Applied Digital Corp. (APLD) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: May 05, 2026

Risk Assessment Details

Potential Dilution: 23.28% of current shares
Recent Dilution: 88.27% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
280M
Potential Supply
66M
Additional shares possible
Splits
None
Past 2 years

Summary

APLD currently has 282M outstanding shares. with moderate dilution risk from 65.7M authorized shares representing 23.3% potential dilution. The company has significantly diluted shareholders by 88.27% over the past 2 years, indicating aggressive capital raising.

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
May 05, 2026

8-K filing: Ekso Bionics, Inc. sold 1,311,407 shares of its common stock to the Company at a price of $12.01 per share, resulting in gross proceeds of approximately $15.75 million. ($15.75M proceeds)

280M 66M
Apr 08, 2026

10-Q filing | 282.0M shares outstanding

280M 66M
Jan 08, 2026

10-Q filing | 277.4M shares outstanding

280M 66M
Dec 05, 2025

S-3 filing: This prospectus relates to the resale from time to time of up to 2,400,000 shares of common stock, $0.001 par value per share of Applied Digital Corporation by the selling stockholders named herein or its permitted transferees in amounts, at prices and on terms that will be determined at the time of any such offering.

260M 66M
Oct 09, 2025

8-K filing: Applied Digital Corporation closed on its investment partnership with Macquarie Asset Management involving the sale of preferred units in a subsidiary and the issuance of warrants to purchase common stock. ($112.5M proceeds)

260M 63M
Oct 09, 2025

10-Q filing | 255.9M shares outstanding

260M 63M
Aug 29, 2025

8-K filing: Applied Digital Corporation issued a warrant to CoreWeave for 8,393,611 shares of common stock at an exercise price of $10.75 per share in connection with a datacenter lease agreement.

260M 63M
Jul 30, 2025

10-K filing | 261.5M shares outstanding

260M 63M
Jun 02, 2025

8-K filing: Applied Digital Corporation subsidiaries entered into datacenter leases with CoreWeave, issuing warrants to CoreWeave to acquire up to 13,062,521 shares of common stock at an exercise price of $7.19 per share, while also targeting a potential "at the market" offering of up to $200 million of common stock.

220M 63M
May 01, 2025

8-K filing: Applied Digital Corporation entered into a preferred equity purchase agreement, potentially selling up to $150 million of Series G Convertible Preferred Stock to investors, convertible into common stock, with Northland Securities, Inc. as placement agent. ($150.0M proceeds)

220M 63M
Apr 14, 2025

10-Q filing | 222.5M shares outstanding

220M 63M
Feb 19, 2025

POS AM filing: This POS AM filing terminates the effectiveness of the registration statement and removes from registration all securities registered under the Registration Statement that remain unsold.

210M 63M
Feb 19, 2025

POS AM filing: This POS AM filing pertains to the registration for resale of common stock issuable upon conversion of promissory notes. The filing also terminates the effectiveness of the registration statement and removes unsold securities from registration.

210M 63M
Feb 19, 2025

POS AM filing: The Registration Statement pertains to the registration for resale of 13,617,521 shares of the Registrant's common stock.

210M 63M
Feb 11, 2025

RW filing: Applied Digital Corporation requests the withdrawal of its Registration Statement on Form S-1 (File No. 333-279884), filed on May 31, 2024, as all shares of common stock covered by the Registration Statement have been sold.

210M 63M
Feb 11, 2025

RW filing: Applied Digital Corporation requests the withdrawal of its Registration Statement on Form S-1 (File No. 333-282707) effective immediately, as 7,598,712 shares covered by the registration statement have been sold.

210M 63M
Feb 11, 2025

RW filing: Applied Digital Corporation requests the withdrawal of its Post-Effective Amendment No. 1 to Form S-3 on Form S-1 (File No. 333-278699) because 13,815,360 shares of common stock have been sold upon conversion of promissory notes.

