AI Bridge Funding unsecured loan
Company: Applied Digital
What the later record shows
Outcome not yet confirmed
Later filings confirm the $20M AI Bridge note was issued on January 30, 2024, and restate its January 30, 2026 maturity. No passage says whether the loan was repaid, extended or defaulted at maturity.
“The AI Bridge Loan will mature on January 30, 2026 and bears interest at a rate of 12.5% per annum.”
2025-09-22 · View PDF View cached copy (2026-09-01)Live source ↗Archive.org ↗
Checked October 9, 2026 against filings, releases and reporting published after the claim was made. Quotes are verbatim from the linked documents.
The claim, verbatim
Applied Digital issued an unsecured promissory note to AI Bridge Funding LLC for up to $20 million (with $15 million funded immediately), maturing January 30, 2026, at 12.50% annual interest, with a repayment fee of 1.25x the aggregate principal amount funded.
Source (primary)
Applied Digital 8-K filed 2024-02-06 (SEC EDGAR, sec_filing)
View cached copy (2026-08-31)Live source ↗
Quote: “the Company issued an Unsecured Promissory Note (the "Note") payable to AI Bridge Funding LLC (the "Lender"), providing for an unsecured loan in the aggregate principal amount of up to $20,000,000 (the "Principal Amount"), of which $15,000,000 was available immediately and funded upon the execution of the Note... The outstanding Principal Amount will mature on January 30, 2026 (the "Maturity Date")... bears interest at a rate per annum of 12.50%, compounded quarterly... the Company is obligated to pay to the Lender a repayment fee in an amount sufficient (if any) for the Lender to receive an aggregate amount equal to 1.25x the aggregate principal amount funded as loans by the Lender to the Company”
How we checked this
Checked on October 10, 2026. The cited source supports part of this claim, but not all of it.
The filing confirms the lender, the $20 million maximum, the $15 million funded immediately, the maturity date and the 12.50% rate. It describes the repayment fee as a top-up so that the lender's total return, after counting interest, reaches 1.25x the principal funded. That is not a fee equal to 1.25x the principal, so the claim overstates it.
Confirmed in the source:
- Applied Digital issued an unsecured promissory note to AI Bridge Funding LLC
- The note provides for an unsecured loan of up to $20 million
- $15 million was funded immediately upon execution of the note
- The note matures on January 30, 2026
- The note bears interest at 12.50% per year, compounded quarterly
- The note carries a repayment fee tied to a 1.25x multiple of the aggregate principal funded
We could not confirm this from the cited source:
- The repayment fee itself equals 1.25x the aggregate principal funded; the filing says the fee is only whatever amount (if any) is needed for the lender's total receipts, including interest, to reach 1.25x the principal funded
That does not mean it is false — only that this source does not establish it, as of the date above. If we find a source that settles it, we will re-check and update this page.
What we did: Read our cached copy of SEC EDGAR (https://www.sec.gov/Archives/edgar/data/1144879/000114487924000026/apld-20240130.htm) in full (8,572 characters, retrieved August 31, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Applied Digital 8-K filed 2024-02-06
Quote: “the Company issued an Unsecured Promissory Note (the "Note") payable to AI Bridge Funding LLC (the "Lender"), providing for an unsecured loan in the aggregate principal amount of up to $20,000,000 (the "Principal Amount"), of which $15,000,000 was available immediately and funded upon the execution of the Note... The outstanding Principal Amount will mature on January 30, 2026 (the "Maturity Date")... bears interest at a rate per annum of 12.50%, compounded quarterly... the Company is obligated to pay to the Lender a repayment fee in an amount sufficient (if any) for the Lender to receive an aggregate amount equal to 1.25x the aggregate principal amount funded as loans by the Lender to the Company”