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Debt (Tables) | 12 Months Ended
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May 31, 2025
Debt Disclosure [Abstract] |
Schedule of Long-Term Debt Instruments | Long-term debt consisted of the following components (in thousands):
| Interest Rate |  | Maturity Date |  | May 31, 2025 |  | May 31, 2024
Convertible Notes, senior unsecured | 2.75% |  | June 2030 |  | $ | 450,000 |  |  | $ | — |
SMBC Loan (1) | See below |  | August 2026 |  | 375,000 |  |  | — |
Starion Ellendale Loan (2) | 7.48% |  | February 2028 |  | 12,283 |  |  | 16,145 |
Vantage Transformer Loan | 6.50% |  | February 2029 |  | — |  |  | 3,609 |
Cornerstone Bank Loan (3) | 8.59% |  | March 2029 |  | 12,866 |  |  | 15,576 |
Yorkville Convertible Debt | —% |  | April and June 2025 |  | — |  |  | 80,243 |
Starion Term Loan (4) | 6.50% |  | July 2027 |  | 7,061 |  |  | 10,021 |
Other long-term debt (5) |  |  |  |  | 12,275 |  |  | 297 |
Deferred financing costs, net of amortization |  |  |  |  | (181,329) |  |  | (501) |
Less: Current portion of debt |  |  |  |  | (10,331) |  |  | (45,918) |
Long-term debt, net |  |  |  |  | $ | 677,825 |  |  | $ | 79,472 |
(1)The SMBC Loan is guaranteed by APLD HPC TopCo LLC, a wholly-owned subsidiary of the Company, and is secured by a continuing security interest in all of the membership interests of the borrower, APLD HPC Holdings LLC, including a mortgage on certain properties as defined in the collateral agency, security and depositary agreement. (2)The Starion Ellendale Loan is guaranteed by APLD ELN-01 LLC, a wholly-owned subsidiary of the Company, and is secured by the first 100 MW HPC facility at Polaris Forge 1, a security interest in substantially all of the assets of APLD ELN-01 LLC, and a security interest in the form of a collateral assignment of the Company’s rights and interests in all master hosting agreements related to Polaris Forge 1. (3)The Cornerstone Bank Loan is guaranteed by APLD GPU-01, LLC, a wholly-owned subsidiary of the Company, and is secured by a security interest in multiple Terms of Service Agreements for HPC based systems related to AI Cloud Computing Services, which are to be serviced at the Jamestown hosting facility. (4)The Starion Term Loan is guaranteed by APLD Hosting, LLC, a wholly-owned subsidiary of the Company, and is secured by the Jamestown hosting facility, a security interest in substantially all of the assets of APLD Hosting LLC, and interests in all master hosting agreements related to the Jamestown hosting facility. (5)Inclusive in this number is $12.0 million of proceeds from the issuance of two SAFE agreements which were accounted for as liabilities. See further discussion below. Below is the weighted-average interest rate for the Company's term loans:
| May 31, 2025 |  | May 31, 2024
Weighted-average interest rate | 1.7 | % |  | 2.7 | %
Schedule of Interest Income and Interest Expense Disclosure | Interest expense, net of amounts capitalized, recognized for the years ended May 31, 2025, May 31, 2024, and May 31, 2023 consisted of the following (in thousands):
| May 31, 2025 |  | May 31, 2024 |  | May 31, 2023
Long term debt obligations | 45,233 |  |  | 10,803 |  |  | 1,132 |
Long term debt obligations - related party | — |  |  | 5,664 |  |  | — |
Amortization of debt issuance costs and discounts | 26,577 |  |  | 117 |  |  | 87 |
Finance lease obligations | 1,758 |  |  | 1,140 |  |  | 784 |
Interest income | (3,117) |  |  | (931) |  |  | (176) |
Other interest and amortization | 1,459 |  | — |  | 915 |  | — |  | 179 |
Total interest costs | 71,910 |  |  | 17,708 |  |  | 2,006 |
Capitalized interest | (57,171) |  |  | — |  |  | — |
Total interest expense | 14,739 |  |  | 17,708 |  |  | 2,006 |
Schedule of Maturities of Long-Term Debt | Below is a summary of the remaining principal payments due over the life of the term loans as of May 31, 2025 (in thousands):
FY26 | $ | 10,468 |
FY27 | 386,126 |
FY28 | 7,677 |
FY29 | 3,206 |
FY30 | 8 |
Thereafter | 462,000 |
Total | $ | 869,485 |

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