210M 63M
Jan 14, 2025

8-K filing: Applied Digital Corporation's subsidiary, APLD HPC Holdings LLC, entered into a Unit Purchase Agreement with MIP VI HPC Holdings, LLC for the sale of 225,000 Preferred Units at $1,000 each, totaling $225,000,000, and the issuance of Common Units representing 15% of the subsidiary's fully diluted common equity. ($225.0M proceeds)

210M 97M
Jan 14, 2025

10-Q filing | 209.6M shares outstanding

210M 97M
Nov 22, 2024

S-1/A filing: This S-1/A filing relates to the resale of up to 13,617,521 shares of common stock of Applied Digital Corporation by the selling stockholders.

210M 97M
Nov 14, 2024

8-K filing: Applied Digital Corporation filed a Certificate of Designations for Series E-1 Preferred Stock, designating 62,500 shares and establishing the rights, privileges, preferences, and restrictions of the Series E-1 Preferred Stock in connection with the initial settlement under the ongoing Series E-1 Offering.

220M 97M
Nov 05, 2024

8-K filing: Applied Digital Corporation completed a private offering of 2.75% Convertible Senior Notes due 2030 for an aggregate principal amount of $450.0 million and intends to use approximately $84 million of the net proceeds to fund share repurchases. ($52.7M proceeds)

220M 97M
Oct 29, 2024

S-1/A filing: Offering of up to 62,500 shares of Series E-1 Redeemable Preferred Stock at a price of $1,000.00 per share, with cumulative dividends at a fixed annual rate of 9%.

220M 97M
Oct 23, 2024

S-1 filing: This is an S-1 filing providing an overview of the company's business, including its data center hosting, cloud services, and HPC hosting operations, as well as recent developments such as withdrawals of preferred stock designations, management updates, and details of various securities offerings and agreements.

220M 97M
Oct 18, 2024

S-1 filing: This S-1 filing relates to the resale of up to 13,617,521 shares of common stock by selling stockholders, consisting of shares issuable upon conversion of Series F Preferred Stock and shares issued to Northland Securities as placement agent compensation.

220M 94M
Oct 09, 2024

10-Q filing | 215.4M shares outstanding

220M 80M
Oct 04, 2024

S-1 filing: This S-1 filing relates to the resale of up to 49,382,720 shares of common stock by the selling stockholders, which were issued in a private placement.

210M 80M
Sep 27, 2024

8-K filing: Applied Digital Corporation entered into a Dealer Manager Agreement with Preferred Capital Securities, LLC for a proposed offering of up to 2,500,000 shares of Series E-1 Redeemable Preferred Stock at $25.00 per share and an Amended and Restated Services Agreement with Preferred Shareholder Services, LLC for non-distribution related support services.

210M 31M
Sep 23, 2024

S-1 filing: Applied Digital Corporation is offering up to 2,500,000 shares of Series E-1 Redeemable Preferred Stock at a price of $25.00 per share.

210M 31M
Sep 13, 2024

S-1 filing: This S-1 filing details an offering of warrants for up to 6,300,449 shares of common stock, with 214,511,446 shares of common stock outstanding as of September 11, 2024.

210M 31M
Sep 11, 2024

S-1 filing: S-1 filing for offering of common stock issuable upon exercise of a warrant by the selling stockholder.

210M 25M
Sep 10, 2024

8-K filing: Applied Digital Corporation completed a private placement of 49,382,720 shares of common stock at $3.24 per share, resulting in gross proceeds of approximately $160 million. ($160.0M proceeds)

160M 22M
Sep 03, 2024

POS AM filing: This POS AM filing relates to an offering of up to 16,171,050 shares of Common Stock issuable to the Selling Stockholder pursuant to the terms of the PPA and the Promissory Notes.

160M 22M
Aug 30, 2024

10-K filing | 157.4M shares outstanding

160M 45M
Aug 30, 2024

8-K filing: Applied Digital Corporation entered into a securities purchase agreement with YA II PN, LTD. for the private placement of 53,191 shares of Series F Convertible Preferred Stock, resulting in total gross proceeds of $50.0 million for the company, which plans to use the proceeds for working capital and general corporate purposes. ($50.0M proceeds)

140M 45M
Aug 14, 2024

8-K filing: Applied Digital Corporation issued warrants to purchase up to 2,964,917 shares of common stock to CIM APLD Lender Holdings, LLC and 100,000 shares of common stock to YA II PN, LTD.

