Macquarie Warrant Issuance
Company: Applied Digital - Project: Polaris Forge 1
The claim, verbatim
Issued 2.4 million warrant shares to designated affiliates of Macquarie, exercisable upon Purchaser funding full $450 million in Polaris Forge 1
Source (primary)
Applied Digital S-3 filed 2025-12-05 (SEC EDGAR, sec_filing)
View cached copy (2026-08-31)Live source ↗
Quote: “On October 6, 2025, we issued to the designated affiliates of the Purchaser, the Warrants to purchase an aggregate of 2.4 million shares of common stock. The Warrants will become exercisable upon the Purchaser funding the full $450 million in Polaris Forge 1.”
How we checked this
Checked on September 16, 2026. The cited source supports every part of this claim.
The document describes the October 6, 2025 issuance of 2.4 million warrant shares to the Purchaser's designated affiliates and the $450 million Polaris Forge 1 funding condition, and identifies the Purchaser as a Macquarie Asset Management affiliate.
Confirmed in the source:
- On October 6, 2025, Applied Digital issued Warrants to purchase an aggregate of 2.4 million shares of common stock to designated affiliates of the Purchaser
- The Purchaser (MIP HPC Holdings, LLC) is an affiliate of funds and investment vehicles managed by Macquarie Asset Management entities
- The Warrants become exercisable upon the Purchaser funding the full $450 million in Polaris Forge 1
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: “On October 6, 2025, we issued to the designated affiliates of the Purchaser, the Warrants to purchase an aggregate of 2.4 million shares of common stock. The Warrants will become exercisable upon the Purchaser funding the full $450 million in Polaris Forge 1.”