Jane Street discloses 7% Applied Digital (APLD) ownership stake

Rhea-AI Filing Summary

Applied Digital Corp. investor Jane Street Group, LLC reports beneficial ownership of 20,743,643 shares, or 7.0% of the company’s common stock. All voting and dispositive power over these shares is shared rather than sole.

The reported position includes 15,960,068 shares that can be acquired from warrants held by Jane Street Global Trading, LLC, using a total share count of 295,223,594 for the ownership calculation. Jane Street certifies the securities are not held to change or influence control of Applied Digital.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

Applied Digital Corp.

(Name of Issuer)

Common stock, par value $0.001 per share

(Title of Class of Securities)

038169207

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 038169207

1

Names of Reporting Persons

JANE STREET GROUP, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 20,743,643.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 20,743,643.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

20,743,643.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.0 %

12

Type of Reporting Person (See Instructions)

HC

Comment for Type of Reporting Person: The reported holding includes 15,960,068 shares that can be acquired from warrants held by Jane Street Global Trading, LLC. The % ownership calculation uses 295,223,594 outstanding shares which is based on (1) 279,263,526 shares outstanding as of December 3, 2025 as stated in the issuer's S3 filing on December 5, 2025; and (2) dilution of the outstanding shares due to 15,960,068 warrants held by Jane Street Global Trading, LLC.

SCHEDULE 13G

CUSIP No. 038169207

1

Names of Reporting Persons

Jane Street Capital, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,300.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,300.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,300.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.0 %

12

Type of Reporting Person (See Instructions)

BD

Comment for Type of Reporting Person: The % ownership calculation uses 295,223,594 outstanding shares which is based on (1) 279,263,526 shares outstanding as of December 3, 2025 as stated in the issuer's S3 filing on December 5, 2025; and (2) dilution of the outstanding shares due to 15,960,068 warrants held by Jane Street Global Trading, LLC.

SCHEDULE 13G

CUSIP No. 038169207

1

Names of Reporting Persons

Jane Street Options, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,779,200.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,779,200.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,779,200.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.6 %

12

Type of Reporting Person (See Instructions)

BD

Comment for Type of Reporting Person: The % ownership calculation uses 295,223,594 outstanding shares which is based on (1) 279,263,526 shares outstanding as of December 3, 2025 as stated in the issuer's S3 filing on December 5, 2025; and (2) dilution of the outstanding shares due to 15,960,068 warrants held by Jane Street Global Trading, LLC.

SCHEDULE 13G

CUSIP No. 038169207

1

Names of Reporting Persons

Jane Street Global Trading, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 15,962,475.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 15,962,475.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

15,962,475.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.4 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: The reported holding includes 15,960,068 shares that can be acquired from warrants held by Jane Street Global Trading, LLC. The % ownership calculation uses 295,223,594 outstanding shares which is based on (1) 279,263,526 shares outstanding as of December 3, 2025 as stated in the issuer's S3 filing on December 5, 2025; and (2) dilution of the outstanding shares due to 15,960,068 warrants held by Jane Street Global Trading, LLC.

SCHEDULE 13G

CUSIP No. 038169207

1

Names of Reporting Persons

Jane Street Singapore Pte. Ltd

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

SINGAPORE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 668.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 668.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

