Soluna a Applied Digital založí společný podnik pro plánované datové centrum pro AI o výkonu 50 MW v Texasu, které bude čerpat energii z větrné elektrárny Briscoe i ze sítě. Applied bude vlastnit 51 %.
Facility to be powered by Briscoe Wind Farm; ChronoScale signs letter of intent for triple-net lease
, /PRNewswire/ -- Soluna Holdings, Inc. (Nasdaq: SLNH) ("Soluna"), a developer of green data centers for intensive computing applications including artificial intelligence ("AI"), today announced that it has entered into a definitive agreement (the "Transaction Agreement") to form a jointly owned company (the "Project Company") with Applied Digital Corporation (NASDAQ: APLD) ("Applied") to develop a planned 50 MW critical IT data center for AI and HPC (the "Project") at Project Dorothy 3, Soluna's development site near Silverton (Briscoe County) Texas and the Briscoe Wind Farm ("Briscoe Wind").
Soluna Holdings (Nasdaq: SLNH) and Applied Digital (Nasdaq: APLD) Under the Transaction Agreement, Soluna is expected to contribute a portion of the Dorothy 3 site, including land and power-related project assets, to the Project Company, and Applied is expected to provide capital to support the development of the Project. Following the closing of the transactions contemplated by the Transaction Agreement, Applied is expected to hold a 51% interest in the Project Company, and Soluna is expected to hold the remaining 49% interest.
The closing of the transactions contemplated by the Transaction Agreement is subject to the satisfaction of certain conditions precedent, including the approval of a tax abatement for the Project in Briscoe County, Texas, receipt of title policies, obtaining certain corporate approvals, successful negotiation and execution of the operating agreement for the Project Company, definitive leases, power agreements and other definitive agreements, and other customary conditions. The transactions are expected to close by the end of the calendar year.
"We have said for a long time that the constraint in AI is energy access, not chips," said John Belizaire, CEO of Soluna. "We built Soluna to bring load to the generation, so the power would be ready when the demand arrived. Partnering with Applied at Dorothy 3 puts that strategy to work: our site and wind power, combined with a proven builder and operator of AI data centers. We look forward to completing the remaining steps, including the tax abatement process in Briscoe County, and to bringing this project forward with the local community."
Project Dorothy 3
Dorothy 3 is a planned AI data center co-located with Briscoe Wind, a 150 MW wind farm in Briscoe County, Texas, near Soluna's Dorothy 1 and Dorothy 2 projects. Subject to definitive documentation, Phase 1 of Dorothy 3 (50 MW Critical IT) is expected to draw power from both Briscoe Wind and the grid.
ChronoScale Letter of Intent
ChronoScale Holdings Corporation (Nasdaq: CHRN), an accelerated compute platform purpose-built to support demanding AI workloads and a publicly-traded company majority-owned by Applied ("ChronoScale"), has signed a non-binding letter of intent to lease the planned facility. The lease remains subject to the negotiation and execution of definitive documentation, and there can be no assurance that a definitive lease will be entered into on the terms contemplated by the letter of intent, or at all.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include all statements, other than statements of historical fact, regarding Soluna's current views and assumptions with respect to future events regarding their respective businesses, including the ability to complete the closing of the transactions contemplated by the Transaction Agreement on the proposed terms and schedule, and the satisfaction of the conditions precedent to the closing of the transactions contemplated by the Transaction Agreement, including approval of a tax abatement; the formation of the Project Company and the negotiation of its operating agreement; receiving a leasehold title policy; obtaining certain corporate approvals of Soluna, Applied and Chronoscale; the negotiation and execution of a definitive lease with ChronoScale and definitive power supply agreements; the development, financing, construction, energization, and operation of the Project; whether the development of the Project may be more difficult, time-consuming or costly than expected, whether the expected benefits of the Project will occur, and Soluna's development pipeline. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident," and similar statements. Soluna may also make written or oral forward-looking statements in its periodic reports filed with the U.S. Securities and Exchange Commission ("SEC"), in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including but not limited to statements about Soluna's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, including but not limited to, Soluna's ability to complete construction of its data center campuses as planned; changes to AI and HPC infrastructure needs and their impact on future plans; costs related to the HPC operations and strategy; Soluna's ability to timely deliver any services required in connection with completion of installation under lease agreements; Soluna's ability to raise additional capital to fund the ongoing datacenter construction and operations; Soluna's dependence on principal customers; power or other supply disruptions and equipment failures; the inability to comply with regulations, developments and changes in regulations; cash flow and access to capital; maintenance of third party relationships; and conditions in the debt and equity capital markets. Further information regarding such risks and uncertainties is included in Soluna's most recently filed Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. All information provided in this press release is as of the date of the press release, and Soluna undertakes no duty to update such information, except as required under applicable law.