140M 45M
Jul 19, 2024

8-K filing: Applied Digital Corporation updated the description of its business and risk factors, detailing its Datacenter Hosting Business, Cloud Services Business, and HPC Hosting Business segments, including information about agreements, sales, partnerships, and regulatory considerations.

140M 45M
Jun 17, 2024

8-K filing: Applied Digital Corporation issued a warrant to CIM APLD Lender Holdings, LLC to purchase up to 6,300,449 shares of common stock as partial consideration for a $15 million borrowing under a Promissory Note.

140M 45M
Jun 07, 2024

8-K filing: Applied Digital Corporation's subsidiary, APLD Holdings 2 LLC, entered into a promissory note with CIM APLD Lender Holdings, LLC for an initial borrowing of $15 million and potential subsequent borrowings up to $110 million; as partial consideration, Applied Digital will issue warrants to the lender to purchase up to 9,265,366 shares of common stock; the company also issued 100,000 common shares to YA II PN, LTD. in exchange for consent to the transaction with the lender.

140M 45M
May 31, 2024

S-1 filing: This S-1 filing includes an offering of up to 20,000,000 shares of common stock by a selling stockholder, with an aggregate gross sales price of up to $42,131,579. The company will not receive any proceeds from the shares offered by the selling stockholder but will receive proceeds from the issuance of a promissory note.

140M 45M
May 17, 2024

8-K filing: Applied Digital Corporation entered into a Dealer Manager Agreement for an offering of up to 2,000,000 shares of Series E Redeemable Preferred Stock and prepaid an Unsecured Promissory Note through the issuance of 8,421,146 shares of Common Stock.

120M 25M
May 06, 2024

S-3 filing: The company intends to offer common stock, preferred stock, warrants, and debt securities, with the net proceeds used for working capital needs.

120M 25M
Apr 30, 2024

8-K filing: Applied Digital Corporation amended its Unsecured Promissory Note with AI Bridge Funding LLC, allowing repayment with common stock, issuing warrants to purchase up to 3,000,000 shares, and reducing the amount the lender would receive to 1.25x the principal amount funded.

120M 25M
Apr 15, 2024

S-3 filing: This S-3 filing relates to the offering of up to 23,585,000 shares of Common Stock by the Selling Stockholder, with an aggregate gross sales price of up to $50,000,000, issuable pursuant to the terms of the PPA and Promissory Notes. The company will receive $50,000,000 from the issuance of Promissory Notes.

120M 25M
Apr 11, 2024

10-Q filing | 121.4M shares outstanding

120M 1.6M
Jan 16, 2024

10-Q filing | 122.0M shares outstanding

120M 1.6M
Oct 10, 2023

10-Q filing | 100.5M shares outstanding

100M 1.6M
Aug 02, 2023

10-K filing | 94.0M shares outstanding

94M 1.6M
May 17, 2023

S-3 filing: The company is filing an S-3 to offer Common Stock, Preferred Stock and/or Warrants for a total proposed amount of $175,000,000.

94M 1.6M
May 08, 2023

POS AM filing: This is a POS AM filing for the resale of common stock and warrants by selling stockholders. The company will not receive any proceeds from the sale.

94M 1.6M
Apr 06, 2023

10-Q filing | 94.1M shares outstanding

94M 1.6M
Feb 21, 2023

8-K filing: Applied Digital Corporation's subsidiary, APLD ELN-01 LLC, entered into a $20,000,000 Loan Agreement with Starion Bank to fund expansion on the Ellendale Facility. Also, the Company filed a Certificate of Designation to establish the rights, privileges, preferences and restrictions of the Series E Preferred Stock, authorizing 5,000,000 shares.

93M 1.6M
Jan 10, 2023

10-Q filing | 93.4M shares outstanding

93M 1.6M
Oct 12, 2022

10-Q filing | 93.1M shares outstanding

93M 1.6M
Sep 08, 2022

POS AM filing: This POS AM filing relates to the resale of common stock by selling stockholders. The company will not receive any proceeds from the offering.

