<SEC-DOCUMENT>0000902664-25-001059.txt : 20250214
<SEC-HEADER>0000902664-25-001059.hdr.sgml : 20250214
<ACCEPTANCE-DATETIME>20250214163015
ACCESSION NUMBER:		0000902664-25-001059
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250214
DATE AS OF CHANGE:		20250214

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Applied Digital Corp.
		CENTRAL INDEX KEY:			0001144879
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
		ORGANIZATION NAME:           	06 Technology
		IRS NUMBER:				954863690
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0531

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-79849
		FILM NUMBER:		25629627

	BUSINESS ADDRESS:	
		STREET 1:		3811 TURTLE CREEK BLVD., SUITE 2100
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75219
		BUSINESS PHONE:		214-556-2465

	MAIL ADDRESS:	
		STREET 1:		3811 TURTLE CREEK BLVD., SUITE 2100
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75219

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Applied Blockchain, Inc.
		DATE OF NAME CHANGE:	20210423

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Applied Science Products, Inc.
		DATE OF NAME CHANGE:	20110118

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FLIGHT SAFETY TECHNOLOGIES INC
		DATE OF NAME CHANGE:	20020926

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CLEARFIELD CAPITAL MANAGEMENT LP
		CENTRAL INDEX KEY:			0001643569
		ORGANIZATION NAME:           	
		IRS NUMBER:				472018562

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		430 PARK AVENUE, 11TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		212-468-5400

	MAIL ADDRESS:	
		STREET 1:		430 PARK AVENUE, 11TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>SCHEDULE 13G/A</submissionType>
    <previousAccessionNumber>0000902664-24-006320</previousAccessionNumber>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: CLEARFIELD CAPITAL MANAGEMENT LP -->
          <cik>0001643569</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>1</amendmentNo>
      <securitiesClassTitle>Common stock, par value $0.001 per share</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>12/31/2024</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001144879</issuerCik>
        <issuerName>Applied Digital Corp.</issuerName>
        <issuerCusip>038169207</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>3811 TURTLE CREEK BLVD., SUITE 2100</com:street1>
          <com:city>Dallas</com:city>
          <com:stateOrCountry>TX</com:stateOrCountry>
          <com:zipCode>75219</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(b)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>CLEARFIELD CAPITAL MANAGEMENT LP</reportingPersonName>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>5005779.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>5005779.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>5005779.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>2.4</classPercent>
      <typeOfReportingPerson>IA</typeOfReportingPerson>
      <typeOfReportingPerson>PN</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Philip J. Hilal</reportingPersonName>
      <citizenshipOrOrganization>X1</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>5005779.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>5005779.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>5005779.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>2.4</classPercent>
      <typeOfReportingPerson>HC</typeOfReportingPerson>
      <typeOfReportingPerson>IN</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>Applied Digital Corp.</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>3811 Turtle Creek Blvd., Suite 2100, Dallas TX 75219</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>This statement is filed by:

(i) Clearfield Capital Management LP (the "Investment Manager"), a Delaware limited partnership, and the investment manager to Clearfield Master Fund LP (the "Clearfield Fund"), with respect to the shares of common stock, par value $0.001 per share ("Common Stock") of Applied Digital Corp. (the "Company") directly held by the Clearfield Fund; and

(ii) Mr. Philip J. Hilal ("Mr. Hilal"), the Chief Investment Officer of the Investment Manager and the Managing Member of Clearfield Capital Management GP LLC, the general partner of the Investment Manager, with respect to the shares of Common Stock directly held by the Clearfield Fund.

The foregoing persons are hereinafter sometimes each referred to as a "Reporting Person" and collectively referred to as the "Reporting Persons."

The filing of this statement should not be construed as an admission that any Reporting Person is, for purposes of Section 13 of the Securities Exchange Act of 1934, the beneficial owner of the securities reported herein.</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>The address of the business office of each of the Reporting Persons is 430 Park Avenue, 11th Floor, New York, NY 10022.</principalBusinessOfficeOrResidenceAddress>
        <citizenship>The Investment Manager is a Delaware limited partnership. Mr. Hilal is a citizen of the United States.</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>N</notApplicableFlag>
        <typeOfPersonFiling>IA</typeOfPersonFiling>
        <typeOfPersonFiling>HC</typeOfPersonFiling>
      </item3>
      <item4>
        <amountBeneficiallyOwned>The information required by Item 4(a) is set forth in Row 9 of the cover page for each of the Reporting Persons and is incorporated herein by reference.

The percentage set forth in this Schedule 13G is calculated based upon an aggregate of 211,245,607 shares of Common Stock outstanding as of November 20, 2024, as reported in the Company's Prospectus filed pursuant to Rule 424(b)(3) with the Securities and Exchange Commission on November 27, 2024.</amountBeneficiallyOwned>
        <classPercent>2.4</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>The information required by Item 4(c)(i) is set forth in Row 5 of the cover page for each of the Reporting Persons and is incorporated herein by reference.</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>The information required by Item 4(c)(ii) is set forth in Row 6 of the cover page for each of the Reporting Persons and is incorporated herein by reference.</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>The information required by Item 4(c)(iii) is set forth in Row 7 of the cover page for each of the Reporting Persons and is incorporated herein by reference.</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>The information required by Item 4(c)(iv) is set forth in Row 8 of the cover page for each of the Reporting Persons and is incorporated herein by reference.</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>N</notApplicableFlag>
        <classOwnership5PercentOrLess>Y</classOwnership5PercentOrLess>
      </item5>
      <item6>
        <notApplicableFlag>N</notApplicableFlag>
        <ownershipMoreThan5PercentOnBehalfOfAnotherPerson>See Item 2(a).</ownershipMoreThan5PercentOnBehalfOfAnotherPerson>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and 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.</certifications>
      </item10>
    </items>
    <signatureInformation>
      <reportingPersonName>CLEARFIELD CAPITAL MANAGEMENT LP</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Philip J. Hilal</signature>
        <title>Philip J. Hilal, Chief Investment Officer</title>
        <date>02/14/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Philip J. Hilal</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Philip J. Hilal</signature>
        <title>Philip J. Hilal, individually</title>
        <date>02/14/2025</date>
      </signatureDetails>
    </signatureInformation>
  </formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