About Soluna Holdings, Inc. (Nasdaq: SLNH)
Soluna is on a mission to make renewable energy a global superpower, using computing as a catalyst. The Company designs, develops, and operates digital infrastructure that transforms surplus renewable energy into global computing resources. Soluna's pioneering data centers are strategically co-located with wind, solar, or hydroelectric power plants to support HPC applications, including Bitcoin mining, generative AI, and other compute-intensive applications. Soluna's proprietary software MaestroOS™ helps energize a greener grid while delivering cost-effective and sustainable computing solutions and superior returns.
To learn more, visit solunacomputing.com and follow us on:
Soluna regularly posts important information on its website and encourages investors and potential investors to consult the Soluna investor relations and investor resources sections of its website regularly.
Prezident společnosti Applied Digital Jason Gechen Zhang koupil 300 000 akcií APLD za průměrnou cenu 18,86 USD za akcii, celkem přibližně za 5,66 milionu USD.
What happened Applied Digital Corp. (NASDAQ: APLD) President Jason Gechen Zhang bought 300,000 shares on 2026-10-16 at a weighted average $18.86 each.
The Form 4 says the purchase was about $5.66 million and was reported on 2026-10-19.
Key numbers Metric Latest Change Source Shares bought 300,000 shares SEC Form 4 Weighted average purchase price $18.86 per share SEC Form 4 Approximate transaction value about $5.66 million SEC Form 4 Shares held after purchase 2,839,227 shares SEC Form 4 Purchase as prior holding 11.8% Calculated from SEC Form 4 Read more: Applied Digital (APLD) stock analysis and investment case Why it matters OptimistFi's case is that Applied Digital is a leveraged AI-infrastructure execution story. The business works if scarce, purpose-built HPC data-center capacity fills fast enough to offset construction risk, fixed costs and financing dilution. Zhang's purchase supports that view because the president added stock instead of cutting exposure.
OptimistFi's calculation puts the buy at 11.8% of the holding before the trade. The filing also shows a weighted average price of $18.86 a share, with separate trades from $18.40 to $19.16. That range shows the purchase was made in more than one execution.
After the purchase, Zhang reported 2,839,227 shares held directly. The filing identifies him as President. That larger stake matters because the Form 4 ties the trade to an existing insider position.
The reported ownership includes 500,000 RSUs granted on February 6, 2026 and the remainder of 750,000 RSUs granted on August 8, 2025. The February grant vests 100,000 RSUs on February 6, 2027, then 50,000 RSUs every six months after that cliff date. So part of the stake still depends on future service.
The August 8, 2025 grant has 125,000 RSUs set to vest on March 12, 2027, September 12, 2027 and March 12, 2028. The caution is that this filing shows one insider transaction and future vesting, not customer demand or revenue progress. It does not answer the operating questions.
Stock perps: every US stock that trades as a perpetual future, by leverage, live
What's next The next dated milestone is February 6, 2027, when 100,000 RSUs from the February 6, 2026 grant are set to vest if Zhang stays in that role. If that vesting happens, reported ownership rises again.
After that, 125,000 RSUs are scheduled for March 12, 2027, September 12, 2027 and March 12, 2028 from the August 8, 2025 grant. Those dates give investors a clearer timeline for changes in reported ownership.
More from OptimistFi APLD stock: the Applied Digital thesis, its status and the next test to watch Stock research on every company OptimistFi covers From OptimistFi Perps Perp funding rates live: what longs and shorts pay on every venue Stock perps vs tokenized stocks: how US shares trade around the clock Weekend market prices: US stock indexes, gold and oil now Perps news: leveraged stocks, gold, FX and crypto on-chain Prop firms that fund crypto and stock perps traders: rules, prices and payouts Top perps movers today: stocks, commodities, FX and indices Sources SEC Form 4 — Applied Digital Corp. Form 4 reporting Jason Gechen Zhang's 300,000-share purchase on 2026-10-16 and 2,839,227 shares held afterward. Read the full OptimistFi thesis on Applied Digital Corp.: https://optimistfi.com/stocks/APLD
See what would break the Applied Digital Corp. thesis and track it live on the OptimistFi Thesis-Break Engine.
Browse every company OptimistFi covers at optimistfi.com/stocks, or read the latest evidence-first research.
The full Applied Digital Corp. investment case, its status and the next test to watch live on the Applied Digital Corp. thesis page.
Originally published on OptimistFi, evidence-first equity research. More at optimistfi.com.
Applied Digital ve fiskálním 1. čtvrtletí 2027 zvýšila tržby meziročně o 322 % na 341,9 mil. USD, ale při dluhu 6,4 mld. USD vykázala čistou ztrátu 221 mil. USD.
Key Takeaways APLD's interest expense surged 866% to $77.4M in Q1 FY27, with debt totaling roughly $6.4B.APLD grew revenues 322% to $341.9M but still posted a $62.4M operating loss and $221M shareholder net loss.With $36B in long-term contracted revenues, APLD faces $2.16B in future interest payments & more financing.
