Second $787.5M Macquarie equity draw
Company: Applied Digital
What the later record shows
Delivered late
The quarter ended November 30, 2025 included a $562.5 million Macquarie draw. A further $337.5 million was drawn only after the quarter ended, so the full additional draws were not completed by end of November 2025. The passages do not break out how much of the $562.5 million belongs to the $787.5 million tranche, so the completion date is known only as between December 1, 2025 and the January 7, 2026 release.
“Drew an additional $562.5 million from Macquarie Asset Management under the Company’s preferred equity financing facility of up to $5.0 billion”
2026-01-07 · Earnings Release View cached copy (2026-10-23)Live source ↗Archive.org ↗
“Subsequent to the Quarter Drew $337.5 million from Macquarie Asset Management under the Company’s preferred equity financing facility of up to $5.0 billion”
2026-01-07 · Earnings Release View cached copy (2026-10-23)Live source ↗Archive.org ↗
Checked November 8, 2026 against filings, releases and reporting published after the claim was made. Quotes are verbatim from the linked documents.
The claim, verbatim
Applied Digital expects to receive an additional $787.5 million in equity funding from Macquarie Asset Management as part of a perpetual preferred equity financing facility of up to $5.0 billion, with completion expected by the end of November 2025.
Source (primary)
applied-digital 8-K exhibit (ex99-1.htm) (SEC EDGAR (8-K Ex), press_release)
View cached copy (2026-09-26)Live source ↗
Quote: “it expects to receive additional funding as part of its previously disclosed perpetual preferred equity financing facility of up to $5.0 billion with Macquarie Asset Management. The anticipated additional draws of an aggregate amount equal to $787.5 million are expected to be completed by the end of the month”
How we checked this
Checked on November 9, 2026. The cited source supports every part of this claim.
The press release, dated November 12, 2025, says Applied Digital expects $787.5 million in additional equity funding from Macquarie under its up-to-$5.0 billion perpetual preferred equity facility. It also says completion is expected by the end of the month, which is November 2025.
Confirmed in the source:
- Applied Digital expects to receive additional funding from Macquarie Asset Management
- The additional funding amounts to $787.5 million
- The funding is equity funding
- The funding is part of a perpetual preferred equity financing facility of up to $5.0 billion with Macquarie Asset Management
- The draws are expected to be completed by the end of the month; the release is dated Nov. 12, 2025, so that means the end of November 2025
What we did: Read our cached copy of SEC EDGAR (8-K Ex) (https://www.sec.gov/Archives/edgar/data/1144879/000149315225021955/ex99-1.htm) in full (9,989 characters, retrieved September 26, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms applied-digital 8-K exhibit (ex99-1.htm)
Quote: “it expects to receive additional funding as part of its previously disclosed perpetual preferred equity financing facility of up to $5.0 billion with Macquarie Asset Management. The anticipated additional draws of an aggregate amount equal to $787.5 million are expected to be completed by the end of the month”
confirms Earnings Release
Quote: “Drew an additional $562.5 million from Macquarie Asset Management under the Company’s preferred equity financing facility of up to $5.0 billion”