Applied Digital Corporation (APLD) registered for resale up to 53,087,689 shares of common stock by selling stockholders. The amount includes 25,528,866 shares remaining under the prior registration, 24,558,823 additional shares issuable upon conversion of Series G Preferred Stock, and 3,000,000 shares issuable upon warrant exercise. Selling stockholders set resale prices; Applied Digital will not receive proceeds from those common-stock sales.
For illustrative purposes only, $835.0 million of Series G Preferred Stock remaining issuable under the amendments would convert into 24,558,823 shares at the $34.00 Floor Price. The conversion price is the greater of 95% of the lowest daily Volume Weighted Average Price over the five trading days immediately before conversion and the applicable Floor Price; that floor may not be reduced below $4.48. Conversions are subject to a 4.99% beneficial ownership limit and, where required, a 19.99% Nasdaq Exchange Cap.
Separately, Applied Digital may receive up to $835.0 million in additional proceeds from Series G Preferred Stock issuances, intended for working capital and general corporate purposes, including continued construction and build-out at Polaris Forge 1 and Polaris Forge 2. Common shares outstanding were 302,321,687 as of September 23, 2026.
Applied Digital Corp. (APLD) reported that its President, Jason Gechen Zhang, had 49,188 shares of common stock withheld on September 12, 2026 to pay tax liabilities arising from the immediate vesting of restricted stock units (RSUs); this was not an open-market sale. Following this tax-withholding disposition, he holds 2,539,227 shares directly, including RSU awards. These awards include 500,000 RSUs granted on February 6, 2026, vesting 100,000 RSUs on February 6, 2027 and 50,000 RSUs every six months thereafter until the fifth anniversary of the grant date, and the remaining portion of 500,000 RSUs granted on August 8, 2025 with tranches vesting on September 12, 2026, March 12, 2027, September 12, 2027, and March 12, 2028, in each case subject to continued full-time employment or certain acceleration conditions.
Applied Digital Corp. director Richard N. Nottenburg reported selling 75,000 shares of common stock on August 4, 2026 at a weighted average price of $31.15 per share, in multiple trades between $31.00 and $31.22. Following these sales, he directly owns 133,378 shares, including 7,747 restricted stock units granted November 9, 2025 that vest in full on November 5, 2026, converting into common stock on a one-for-one basis subject to his continued service.
Applied Digital Corp. Chief Financial Officer Mohammad Saidal LaVanway reported several equity compensation events. On July 31, 2026, 245,000 performance stock units vested into common shares, and 96,408 shares were withheld at $27.39 per share to satisfy tax obligations, which the company notes was not an open-market sale. On August 4, 2026, he received 13,408 additional shares distributed from 272 Capital, LP. Footnotes also describe 250,000 restricted stock units granted on February 6, 2026 that vest over five years, beginning with 50,000 RSUs on February 6, 2027 and 25,000 RSUs every six months thereafter, subject to continued full-time employment.
Applied Digital Corp. CEO and Chairman Wes Cummins reported several equity events. On July 31, 2026 he received 1,600,000 shares of common stock upon vesting of PSUs granted March 27, 2025, and the company withheld 629,600 shares at $27.39 to cover related tax obligations. The report also notes 1,500,000 RSUs granted January 6, 2026 with a multi‑year vesting schedule, 742,166 shares held in his IRA, and an August 4, 2026 distribution of 714,685 shares by 272 Capital LP, where he served as President, classified as an “other acquisition or disposition” rather than an open‑market trade.
Applied Digital Corp. Chief Operating Officer Laura Laltrello reported equity compensation activity on July 31, 2026. She received 600,000 shares of common stock upon vesting of previously granted performance stock units, and 260,640 shares were withheld at $27.39 per share to satisfy tax obligations, which the filing notes was not an open-market sale.
A footnote also describes a remaining 600,000 restricted stock units grant from January 6, 2025, with no expiration date, vesting in tranches through January 6, 2028, contingent on her continued employment.
Applied Digital Corp. president Jason Gechen Zhang received 600,000 shares of common stock on July 31, 2026 through the vesting of performance stock units granted March 27, 2025. On the same date, 236,100 shares were withheld at $27.39 per share to cover tax obligations related to that vesting, rather than sold in the open market. He also holds unvested restricted stock units from August 8, 2025 and February 6, 2026 that each convert into common shares on a one-for-one basis and vest over several years, subject to continued full-time employment or accelerated vesting under specified conditions.
APLD reports a planned resale of 75,000 shares of common stock through Morgan Stanley Smith Barney LLC Executive Financial Services, with an aggregate market value of $2,336,107.50. Shares outstanding are listed as 291,469,000. The shares relate to restricted stock vesting under a registered plan on 05/05/2026, with a proposed sale date of 08/04/2026.
Vanguard Portfolio Management LLC, together with certain affiliates, reports beneficial ownership of 13,768,802 shares of Applied Digital Corp common stock, representing 4.81% of the class as of June 30, 2026. Vanguard has sole voting power over 39,990 shares and sole dispositive power over 13,768,802 shares, with no shared voting or dispositive power.
The position reflects securities held by Vanguard funds and managed accounts over which Vanguard Portfolio Management or specified affiliates exercise dispositive and/or voting power. No other single person’s interest in these securities exceeds 5% of the class.
Applied Digital Corporation designs, builds, owns and operates large-scale data centers for high-performance computing workloads such as AI and machine learning. It has pivoted from blockchain hosting to a proprietary AI-focused “factory” model and now reports two segments: HPC Hosting and legacy Data Center Hosting, while also consolidating cloud subsidiary ChronoScale.
As of May 31, 2026, long-term leases covered 1,410 MW of contracted critical IT load across five Polaris Forge and Delta Forge campuses, representing approximately $36.2 billion of take-or-pay, non-cancellable revenue over initial 15-year terms, anchored by CoreWeave and several investment-grade hyperscalers. Around 1.5 GW of capacity is contracted and operating or under construction, supported by an active power pipeline of over 3 GW, more than 5 GW of extended opportunities and 1.2 GW of planned gas-fired generation with partner Base Electron.
Legacy hosting for a single crypto-mining customer (286 MW) and a small number of hyperscale tenants create pronounced customer concentration. The company highlights substantial capital needs and debt with restrictive covenants, construction and power-supply risks, North Dakota geographic concentration, evolving AI and energy regulation, and continued consolidation of ChronoScale’s results as key uncertainties.