Applied Digital (APLD - Free Report) faces growing profitability pressure as its AI data center expansion drives debt and interest costs sharply higher. As of Aug. 31, 2026, the company carried approximately $6.4 billion of debt. First-quarter fiscal 2027 interest expense surged 866% year over year to $77.4 million, compared with $8 million a year earlier. Interest income also rose to $35.8 million from $0.9 million, partly offsetting the financing burden.
The financing burden reflects substantial infrastructure investments. Purchases of property, equipment and other assets reached $2.07 billion during the quarter, dwarfing the $63.9 million in operating cash flow. APLD issued $1.59 billion in 7% senior secured notes to fund the third building at Polaris Forge 1 and repay a bridge loan. The company still needs financing for Polaris Forge 3 and Delta Forge 1 and 2.
These expenses are diluting the benefits of strong demand. Despite a 322% jump in revenues to $341.9 million, APLD reported an operating loss of $62.4 million and a $221 million net loss attributable to common shareholders from continuing operations. The company estimates $2.16 billion in future interest payments on existing debt obligations, adding pressure as construction continues.
Still, management has some protection. More than 80% of debt principal matures in fiscal 2031 or later, the latest note coupon improved from 9.25% on earlier issuance and approximately $36 billion of long-term contracted revenues support future rental growth. Even so, AI-driven revenues have not yet overcome the debt burden. Reducing financing costs and converting contracted campuses into cash-generating assets will be crucial to restoring profitability.
How Are AI Infrastructure Peers Managing Profitability Pressures?CoreWeave (CRWV - Free Report) , which leases capacity at APLD's Polaris Forge 1 campus, faces similar profitability challenges from rising financing expenses. In its second-quarter 2026 results, CoreWeave reported $2.58 billion in revenues, up 112% year over year, and approximately $104 billion in revenue backlog. However, net interest expense surged to $640 million from $267 million a year earlier, while net loss widened to $626 million from $290 million. CoreWeave’s adjusted operating income also declined to $128 million from $200 million, highlighting the challenges of translating robust AI demand into sustainable profitability.
Core Scientific (CORZ - Free Report) is advancing its AI infrastructure strategy by converting Bitcoin-mining facilities into high-density colocation data centers. In the second quarter of 2026, Core Scientific reported $136.7 million in colocation revenues, while its billable capacity reached 437 megawatts by mid-July. However, capital expenditures totaled $797.5 million during the quarter, while net interest expense reached $23.8 million. Its AMD-linked infrastructure partnership covering approximately 530 megawatts adds growth opportunities but also significant funding requirements. Like APLD, Core Scientific must balance aggressive infrastructure investments with financing costs to achieve sustainable profitability.
APLD’s Share Price Performance, Valuation & EstimatesAPLD's shares have lost 36% over the past month, compared to the broader Zacks Finance sector’s down 2.7%.
APLD’s 1-M Price Performance
Image Source: Zacks Investment Research
From a valuation standpoint, APLD trades at a trailing 12-month price/sales (P/S) ratio of 6.03, higher than the Finance – Miscellaneous Services industry’s 2.39. The company carries a Value Score of F.
APLD’s Valuation
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Applied Digital’s fiscal 2027 bottom line is currently pegged at a loss of $2.06, trending downward over the past 30- and 60-day periods. The projected loss is wider than the 91-cent loss recorded a year ago.
Securing gigawatt-scale power assets is one of the biggest bottlenecks for global artificial intelligence (AI) infrastructure, and the market may be mispricing the solution. Advanced computing hardware no longer represents the main obstacle for major technology sector companies; instead, access to reliable sovereign energy has taken its place.
Applied Digital Today
$23.15 -0.53 (-2.25%)
As of 09:38 AM Eastern
This is a fair market value price provided by Massive. Learn more.
$19.00▼
$50.72$62.25
Data center operators are increasingly valued on secured forward capacity rather than trailing revenue. Applied Digital NASDAQ: APLD recently secured a site for a one-gigawatt AI campus in Finland, adding to a domestic portfolio that already includes billions in contracted revenue.
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By packaging the most difficult components of international infrastructure expansion, regulatory approval, utility access, and real estate, Applied Digital is transforming its portfolio into a turnkey hyperscaler target. This dynamic sets the stage for an upward repricing that could challenge outdated bearish positioning. Investors tracking the AI infrastructure space may want to look beyond current cash burn and evaluate the monetization cycle of secured megawatt capacity.
Overcoming the AI Power Grid BottleneckThe constraint on scaling artificial intelligence models is increasingly tied to access to electricity. While software companies command premium valuation multiples, the physical infrastructure supporting those models requires immense capital and years of permitting. Initial power availability at the Finland campus is expected in 2028.
The Nordic region provides established energy grids and a naturally cooler climate, which can reduce the cooling burden for high-density server racks. This geographical expansion fundamentally changes Applied Digital's long-term growth trajectory. Building a gigawatt AI Factory campus from the ground up gives global hyperscalers exactly what they lack: time and space. Tech conglomerates hold deep cash reserves but cannot instantly conjure grid-connected land.
