Slide 1: Applied Digital Investor Presentation
High-Performance Infrastructure at Scale Applied Digital Investor Presentation March 2025
Slide 2: Disclaimer and Forward-Looking Statements
This presentation has been designed to provide general information about Applied Digital Corporation (“Applied Digital” or the “Company”). Any information contained or referenced herein is suitable only as an introduction to the Company. The information contained in this presentation is for informat
Slide 3: Agenda
01 COMPANY OVERVIEW Pg. 4 -8 02 BLOCKCHAIN DATA CENTERS Pg. 9- 10 AGENDA 03 APPLIED DIGITAL CLOUD Pg. 1 1- 13 04 HPC DATA CENTERS Pg. 1 4- 25 05 MACQUARIE TRANSACTION Pg. 26- 31 06 CONVERTIBLE BOND Pg. 32- 33
Slide 4: Infrastructure Experts
Applied Digital Investor Presentation | Company Overview 4 INFRASTRUCTURE EXPERTS Applied Digital (Nasdaq: APLD) develops, builds and operates next-generation data centers and cloud infrastructure. Different by design, the company’s purpose-built facilities are engineered to unleash the power of acc
Slide 5: Applied Leadership: Executive Leadership
Applied Digital Investor Presentation | Executive Leadership 5 WES SAIDAL LAURA APPLIED CUMMINS C E O & C O FO U N DE R MOHMAND C H I E F F I NA N C I A L O F F I C E R LATRELLO C H I E F O PE R AT I N G O F F I C E R LEADERSHIP • BSBA in Finance and Accounting, Washington University in St. Louis •
Slide 6: Company Timeline
Applied Digital Investor Presentation | Company Overview 6 COMPANY TIMELINE 2021 2022 2023 2024 2025 GENESIS BLOCKCHAIN BUILD OUT STRATEGIC SHIFT TO POSITIONING FOR GROWTH FUTURE DEVELOPMENT HIGH PERFORMANCE Launched 106 MW Launched 180 MW COMPUTING Sold 200 MW Garden City Macquarie Asset Blockchain
Slide 7: Business Overview
Applied Digital Investor Presentation | Company Overview 7 BUSINESS OVERVIEW Customers Key Segment Stats BLOCKCHAIN DATA CENTERS Bitcoin miners – largest customer Provide hosting infrastructure to Marathon Digital Stock Symbol $MARA ~286MW Operating blockchain infrastructure companies APPLIED DIGITA
Slide 8: Data Center Footprint
Applied Digital Investor Presentation | Company Overview 8 CUSTOM BUILT HPC DATA CENTERS DATA CENTER FOOTPRINT Region Total Power North Dakota, Jamestown 9 MW North Dakota, Ellendale Up to 600 MW **Pipeline** 1GW+ APPLIED DIGITAL CLOUD ( T H I R D - PA R T Y C O L O C AT I O N D ATA ) Region Total P
Slide 9: Blockchain Data Centers
BLOCKCHAIN DATA CENTERS
Slide 10: Blockchain Data Center Footprint
Applied Digital Investor Presentation | Blockchain 10 BLOCKCHAIN DATA CENTER FOOTPRINT N O R T H D A KO TA JAMESTOWN ELLEN DALE Capacity : ~106 MWs Capacity : 180 MWs Use: Blockchain Colocation Use: Blockchain Colocation Jamestown Ellendale Status: Operating Status: Operating Applied Digital operate
Slide 11: Applied Digital Cloud
APPLIED DIGITAL CLOUD Applied Digital Cloud, a wholly-owned subsidiary of Applied Digital, offers GPU compute solutions to help customers cost-effectively execute critical AI, ML, rendering, and other HPC workloads. Customers pay a fixed rate to the Company in exchange for a managed hosting environm
Slide 12: AI Demand Is Increasing
Applied Digital Investor Presentation | Cloud 11 AI DEMAND IS INCREASING CHATGPT SPRINTS TO 100 M USERS AI QUERIES REQUIRE 10X THE ELECTRICITY OF TRADITIONAL QUERIES: Google request: 0.3 watt-hours ChatGPT request: 2.9 watt-hours The company was diversifying into the cloud computing business just as
Slide 13: Service Overview
