Macquarie Promissory Note Funding
Company: Applied Digital - Project: Polaris Forge 2
The claim, verbatim
Promissory note with Macquarie Equipment Capital providing $50 million initial loan drawn upon execution plus up to $25 million additional loans subject to mutual consent for Polaris Forge 2 development and corporate purposes
Source (primary)
Applied Digital S-3 filed 2025-12-05 (SEC EDGAR, sec_filing)
View cached copy (2026-08-31)Live source ↗
Quote: “The Promissory Note provides for a principal sum of (a) $50 million (the "Initial Loan"), which was drawn upon execution of the Promissory Note, plus (b) subject to the mutual consent of the Borrower and the Lender, additional loans in an aggregate principal amount not to exceed $25 million”
How we checked this
Checked on September 16, 2026. The cited source supports every part of this claim.
The prospectus sets out the lender, the $50 million drawn initial loan, the conditional $25 million additional loans, and the Polaris Forge 2 and working capital uses of proceeds.
Confirmed in the source:
- Subsidiary APLD FAR-01 LLC entered a promissory note with Macquarie Equipment Capital, Inc. on September 9, 2025
- The note provides a $50 million initial loan that was drawn upon execution
- Up to $25 million in additional loans is available subject to mutual consent of borrower and lender
- Proceeds are to be used in part for purchasing and improving the Polaris Forge 2 properties and related development costs
- Proceeds may also be used for general corporate working capital purposes
What we did: Read our cached copy of SEC EDGAR (https://www.sec.gov/Archives/edgar/data/1144879/000149315225026369/forms-3.htm) in full (89,712 characters, retrieved August 31, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Applied Digital S-3 filed 2025-12-05
Quote: “The Promissory Note provides for a principal sum of (a) $50 million (the "Initial Loan"), which was drawn upon execution of the Promissory Note, plus (b) subject to the mutual consent of the Borrower and the Lender, additional loans in an aggregate principal amount not to exceed $25 million”