Developing a site involves environmental studies, local zoning negotiations, and complex power purchase agreements. By securing the site now, Applied Digital bypasses the fiercest competition for stateside grid capacity and establishes a European stronghold. Operators with permitted, high-capacity land rights have a distinct structural advantage over developers just entering the procurement cycle.
Why Trailing Revenue Misses the Big AI PictureValuing infrastructure companies during a rapid scale-up phase requires looking past near-term margin compression. Applied Digital currently carries a market capitalization near $6.8 billion. Bears point to a debt-to-equity ratio of about 2.88 and negative net margins as signs of weakness. Those metrics tell an incomplete story.
The fiscal first-quarter 2027 earnings release revealed roughly $36 billion in contracted revenue over initial lease terms. A backlog of that magnitude significantly derisks the capital expenditures required to build out both domestic campuses and the new Finland site. First-quarter revenue grew about 322% year over year to roughly $342 million, showing the operational model scales effectively before factoring in the international pipeline.
The valuation can still appear steep when analyzed solely on trailing revenue. But as Applied Digital's contracted backlog converts to recognized income, forward valuation multiples compress rapidly. The market is pricing the stock based on today's construction costs rather than the guaranteed cash flows locked in by long-term tenant agreements.
Activating Domestic Megawatts Validates the ModelWhile the European expansion offers a long-term growth runway, domestic operations are monetizing power now. Before the Finland announcement, Applied Digital brought roughly 75 megawatts online at its Polaris Forge 1 facility. Combined with broader network activations totaling about 250 megawatts, Applied Digital is demonstrating its ability to turn secured land rights into revenue-generating critical IT load.
Delivering infrastructure on schedule is notoriously difficult because supply chain delays affect specialized components like transformers and switchgear. Consistently activating megawatt blocks builds confidence with institutional tenants. Hyperscalers require reliable partners. When an operator successfully navigates the physical buildout and powers up a facility, they transition from a speculative developer to a tier-one vendor. Securing around 1.41 gigawatts of leased domestic IT load validates Applied Digital's engineering capabilities and builds credibility for the upcoming Nordic development.
Institutional Buyers Front Run the Short TrapApplied Digital Stock Forecast Today12-Month Stock Price Forecast:
$62.25
162.88% Upside
Moderate Buy
Based on 19 Analyst Ratings
Current Price$23.68High Forecast$90.00Average Forecast$62.25Low Forecast$22.00Applied Digital Stock Forecast Details
A significant portion of the market remains skeptical. Short interest hovers around 21% of the float. Bearish traders appear focused on current cash burn and the execution risks associated with funding the European buildout. Short positioning relies heavily on the assumption that infrastructure operators will dilute shareholders to fund ongoing capital requirements.
This thesis ignores how modern data center financing works. Hyperscalers often offer substantial prepayments or enter joint ventures to secure capacity. As these non-dilutive funding structures materialize, the bear case breaks down.
Institutional money is already positioning for this shift. Call option volume spiked ahead of the recent corporate announcements, and funds like Two Seas Capital LP executed block purchases of shares just before the international expansion made headlines.
When Applied Digital holds billions in contracted backlog and continues to bring new capacity online, heavy short interest creates the potential for volatile covering events. Any announcement of a hyperscaler lease for the Finland site could force short sellers to exit their positions quickly, driving rapid price appreciation.
The Endgame for Turnkey Infrastructure OperatorsThe endgame for independent data center developers often leads to consolidation. Large technology firms require turnkey infrastructure to deploy accelerated computing hardware at scale. By navigating the utility and real estate acquisition phases in a stable European jurisdiction, Applied Digital has packaged the hardest parts of expansion into a single asset.
A valuation near $6.9 billion relative to an operational portfolio of 1.41 gigawatts, plus a 1-gigawatt international pipeline, creates a noticeable disconnect compared with recent private-market transactions in the infrastructure sector. Gigawatt-scale capacity inherently forces a valuation premium because the replacement cost, measured in both dollars and years, is exceptionally high.
Investors tracking the tech sector may want to monitor how quickly Applied Digital formalizes hyperscaler leases for the Finland site. Those with an appetite for volatility could watch future joint venture announcements that ease capital expenditure concerns. Cautious investors might prefer to wait and see how management structures the financing for the anticipated 2028 initial power availability before establishing a position.
Should You Invest $1,000 in Applied Digital Right Now?Before you consider Applied Digital, you'll want to hear this.
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Akcie společnosti Applied Digital se obchodují 52,99 % pod svým 52týdenním maximem, zatímco průměrná cílová cena od 15 analytiků ve výši 65,37 USD naznačuje potenciál růstu o 174 %.
Applied Digital has shed more than half its value from its peak, yet analysts keep piling on buy ratings with targets that sit above where the stock was trading at its best. One lead analyst believes the selloff created a…
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Applied Digital (NASDAQ:APLD) currently trades at $23.85, while analysts’ average price target stands at $65.37. That gap implies 174% upside.