Applied Digital Investor Presentation | Cloud 12 SERVICE OVERVIEW Applied Digital Cloud owns, maintains, and has access to cutting- GPU Inventory edge GPUs GPUs are deployed and maintained by in-house supercomputer Colocation Deployment experts in various third-party location GPUs are deployed and m
Slide 14: HPC Data Centers
HPC DATA CENTERS Ris in g Po we r D ema n d fr om A r tif ic i a l I nte lli ge n ce a n d th e i mpa c t o n Da ta C e nte rs
Slide 15: AI's Demand for Power
Applied Digital Investor Presentation | HPC Demand 13 AI’S DEMAND FOR POWER Industry Challenge: Less Than 10% of Data Centers Have Rack Densities Over 50kW I N C R E A S E I N O V E R A L L I N D US T R Y R A C K D E N S I TY T H E S H I F T I N DATA C E N T E R P O W E R N E E D S Disclosures: Sour
Slide 16: AI's Demand for Power
Applied Digital Investor Presentation | HPC Demand 16 AI’S DEMAND FOR POWER Traditional data centers (2020) ranged from 20MW to 100MW. By 2024, HPC data centers now average 200MW, with capacity expected to triple by 2030, driving a projected 125% rise in electricity consumption. D E M A N D F O R DA
Slide 17: Hyperscalers Projecting Record Capital Expenditures in 2025
Applied Digital Investor Presentation | HPC Demand 17 HYPERSCALERS ARE PROJECTING RECORD CAPITAL EXPENDITURES IN 2025 COMPANY CAPEX GUIDANCE FOR 2025 $100 Billion $80 Billion $75 Billion $65 Billion $15 Billion Estimate* Unknown Total $335 Billion Disclosure: Source: Company Reports / Analyst Report
Slide 18: From Population to Power
Applied Digital Investor Presentation | HPC Demand 18 FROM POPULATION TO POWER New data centers are being built with capacities from 100 to 1000 MW - equivalent to the load from 80,000 to 800,000 homes. Traditional Data Centers Hyperscale Data Centers Applied Digital Locations
Slide 19: Strategic Advantages in North Dakota
Applied Digital Investor Presentation | HPC Demand 19 STRATEGIC ADVANTAGES IN NORTH DAKOTA 1 Abundant Energy North Dakota generated 50% more electricity than it used in 2023, producing 42 million MWh vs 28 million MWh consumed 2 Low Build and Operational Cost North Dakota offers some of the lowest e
Slide 20: North Dakota's Competitive Energy Landscape
Applied Digital Investor Presentation | HPC Demand 20 NORTH DAKOTA’S COMPETITIVE ENERGY LANDSCAPE M i dc o nt i n e nt I n d e p e n de n t S y s t e m O pe r a t o r ( M I S O ) p r i c i n g m a p : H i g h l i g ht s t h e a t t ra c t i v e e ne r g y ra t e s E LLE NDA LE H P C D ATA C ENTE R D
Slide 21: North Dakota's Competitive Energy Landscape
Applied Digital Investor Presentation | HPC Demand 21 NORTH DAKOTA’S COMPETITIVE ENERGY LANDSCAPE T hi s e x t e n s i v e f i b e r ne t wo r k s p a s s t h r o ug h N o r t h D a ko t a , w hi c h a re c r i t i c a l f or H P C D a t a C e nt e rs . Disclosure: Business Insider 2016
Slide 22: Data Center Solutions
Applied Digital Investor Presentation | HPC Solutions 22 DATA CENTER SOLUTIONS Applied Digital aims to provide next-generation infrastructure solutions, engineered to bring workloads directly to the point of generation. Our data centers are being purpose-built for high power density, optimized perfo
Slide 23: Applied Digital's 100MW Data Center in Ellendale, N.D.
Applied Digital Investor Presentation | HPC Solutions 23 APPLIED DIGITAL’S 100MW DATA CENTER IN ELLENDALE, N.D. Our advantage stems from access to hundreds of megawatts of affordable energy, combined with our team’s ability to rapidly construct high-quality data centers.