94M 1.6M
Sep 01, 2022

POS AM filing: This POS AM filing relates to the resale of common stock and warrants by selling stockholders, who may be deemed underwriters. The company will not receive any proceeds from the offering.

94M 1.6M
Aug 29, 2022

10-K filing | 94.2M shares outstanding

94M 38M
Jun 08, 2022
Stock Split

8-K filing: Applied Blockchain, Inc. entered into a letter agreement with Xsquared Holding Limited (SparkPool) where SparkPool forfeited and returned to the Company for cancellation 4,965,432 of the Shares due to ceasing operations.

99M 46M
May 13, 2022

10-Q filing | 99.2M shares outstanding

99M 230M
Apr 18, 2022

8-K filing: Applied Blockchain, Inc. closed an initial public offering of 8,000,000 shares of common stock at $5.00 per share, for gross proceeds of $40 million. ($40.0M proceeds)

N/A 230M
Apr 13, 2022

8-K filing: Applied Blockchain, Inc. announced the pricing of an initial public offering of 8,000,000 shares of the Company's common stock at a price per share of $5.00, for gross proceeds of $40 million. ($40.0M proceeds)

N/A 230M
Apr 08, 2022

S-1/A filing: This is a S-1/A filing for a firm commitment public offering of 3,236,245 shares of common stock with an expected initial public offering price between $16.54 and $20.54 per share.

N/A 220M
Mar 28, 2022

S-1/A filing: The selling stockholders may offer and sell from time to time up to 218,649,190 shares of common stock.

N/A 220M
Mar 28, 2022

S-1/A filing: The document describes a firm commitment public offering of common stock, with a proposed listing on the Nasdaq Global Select Market, and mentions a potential one-for-six reverse stock split.

N/A 220M
Mar 21, 2022

S-1/A filing: This S-1/A filing registers 217,610,480 shares of common stock for potential resale by selling stockholders and also includes an application to list common stock on the Nasdaq Global Select Market.

N/A 260M
Feb 28, 2022

S-1/A filing: This S-1/A filing registers 214,567,479 shares of common stock offered by selling stockholders, issuable upon conversion of Series C and Series D Convertible Redeemable Preferred Stock.

N/A 210M
Feb 01, 2022

S-1/A filing: S-1/A filing for the registration of 214,567,479 shares of common stock to be offered and sold by selling stockholders.

N/A 210M
Jan 24, 2022

S-1/A filing: The selling stockholders may offer and sell from time to time up to 214,567,479 shares of common stock.

N/A 210M
Jan 24, 2022

S-1/A filing: This S-1/A filing registers a firm commitment public offering of common stock. The company intends to list its common stock on the Nasdaq Global Select Market.

N/A 210M
Jan 06, 2022

S-1/A filing: This is a firm commitment public offering of shares of our common stock, par value $0.001 per share.

N/A 420M
Jan 06, 2022

S-1/A filing: This S-1/A filing relates to the offering of up to 210,409,048 shares of common stock by selling stockholders, consisting of shares issuable upon conversion of Series C and Series D Convertible Redeemable Preferred Stock.

N/A 420M
Dec 14, 2021

S-1/A filing: The selling stockholders may offer and sell up to 210,409,048 shares of common stock, consisting of shares issuable upon conversion of Series C and Series D preferred stock. The company has also filed a registration statement for a firm commitment underwritten offering of up to $75 million of shares of common stock.

N/A 210M
Dec 14, 2021

S-1/A filing: This is a firm commitment public offering of shares of our common stock.

N/A 210M
Dec 01, 2021

S-1/A filing: S-1/A filing for the offering of 210,409,130 shares of common stock by selling stockholders.

N/A 210M
Nov 22, 2021

S-1 filing: The filing is for a firm commitment public offering of common stock, with the intention to list on the Nasdaq Global Select Market.

N/A 210M
Nov 02, 2021

S-1/A filing: The selling stockholders may offer and sell up to 210,409,090 shares of common stock, consisting of shares issuable upon conversion of Series C and Series D Convertible Redeemable Preferred Stock.

N/A 210M
Aug 13, 2021

S-1 filing: S-1 filing for the offering of up to 205,863,636 shares of common stock by selling stockholders.

N/A 210M
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