations at Delta Forge 1 or Polaris Forge 3 are expected after December 31, 2027. | The reading that the franchise model replicates on the timetable the company set, and with it the calendar 2027 revenue step-up the contracted book implies. | Untriggered |
| 2 | Applied Digital discloses the issuance of any Series G convertible preferred stock under the preferred equity purchase agreement. | The reading that the build is fully funded by project debt and bank facilities, and that the $2B preferred facility is standby capacity rather than a planned source. | Untriggered |
| 3 | No new lease covering any part of the additional 1.7 GW under marketing is announced in a Form 8-K on or before August 31, 2027. | The reading that demand for this company's capacity is continuous, which rests on three leases signed within a few months of each other. | Untriggered |
| 4 | A periodic report shows total contracted critical IT load below 1.4 GW, or total contracted base-term lease revenue below approximately $36B. | The claim that the contracted book is firm. Take-or-pay leases should not shrink, so any reduction would mean a lease was amended, terminated or restated. | Untriggered |
| 5 | A periodic report shows restricted cash below $500M while property and equipment net has not risen by at least $1.5B from the $4,236.3M reported at May 31, 2026. | The reading that the $2,381.0M of restricted cash is construction proceeds being converted into assets, rather than being released for other purposes. | Untriggered |
| 6 | Applied Digital files a notification of late filing on Form NT 10-K or NT 10-Q for any period ending after May 31, 2026. | The reading that the reporting lapses in this company's record belong to the predecessor era and to a single resolved instance in 2024, rather than being a live characteristic. | Untriggered |
| 7 | A Form 8-K or periodic report discloses that Applied Digital's holding in ChronoScale has fallen below 50 percent, or that ChronoScale is deconsolidated. | The reading that the dual accounting basis is durable, and that reported and adjusted figures will keep describing different groups of assets. | Untriggered |
Every ID in one table, gapless within each class. Must match the cards above exactly: same IDs, same count, same order. Links point at title slugs so they survive renumbering.
| Tag | What it asserts |
|---|---|
| Filed | Stated in an SEC filing or company release, cited by form and date. Also covers a dated official publication by a named non-SEC issuer, with the issuer named in the Source line. |
| Estimate | Derived or inferred here. The arithmetic is shown. |
| Open | Expected but unconfirmed. Nothing filed either way. |
| Market | Price, volume, float, published targets and ratings. Stamped with the close or publication date. |
| Press | Reported by a named publication that is neither the issuer nor an analyst, cited by outlet and date. Corroborates; never the sole basis for a material claim. |
| Social | Publicly posted by a named account, cited by handle and date. Asserts that the statement was made, never that it is true. |
| Level | Means |
|---|---|
| High | Date is company-announced, protocol-defined, or statutorily fixed. |
| Medium | Date inferred from filing cadence or a stated deadline window. |
| Low | Date is a judgment call. Could move by a quarter or more. |
One item on this calendar is not settled, and it stays visible until it is.
The resolved item titled $2.15 billion of 6.750% senior secured notes due 2031 (R7) carries no completion date. Its Resolved field reads Completion date not established, and under the ordering rule used here, that resolution list is sorted by the date each item completed, so an item whose date is unknown cannot be placed among the others and is put last instead. The offering is reported among recent highlights in the results release of July 27, 2026 and in the annual report, neither of which states the closing date, and the specific current report announcing the closing was not identified in this sweep. Closing it requires reading the individual current reports filed between June 2025 and May 2026 under Central Index Key 0001144879, which was not done here. Until then the position of that one item in the sequence should not be read as a date.
Whether the hyperscaler's credit quality is a filed fact or market data is not decided in this revision. The two largest dated catalysts and the standing condition on customer concentration all describe the counterparty as a high investment-grade hyperscaler that Applied Digital does not name, and carry it as filed. Two readings of the tagging scheme are available and this document does not choose between them. The description is made in a company filing, and a company filing is a filed source; it is also an unnamed agency's characterisation of a third party restated by the issuer, and a third party's characterisation of someone else's facts is market data.
What is recorded so the next revision can decide rather than inherit: the surface is a catalyst provenance field, which requires a tag; the tag now carried is filed; the competing tag is market; and no rating agency is named in any filing read, so no rating body can be cited either way. Nothing is retagged in this revision.
Confidence rates timing, never outcome. A High-confidence catalyst can be a coin flip; a Low-confidence one can be near-certain in direction.
Impact is independent of confidence. A High-impact, Low-confidence item is the most important kind here: it matters enormously and could land any time.
Primary filings and company releases first, with form type and date.
| Source | Date | What it supports here |
|---|---|---|
| Form 8-K, Items 2.02 and 9.01, with the fiscal fourth quarter and full year results as Exhibit 99.1 | Jul 27, 2026 | Results, the contracted book, campus timetables, the hosting business, Base Electron and the ChronoScale separation |
| Form 10-K for the year ended May 31, 2026 | Jul 29, 2026 | Fiscal year end, share count at July 28, 2026, the at-the-market program and its agents, the preferred equity purchase agreement, and the proxy deadline |
| Form 8-K, Items 1.01, 2.03 and 9.01 | Jun 16, 2026 | The $1.59B of 7.000% senior secured notes at APLD ComputeCo 3 LLC and the role of Goldman Sachs |
| Form 8-K, Items 1.01, 2.03, 3.02 and 9.01 | Jun 26, 2026 | The credit agreement of May 29, 2026, the incremental facility, and the Series G issuance route |
| Schedule 13D and its amendment, filed by Applied Digital about ChronoScale Corp, CIK 0001549084 | 12 May and Jun 26, 2026 | The date and size of the retained ChronoScale holding |
| SEC filing index for CIK 0001144879, all form families enumerated before filtering | searched Aug 5, 2026 | 812 filings, August 9, 2001 to August 6, 2026, no overflow file. Absence claims, the seven notifications of late filing, the fiscal year history, and the direction of all 56 register filings |
| Applied Digital investor relations analyst coverage page | read Aug 5, 2026 | The twelve-firm coverage set used in the research report |
| Nasdaq daily record for APLD, 253 sessions | Aug 1, 2025 to Aug 4, 2026 | The pricing basis and the trading calendar behind the coverage table in the research report |
An unexamined area is a gap, not a clean bill. The following were not reached.