Slide 24: ELN02 Construction Progress
Applied Digital Investor Presentation | HPC Solutions 24 ELN02 CONSTRUCTION PROGRESS
Slide 25: ELN02 Site Specifics
Applied Digital Investor Presentation | HPC Solutions 25 ELN02 SITE SPECIFICS Data Center Block - Building A • Critical IT Capacity – 100MW Typical Building • Three story building • 360,000+ GSF building • 1st floor – Central Utilities • 2nd & 3rd floors – Data Halls • 2 Data Halls – 50MW IT Load Ea
Slide 26: Macquarie Transaction Overview
MAM creates, invests in and operates infrastructure assets across the energy, utility, transportation, digital, waste management and social sectors MAM named the No. 1 infrastructure investment manager by Investments & Pensions Europe (IPE) Real Assets MACQUARIE ✓ Transformative agreement positions
Slide 27: Macquarie's Potential Investment Amount: Up to $5B
Applied Digital Investor Presentation | Macquarie Transaction 27 MACQUARIE’S POTENTIAL INVESTMENT AMOUNT: UP TO $5B Initial Investment: Up to $900 million in Applied Digital's Ellendale HPC Campus, with $225 million+ payable at the initial closing Future Funding: Right to invest an additional $4.1 b
Slide 28: Macquarie Asset Management (MAM) Transaction
Applied Digital Investor Presentation | Macquarie Transaction 28 MACQUARIE ASSET MANAGEMENT (MAM) TRANSACTION: Is expected to supports growth, expand DC pipeline, and attract talent. Macquarie’s backing is expected to improves lease negotiations and help meet financial guarantees. Potential equity f
Slide 29: Macquarie Asset Management (MAM) Transaction: Ownership Structure
Applied Digital Investor Presentation | Macquarie Transaction 29 MACQUARIE ASSET MANAGEMENT (MAM) TRANSACTION: Ownership Structure: At closing, Macquarie will receive a 15% common equity interest in APLD HPC Holdings, a subsidiary of APLD, which will hold the data centers MAM helps finance. Addition
Slide 30: Summary of the Macquarie Transaction Capitalization Table
Applied Digital Investor Presentation | Macquarie Transaction 30 SUMMARY OF THE MACQUARIE TRANSACTION CAPITALIZATION TABLE: Macquarie expect to invest: $2.25 million for every 1 MW - Perpetual Preferred Equity -for Ellendale Campus & Future Campuses Applied Digital expect to invest: $1.00 million fo
Slide 31: Summary of the Macquarie Transaction Terms
Applied Digital Investor Presentation | Macquarie Transaction 31 SUMMARY OF THE MACQUARIE TRANSACTION CAPITALIZATION TABLE: ◼ APLD HPC TopCo LLC (“APLDT”) , an indirect wholly-owned subsidiary of Applied Digital Issuer ◼ Up to $900 million Amount ◼ At least $225 million funded at Closing (availabili
Slide 32: Convertible Bond Overview
CONVERTIBLE BOND OVERVIEW Footnote
Slide 33: Issued $450M in Convertible Notes
Applied Digital Investor Presentation | Convertible Bond 33 ISSUED $450M IN CONVERTIBLE NOTES AT 2.75% INTEREST RATE
Slide 34: Footnotes
Reference FOOTNOTES 1. World of Statistics 2. 365DataScience 3. TechNetBooks. AI Server Rack Density to Reach 1000+ KW with Next-Gen Architectures. November 21, 2024. Data and graphic from Vertiv. Available at: ://www.technetbooks.com/2024/11/ai-server-rack-density-to-reach-1000-kw.html 4. Spear Inv
Slide 35: Investor Relations Contacts
Corporate HQ Find out more about us at Investor Relations Contacts Applied Digital Corporation www.applieddigital.com Matt Glover and Ralf Esper 3811 Turtle Creek Blvd. Gateway Group, Inc. Suite 2100 For inquiries, contact (949) 574-3860 Dallas, TX 75219 info@appliddigital.com APLD@gateway-grp.com