
	May 31, 2026		May 31, 2025
Prepaid expenses and other current assets
Short term equipment deposit	$	500,290	$	—
Deferred issuance costs	3,397		5,469
Short term lease incentive	6,231		1,290
Related party loan receivable (1)	58,632		—
Prepaid expenses	24,471		1,421
Other current assets	20,671		1,472
Total Prepaid expenses and other current assets	$	613,692	$	9,652


	May 31, 2026		May 31, 2025
Other assets
Lease incentive	$	199,391	$	84,416
Restricted cash	180,415		7,000
Deposits on assets and construction	47,719		69,500
Deferred construction costs	84		45
Goodwill (1)	54,513		—
Deferred lease costs	10,729		7,342
Derivative assets (2)	163,283		—
Investments in other companies (3)	123,329		6,073
Investments in related party (4)	2,000		—
Other	49,247		4,977
Total Other assets	$	830,710	$	179,353

(2)Balance as of May 31, 2026 consists of the fair value of derivative assets related to the preferred units and corresponding common units held by APLD HPC TopCo 2’s noncontrolling interest. See Note 10 - Derivative Assets and Note 16 - Temporary Equity for further discussion.

(3)Includes $90.8 million of warrants and $19.2 million of common shares issued by B&W to the Company in association with the Company’s investment in B&W. The $19.2 million common share value is the fair value of the Company's $2.0 million investment made during the quarter ended November 30, 2025 as well as the additional investment made during the quarter ended May 31, 2026 for $10.0 million of common shares. See further discussion of the transaction in Note 10 - Derivative Assets.

The balance also includes an investment by the Company in Corintis SA ("Corintis") in exchange for Series A1 preferred shares. During the quarter ended November 30, 2025, the Company invested $15.0 million in exchange for approximately 6% of Corintis's outstanding equity. The Series A1 preferred shares are convertible preferred shares with no redemption rights. During the quarter ended May 31, 2026, the Company sold $5.0 million of Corintis's shares to a third party, bringing the Company's investment in Corintis to $10.0 million, or approximately 4% of Corintis’s outstanding equity. The investment in Corintis is accounted for at cost under ASC 321 as it is an equity security without a readily determinable fair value and is evaluated quarterly for impairment indicators. There were no impairment indicators during the fiscal year ended May 31, 2026.


	May 31, 2026		May 31, 2025
Accrued liabilities
Accrued construction payables	$	307,812	$	—
Accrued expenses	81,311		23,354
Accrued interest	151,215		2,694
Other accrued liabilities	8,155		4,073
Total Accrued liabilities	$	548,493	$	30,121