Applied Digital builds and rents AI data center campuses to hyperscalers. It has roughly 1.41 GW of critical IT load rents across five campuses and about $36B in contracted lease revenue over initial 15-year terms. A legacy segment hosts 286 megawatts of Bitcoin (CRYPTO:BTC) mining in North Dakota.
The most bullish call comes from Lake Street Capital Markets. Lead analyst Rob Brown rates the shares Buy with a Street-high $90.00 target, which implies 277% upside. Even the consensus target sits far beyond a 40% gap, so the bull case deserves a hard look.
A Slide of Nearly 53% Leaves Applied Digital Stranded Below Its Targets The decline came as the company leaned on debt-funded growth. Shares are down 52.99% from a 52-week high of $50.73. The stock lost 15.75% over the past month.
The latest quarterly report beat adjusted expectations. Revenue reached $341.9 million, and adjusted loss of -$0.01 per share exceeded the -$0.3023 estimate. GAAP net loss was $221 million, or $0.76 per share, including $65.4 million of stock-based compensation and a $67.5 million non-cash investment loss. Debt sits near $6.4 billion against $1.6 billion of equity. Capex hit $2.07B in the quarter.
Estimates also slid. Over 60 days, the average fiscal 2028 EPS forecast moved from 0.1150 to -0.4835.
Lake Street’s $90 Thesis Rests on Power and Pricing Lake Street’s case rests on three pillars: monetizing HPC capacity with tier-one hyperscalers, a power pipeline that brings dense AI compute online ahead of rivals stuck in grid queues, and margin expansion as revenue shifts from crypto hosting toward AI infrastructure leasing. HPC hosting already generates a reported 89% NOI margin.
Management has given analysts specific targets. The company expects to place over 600 megawatts into service over the next 12 months, compared with 250 megawatts over the past 12. It also expects about 250 megawatts of expansion rents by calendar year end at what it called “definitely north of 15% plus increases on the lease rate.” Louisiana and Alabama revenue should begin in the first half of calendar 2027, and the long-term goal is 3.5 to 4 gigawatts by the end of calendar 2030.
Funding costs are falling too. The latest notes carry a 7% coupon, down from 9.25% on earlier notes.
Coverage leans bullish: two Strong Buy, 11 Buy, and two Hold ratings across 15 analysts. The consensus target sits above the stock’s 52-week high, and one analyst cut fiscal 2028 EPS estimates over the trailing 30 days.
Every AI Infrastructure Peer Fell This Month, Most by More Applied Digital held up better than its three closest rivals over the past month in a broader group selloff.
IREN (NASDAQ:IREN) fell 23.91% in a month and 40.57% over a year. At $35.71 against a $78.14 target, implied upside is 118.82%. Ratings include 13 Buy and five Hold alongside two Strong Buy calls. That upside trails Applied Digital’s.
Cipher Mining (NASDAQ:CIFR) dropped 27.07% in a month. At $13.50 versus a $30.48 target, it implies 125.78% upside, with 15 Buy and two Hold ratings alongside five Strong Buy calls.
TeraWulf (NASDAQ:WULF) is up 10.98% over a year but lost 23.57% in a month. At $13.65 versus a $33.48 target, implied upside is 145.27%. Its 18 Buy and one Hold ratings, alongside five Strong Buy calls, make the most bullish mix in the group.
Applied Digital carries the largest implied upside of the four. Analysts see it as the most mispriced name in the space, and those targets are estimates with no guarantee attached.
Applied Digital Lags the S&P 500 by Double Digits At $23.85, the stock is 2.73% lower year to date, while the S&P 500 has gained 13.5%. Over one year, the index posted a 14.98% gain.
The $65.37 consensus from 15 analysts implies 174% upside. A beta of 6.0 means the path will be volatile in either direction.
Contracts Make the Case, but the Balance Sheet Sets the Pace Applied Digital’s bull case improves if it delivers those 600-plus megawatts on schedule, signs expansion rents at premium rates, and finances campuses on investment-grade terms. The thesis weakens if construction slips, capital raises dilute shareholders, or hyperscaler concentration becomes a liability.
The $36 billion contracted base and falling borrowing costs support recovery, though $90 requires near-flawless execution. The consensus target looks more realistic as a multi-year destination (we highlighted seven of the picks-and-shovels names behind this AI data-center expansion, from power to cooling, in a free report you can grab here).
Contact [email protected] for any questions or corrections.
Applied Digital Corp (NASDAQ:APLD) on Wednesday posted better-than-expected financial results for the first quarter.
Applied Digital reported first-quarter revenue of $300.39 million, beating analyst estimates of $132.16 million, according to Benzinga Pro. The digital infrastructure provider reported an adjusted loss of one cent per share for the quarter, beating estimates for a loss of 30 cents per share.
