InfraCompute / Deals
Applied Digital: Macquarie HPC preferred equity
Preferred equity for Applied Digital, US$5bn, 9 October 2025.
Key terms
- Borrower or issuer
- Applied Digital
- Date
- 9 October 2025
- Structure
- Preferred equity
- Amount
- US$5bn
- Pricing
- 12.75% preferred
- Tenor
- Perpetual preferred with step-ups
What’s notable
An up to US$5bn perpetual preferred equity facility at 12.75%, with step-ups, from Macquarie Asset Management in Applied Digital's HPC subsidiary. It funds Polaris Forge 1, which is leased to CoreWeave, and gives Macquarie up to 15% of the common units. It shows preferred equity filling the gap between senior debt and common equity.
Recorded terms
- Tenor
- Perpetual preferred with step-ups
- Security
- Preferred units in HPC subsidiary; Polaris Forge 1 (CoreWeave leases)
- Lenders and arrangers
- Macquarie Asset Management (MIP); Arrangers / bookrunners: Northland
Parties
More from Applied Digital
Filed documents and legal terms
The documents behind this financing that are filed on SEC EDGAR, with the governing law each states. Read any document in full before relying on it; filers may redact commercial terms.
- Filed documents
- 2
- Governing law
- Delaware law
- Quoted in the clause and contract libraries
- 0
This Agreement and all matters arising directly or indirectly herefrom shall be governed by and construed in accordance with the laws of the State of Delaware in all respects as such laws are applied to agreements among Delaware residents entered into and performed entirely with
From the Unit Purchase Agreement (Ex 10.1), filed with the SEC.
| Filed document | Dated | Governing law | In InfraCompute |
|---|---|---|---|
| SEC Form 8-K (financing announcement / closing) | 9 October 2025 | – | – |
| Unit Purchase Agreement (Ex 10.1) | 13 January 2025 | Delaware law | – |
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For counsel on this deal
Acting for a lender, borrower or sponsor on a financing like this? Start from the filed precedents. Previews are open; the full text is free with InfraCompute Weekly.
Sources
- Applied Digital / Macquarie HPC preferred equity A&R (up to US$5bn)Source date: 9 October 2025
About this record
Compiled from the sources above. Terms are as announced and may have changed since. Methodology · Send a correction.