Newest first. The original build entry is never removed or rewritten.
The dilution overlay tracked one standing claim and there are two. Alongside the Series G preferred facility, the company's June 2026 presentation sets out a Macquarie Asset Management investment with perpetual preferred at 12.75% PIK stepping to a 16.75% cap, a 1.8x MOIC liquidation floor and force-redemption from year seven. The word Macquarie appeared nowhere in either deliverable. The Series G preferred facility item (S4) now records it.
No dated row is added and no catalyst changes state. The stepping coupon and the redemption window are dated events in principle, but the deck gives no closing date to anchor them to, and this calendar does not invent one.
The presentation predates this file by about two months. June 2026 against a build of August 19. Nothing here is newer information; it was available and was not read. Nothing is repriced.
Restamped and rebased, with nothing else to change. The as-of moves August 12 → August 19, 2026 and the pricing basis August 4 → August 18, 2026, which is the last completed session. This calendar carries no price and no market capitalization, so the basis line is the only figure in it that moves; the companion report moves the price, the capitalization and five multiples, and its own entry sets those out.
The record did not move. Nothing has been filed since August 6, 2026 and the investor relations feed carries nothing newer than the previous stamp, both read on August 19. No catalyst resolved and no identifier changed: the counts stay at 6 dated, 6 standing and 7 resolved, and no dated item has elapsed. Filed
Why this file was revised at all. Its companion said in its own words that it was stamped August 5 while both mastheads read August 12. A pair whose two documents disagree about their own date is the defect; restamping one and not the other would have replaced it with a worse one.
Insider transaction filings are now tracked, as an added null-category row. Neither document carried the category before. The index holds 267 insider filings, 205 on Form 4, 34 on Form 144, 26 on Form 3 and 2 on Form 5, from November 9, 2001 to August 6, 2026, with 34 in 2026.
The week of August 4 runs in both directions, and only one of them was visible before. Four Forms 4 dated August 4 report awards: approximately 3,045,000 shares acquired across four insiders, of which 1,600,000 to the Chairman and Chief Executive, with roughly 1,222,000 shares withheld for tax at $27.39. A single Form 4 dated August 6 reports the only outright sale, 75,000 shares at $31.15 by a director, leaving 133,378. Against 291,469,112 shares outstanding the awards are roughly 1% of the count and the sale is immaterial to it.
The filing sweep is restated at 812 filings reaching August 6, 2026, against 811 to August 4 at the previous entry, the single addition being the August 6 Form 4. No catalyst was added, removed or reclassified, no identifier moved, and no figure carried elsewhere in this calendar changes. The price was not restruck: the pricing basis stays at the August 4, 2026 close.
The dilution overlay stated the preferred facility as a proportion of a market capitalization this document does not carry. It read that the $2B Series G facility is capacity equal to 22 percent of the current market capitalization. No market capitalization appears anywhere in this document, and the companion research report is not a source for it. The proportion is withdrawn and the facility is stated at its filed size of $2B.
Original build. Built from Applied Digital's fiscal fourth quarter and full year 2026 results of July 27, 2026; from the annual report on Form 10-K for the year ended May 31, 2026, filed July 29, 2026; from the 8-Ks of June 16 and 26, 2026 covering the 7.000% notes, the credit agreement of May 29, 2026 and the Series G arrangements; from the Schedule 13D of May 12, 2026 and its June amendment, which Applied Digital filed about ChronoScale Corp; from the complete filing index for Central Index Key 0001144879, 811 filings from August 9, 2001 to August 4, 2026 with no overflow file; and from Applied Digital's own investor relations coverage page read on August 5, 2026.
Pricing basis fixed at the August 4, 2026 close of $31.27. The document is stamped 5 August because the 5 August session had not settled: Nasdaq reported the market pre-open with 4 August as the previous trading date, so the previous close remains the basis.
Conventions fixed at construction: the fiscal year ends 31 May, established from the filings rather than from the calendar, so the quarter labels used here do not match the calendar and FY1Q27 covers June to August 2026; dated catalysts are banded 0 to 3, 3 to 6 and 6 to 12 months from the as-of date, and those boundaries are a choice about where this document divides near from far rather than a measurement; resolved items are ordered by the date they completed, earliest first, with the one item whose completion date could not be established placed last rather than given an assumed date; and every catalyst is named by title in prose with its identifier in parentheses.
The null table carries seventeen rows rather than eleven. Six were added because this issuer is larger than the categories were shaped for: financings and capital structure, mergers, acquisitions and separations, analyst coverage and short interest, credit rating actions, index membership, and segment reporting. Two of the standard eleven were also read differently at this size: product launches, which has no referent in a business that leases contracted capacity, so the row names campus energisation as what stands in its place rather than inventing a fourth status; and buybacks, where no program exists and treasury stock fell during the year.
Known gaps at this version: the closing date of the $2.15B of 6.750% notes was not established and is carried as a limitation; the note indentures and revolver covenants were not read; the hyperscaler behind three leases is not named by the company and was not established; court dockets, interconnection and permitting records, the events calendar, conference schedules, macro calendars, credit rating actions, index membership, short interest and the segment note were not reached; and ChronoScale was not examined as an issuer in its own right.