Latham Advises on Applied Digital’s US$1.59 Billion Senior Secured Notes Offering to Fund Fourth Building at Polaris Forge 1

Applied Digital Corporation (Nasdaq: APLD) (Applied Digital), a leading designer, builder, and operator of high-performance, sustainably engineered data centers and colocation services for AI, networking, and blockchain workloads, has announced that its subsidiary, APLD ComputeCo 3 LLC, has priced a US$1.59 billion offering of 7.000% senior secured notes due 2031 at par. The notes will be sold in a private offering to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933 and outside the United States to non-US persons in reliance on Regulation S under the Securities Act. The offering is expected to close on or around June 16, 2026, subject to market and other conditions.

Latham & Watkins LLP represented the initial purchasers in the offering with a corporate team led by partners Greg Rodgers, Brittany Ruiz, and Benjamin Stern, with associates Kathleen Mehary and Samuel Vallejo and assistance from Jen Kim. Advice was also provided on real estate matters by partner Becky Landau and counsel Tori Campbell, with associate Ana De Santiago Ayon; on environmental matters by partner Aron Potash, with associates Cody Kermanian, Brian McCall, and Phil Goldberg; on tax matters by partner Ana O’Brien and counsel William Kessler; and on banking matters by associate Amber Morrow.