"Our goal is to establish Applied Digital as the category leader in the design, construction, deployment and operation of purpose-built AI factories," said Wes Cummins, chairman and CEO of Applied Digital.
Applied Digital shares fell 1.4% to trade at $23.47 on Thursday.
These analysts made changes to their price targets on Applied Digital following earnings announcement.
Needham analyst John Todaro maintained the stock with a Buy and cut the price target from $83 to $70. Wells Fargo analyst Eric Luebchow maintained the stock with an Overweight rating and raised the price target from $50 to $55. Considering buying APLD stock? Here’s what analysts think:
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Applied Digital má nasmlouvané výnosy v hodnotě 36 mld. USD z kapacity 1,41 GW, ale její růst závisí na financování a dokončení rozestavěných projektů AI.
Key Takeaways APLD's $36B contracted revenue base spans 1.41 GW across five campuses, backed by long-term leases.APLD expects over 600 MW online within 12 months, following a 322% surge in fiscal first-quarter revenues.APLD faces financing and construction risks, while Core Scientific and TeraWulf intensify competition. Applied Digital (APLD - Free Report) has a substantial foundation for long-term growth from its $36 billion contracted revenue base, provided it can convert contracted capacity into operating assets and recurring revenues. As of Aug. 31, 2026, APLD had approximately 1.41 GW of contracted critical IT load across five campuses, representing about $36 billion of contracted revenues over initial base terms. The portfolio is backed by CoreWeave and investment-grade hyperscalers, with leases generally structured for 15 years and on a take-or-pay basis.
The company is beginning to demonstrate this conversion. Polaris Forge 1 reached 250 MW of operational capacity on Oct. 1, while APLD expects to place more than 600 MW into service over the next 12 months. First-quarter fiscal 2027 revenues surged 322% year over year to $341.9 million, while HPC Hosting generated $262.6 million, including $65.8 million of base rent.
However, investors should not equate the backlog with immediately realized revenues. Much of the contracted capacity remains under construction, while APLD had $6.4 billion of debt and $3.7 billion in cash, cash equivalents and restricted cash at quarter-end. Customer concentration and construction and financing requirements remain important risks.
Overall, APLD's $36 billion contracted revenue base can support long-term growth, but sustained growth depends on successfully financing, completing and bringing contracted AI capacity online while increasing recurring base-rent revenues. The growth outlook is also reflected in the Zacks Consensus Estimate, which projects for fiscal 2027 and 2028 revenue growth of 49.67% and 107.93%, respectively, underscoring the potential for APLD's expanding AI infrastructure portfolio to translate its contracted revenue base into substantial top-line growth.
APLD Faces Stiff Competition in Contracted Revenue BaseCore Scientific (CORZ - Free Report) is narrowing APLD’s contracted-revenue lead, with more than $24 billion in contracted revenues and about 1.1 GW of contracted capacity. Core Scientific also added an AMD agreement representing over $14 billion of base contracted revenues across 15 years. With expansion potential beyond current commitments, Core Scientific presents a growing contracted-revenue challenge to APLD.
TeraWulf (WULF - Free Report) , meanwhile, is building substantial contracted visibility, reporting roughly $27 billion of contracted revenues and 839 MW of leased capacity. TeraWulf’s 401-MW Anthropic lease contributes approximately $19 billion over 20 years, and the company targets another 250-500 MW of annual contracted capacity growth. This combination gives TeraWulf a credible path to challenge APLD’s contracted-revenue growth narrative.
APLD’s Share Price Performance, Valuation & EstimatesShares of APLD have lost 2.9% year to date, underperforming the broader Zacks Finance sector’s 4.2% rise.
APLD’s YTD Price Performance
Image Source: Zacks Investment Research
From a valuation standpoint, APLD trades at a trailing twelve-month price-to-book (P/B) ratio of 4.02, higher than the Finance – Miscellaneous Services industry’s 2.96. The company carries a Value Score of F. A price-to-book ratio above 1.0 means the stock is trading at a premium to its accounting net worth.
APLD’s Valuation
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Applied Digital’s fiscal 2027 bottom line is currently pegged at a loss of $1.09 per share, unchanged over the past 30 days. The projected loss is wider than the 91-cent loss recorded a year ago.
Needham snížil cílovou cenu akcií Applied Digital (APLD) z 83 USD na 70 USD kvůli financování, přesto firma v prvním fiskálním čtvrtletí meziročně více než čtyřnásobně zvýšila tržby na 342 milionů USD.
Buy Applied Digital (APLD). Q1 showed real traction: revenue >4x YoY and only a 1-cent per-share loss, plus new 75MW capacity coming online. Needham cut the target mainly for financing/capex overhangs, which the market is already pricing—so the upside is in balance-sheet execution as lease cash flows start to stabilize. Thesis killer: A financing cycle forces repeated dilutive equity or covenant-driven restructuring before lease revenue meaningfully ramps, keeping the discount permanently.