668.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.0 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: The % ownership calculation uses 295,223,594 outstanding shares which is based on (1) 279,263,526 shares outstanding as of December 3, 2025 as stated in the issuer's S3 filing on December 5, 2025; and (2) dilution of the outstanding shares due to 15,960,068 warrants held by Jane Street Global Trading, LLC.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Applied Digital Corp.
(b)	Address of issuer's principal executive offices: 3811 TURTLE CREEK BLVD., SUITE 2100, 3811 TURTLE CREEK BLVD., SUITE 2100, DALLAS, TEXAS, 75219.
Item 2.
(a)	Name of person filing: Jane Street Group, LLC; Jane Street Capital, LLC; Jane Street Options, LLC; Jane Street Global Trading, LLC Jane Street Singapore Pte. Ltd
(b)	Address or principal business office or, if none, residence: Jane Street Group, LLC 250 Vesey Street 6th Floor New York, NY 10281 Jane Street Capital, LLC 250 Vesey Street 6th Floor New York, NY 10281 Jane Street Options, LLC 250 Vesey Street 6th Floor New York, NY 10281 Jane Street Global Trading, LLC 250 Vesey Street 6th Floor New York, NY 10281 Jane Street Singapore Pte. Ltd 4/F, Ocean Financial Centre 10 Collyer Quay Singapore 049315
(c)	Citizenship: See Item 4 of Cover Page
(d)	Title of class of securities: Common stock, par value $0.001 per share
(e)	CUSIP No.: 038169207
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 20,743,643.00
(b)	Percent of class: 7.0 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 20,743,643.00
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 20,743,643.00
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. Subsidiary Jane Street Capital, LLC Jane Street Options, LLC Jane Street Global Trading, LLC Jane Street Singapore Pte. Ltd
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

JANE STREET GROUP, LLC

Signature:	/s/ Jeremy Kahn
Name/Title:	Jeremy Kahn (Authorized Signatory)
Date:	02/12/2026

Jane Street Capital, LLC

Signature:	/s/ Jeremy Kahn
Name/Title:	Jeremy Kahn (Authorized Signatory)
Date:	02/12/2026

Jane Street Options, LLC

Signature:	/s/ Jeremy Kahn
Name/Title:	Jeremy Kahn (Authorized Signatory)
Date:	02/12/2026

Jane Street Global Trading, LLC

Signature:	/s/ Jeremy Kahn
Name/Title:	Jeremy Kahn (Authorized Signatory)
Date:	02/12/2026

Jane Street Singapore Pte. Ltd

Signature:	/s/ Jeremy Kahn
Name/Title:	Jeremy Kahn (Authorized Signatory)
Date:	02/12/2026

FAQ

What did Jane Street disclose in the Applied Digital Corp. (APLD) Schedule 13G/A?

Jane Street Group, LLC disclosed a passive beneficial ownership stake in Applied Digital Corp. common stock. The filing reports 20,743,643 shares beneficially owned, reflecting both existing shares and shares underlying warrants, representing 7.0% of the company’s common stock.

How many Applied Digital (APLD) shares does Jane Street beneficially own?

Jane Street Group, LLC reports beneficial ownership of 20,743,643 Applied Digital Corp. common shares. This total includes shares currently held and 15,960,068 additional shares that can be acquired through warrants held by Jane Street Global Trading, LLC under the disclosed calculation basis.

What percentage of Applied Digital Corp. (APLD) does Jane Street own?

Jane Street Group, LLC reports owning 7.0% of Applied Digital Corp.’s common stock. The percentage is calculated using 295,223,594 shares outstanding, which reflects 279,263,526 reported shares plus dilution from 15,960,068 warrants held by Jane Street Global Trading, LLC.

Which Jane Street entities hold Applied Digital (APLD) securities and in what amounts?

Several Jane Street entities hold Applied Digital securities. Jane Street Global Trading, LLC reports 15,962,475 shares, Jane Street Options, LLC 4,779,200 shares, Jane Street Capital, LLC 1,300 shares, and Jane Street Singapore Pte. Ltd 668 shares, all with shared voting and dispositive power.

Is Jane Street seeking control of Applied Digital Corp. (APLD) according to this filing?

No. Jane Street expressly certifies the securities were not acquired and are not held for the purpose of changing or influencing control of Applied Digital Corp. The stake is reported on a Schedule 13G/A, which is used for passive ownership positions.

What role do warrants play in Jane Street’s Applied Digital (APLD) ownership?

Jane Street’s reported stake includes 15,960,068 shares that can be acquired from warrants held by Jane Street Global Trading, LLC. These warrant-based shares are added to outstanding shares to derive a 7.0% beneficial ownership calculation in the Schedule 13G/A.