Key Risk: Dilution or covenant trouble from continued expensive financing before lease cash flows ramp.
AI data-center lease beneficiaries
Buy a basket proxy for hyperscaler AI infrastructure demand: Equinix (EQIX). The news reinforces that hyperscalers keep demanding power-and-capacity buildout; EQIX is positioned to monetize that demand with more mature cash flows and less “build-and-fund” execution risk than APLD. Thesis killer: AI infrastructure demand slows or pricing power weakens, causing lease growth to disappoint and compress multiples.
Key Risk: AI data-center demand/pricing weakens enough to stall lease growth and compress margins.
Needham analyst John Todaro trimmed his price target on Applied Digital APLD on October 8th even though the AI infrastructure firm reported a blockbuster Q1 last evening.
The company more than quadrupled its revenue on a year-over-year basis to $342 million, on a per share loss of just one cent, miles above $116 million and 29 cents per share that analysts had called for.
Despite the remarkable print, Applied Digital shares are trading at less than half their price in late May.
Todaro trimmed his price target from $83 to $70 primarily to reflect near-term financing overhangs and capital expenditure risks.
While Applied Digital’s top-line growth was extraordinary, the infrastructure builder posted a net loss of $221 million due to rising interest expenses and heavy build-out costs across its data center campuses.
Funding massive HPC and AI capacity requires substantial debt and capital raises, which has kept retail and institutional investors cautious.
Needham adjusted its price objective on APLD stock to account for these elevated borrowing costs and potential dilution – acknowledging that sentiment remains heavily constrained by the balance sheet overhead required to bring new gigawatt capacity online.
Investors should note, however, that Needham’s downwardly revised $70 price target still signals potential upside of more than 200% in Applied Digital shares.
The investment firm maintained its “Buy” rating on the company – citing its expanding $36 billion lease pipeline and its crucial role in providing next-generation HPC infrastructure to hyperscalers.
APLD delivered the second 75-megawatt phase of Building 2 at its Polaris Forge 1 campus on Oct. 1st, proving that new data center capacity is coming online much faster than expected.
As long-term leases begin generating steady cash flows, Needham expects the market to eventually revalue the company like a stabilized digital infrastructure landlord.
APLD shares’ longer-term trajectory will now depend more on balance sheet execution.
Hyperscaler appetite for AI compute power is undeniable – but the Nasdaq-listed firm must show that contracted rental revenue will materialize fast enough to service its expanding debt load.
If management successfully converts its 1.41 gigawatt lease book into recurring operating cash flow without issuing dilutive equity, the stock’s steep valuation discount could disappear quickly.
Conversely, further debt rate pressure remains the primary swing factor keeping shares suppressed.
For long-term investors, the current sell-off presents a high-conviction risk-reward entry backed by fundamental multi-year demand drivers.
All in all, while not as bullish as Needham, other Wall Street firms are sticking with their bullish view on Applied Digital as well.
The consensus rating on APLD sits at Buy currently, with a mean price target of about $63, which suggests massive upside potential from here.
Applied Digital očekává v 1. čtvrtletí tržby ve výši 132,16 mil. USD, meziročně dvojnásobné, a ztrátu 0,30 USD na akcii. Akcie jsou od květnového maxima níže o zhruba 50 %.
Applied Digital Corporation (NASDAQ:APLD) looks to win back investors as it reports first-quarter financial results Wednesday after market close.
Here are the earnings estimates, analyst ratings and key items to watch.
Analysts expect the data center and digital infrastructure company to report first-quarter revenue of $132.16 million. That’s up from $64.22 million year over year, according to data from Benzinga Pro.
The company has beaten analyst revenue estimates in four straight quarters and in seven of the last 10 quarters overall.
Analysts expect Applied Digital to report a loss of 30 cents per share in the first quarter. That’s down from a loss of 3 cents per share in last year’s first quarter.
The company has beaten analyst estimates for earnings per share in eight straight quarters.
Read Next
What Analysts are SayingWells Fargo was among the analyst firms that initiated coverage on Applied Digital stock in September. The firm assigned an Overweight rating and $50 price target and named Applied Digital as a Top Idea.
Analysts at Wells Fargo said Applied Digital has structural competitive advantages, a strong backlog, and trades at a discount to its contracted net asset value.
With a backlog of $36 billion in long-term, take-or-pay lease agreements with top customers, Wells Fargo said this value is $30 per share alone. Applied Digital’s backlog is worth up to $86 billion depending on the exercising of renewal options.
Here are other recent analyst ratings on Applied Digital stock and their price targets:
UBS: Initiated with Buy rating, price target of $38 Rothschild: Initiated with Neutral rating, price target of $22 Morgan Stanley: Maintained Equal-Weight rating, raised price target from $37 to $38 Key Items to WatchAhead of Wednesday’s earnings report, Applied Digital announced a new 1 gigawatt deal in Finland on Tuesday, marking the company’s first development opportunity outside America.
The AI factory campus in Finland is expected to have initial power availability in 2028.
Applied Digital has been consistently beating analyst financial projections in recent quarters, but the stock price has stalled. After hitting a multi-year high of $50.70 in May, the stock is down about 50% from those highs.
Investors and analysts will be looking for strong revenue growth, after fourth-quarter revenue growth was up 407% year-over-year.
The company’s pivot from cryptocurrency mining to AI factories continues to payoff in terms of growth and backlog. The company’s backlog and deal pipeline will be key to watch, along with any previously unnamed partner announcements.
Applied Digital is currently working with the major hyperscalers. Any additional well-known names or repeat customer wins could continue to create a bullish case for the stock.
Investors will be looking for updates on the company’s campuses, which are in various stages of construction and will help power future growth.
Price ActionApplied Digital stock is up 2% to $25.20 on Tuesday versus a 52-week trading range of $19.00 to $50.70. Applied Digital stock is down 10.4% year-to-date in 2026.
Applied Digital získala ve Finsku přístup k potenciální kapacitě dodávek elektřiny až 1 GW pro kampus datového centra pro AI, přičemž první dodávky elektřiny se očekávají od roku 2028.
DALLAS, Oct. 06, 2026 (GLOBE NEWSWIRE) -- Applied Digital (NASDAQ: APLD), a U.S. based designer, developer, owner and operator of large-scale, purpose-built data centers to support high-performance computing (“HPC”) workloads, including artificial intelligence (“AI”), machine learning, and other accelerated-compute applications, today announced it has entered into an agreement providing access to up to 1 gigawatt (GW) of potential power capacity in Finland, representing the Company’s first development opportunity outside of the United States.
With this agreement, the Company plans to build a large-scale AI Factory campus capable of scaling to as much as 1 GW. Initial power availability is anticipated beginning in 2028. Applied Digital has begun marketing the site and is currently engaged in discussions with leading global hyperscale customers.
While Applied Digital’s near-term development strategy and execution priorities remain firmly centered on its growing U.S. portfolio, Finland represents a measured first step toward selectively extending the Company’s platform into attractive international markets over time. The agreement was structured to provide meaningful long-term growth potential while limiting the Company’s initial exposure and maintaining disciplined capital deployment.
“Applied Digital has built its platform around identifying the right power in the right markets and turning that power into operational AI capacity,” said Wes Cummins, Chairman and CEO of Applied Digital. “Finland stood out because many of the characteristics that have supported our success in North Dakota are also present in the Nordics — a favorable climate, an attractive energy ecosystem, strong connectivity and the ability to develop at meaningful scale.”
Cummins continued, “This is a deliberate first step, not a change in our strategy. Our focus remains firmly on executing the projects in front of us in the United States. At the same time, as we continue building Applied Digital into a category leader in AI infrastructure, we believe it is important to selectively secure compelling sites that can extend our growth runway over the long term.”
Finland has emerged as an increasingly attractive market for hyperscale and AI development, supported by its cooler climate, established energy and digital networks, and growing investment from global technology leaders. Applied Digital believes these characteristics align closely with the development principles that underpin its U.S. portfolio: securing scalable power and land in markets where AI capacity can be developed efficiently, responsibly and repeatedly.
The Finland campus represents the first potential application of Applied Digital’s AI Factory campus development model outside the U.S. The Company intends to advance the project in a disciplined manner, with future investment and development decisions tied to customer demand, commercial milestones and the achievement of necessary regulatory and development requirements.
“Our ability to scale is not about planting flags in as many markets as possible,” Cummins said. “It is about identifying exceptional sites and applying the same disciplined model repeatedly. We have demonstrated that model across our U.S. portfolio. Finland gives us the opportunity to begin proving that platform can travel.”
About Applied Digital
Applied Digital (Nasdaq: APLD) — named Best Data Center in the Americas 2025 by Datacloud — designs, builds, and operates high-performance, sustainably engineered data centers and colocation services for artificial intelligence, cloud, networking, and blockchain workloads. Headquartered in Dallas, TX, and founded in 2021, the company combines hyperscale expertise, closed-loop cooling, and rapid deployment capabilities to deliver secure, scalable compute at industry-leading speed and efficiency, while creating economic opportunities in underserved communities through its AI Factory franchise model.
Learn more at applieddigital.com or follow @APLDdigital on X and LinkedIn.
Forward-Looking Statements
This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things, future operating and financial performance, product development, market position, business strategy and objectives, and future financing plans. These statements use words, and variations of words, such as “will,” “continue,” “build,” “future,” “increase,” “drive,” “believe,” “look,” “ahead,” “confident,” “proven,” “deliver,” “outlook,” “expect,” “project” and “predict.” Other examples of forward-looking statements may include, but are not limited to, (i) statements that reflect perspectives and expectations regarding lease agreements and any current or prospective data center campus development; (ii) statements about the high-performance computing (HPC) industry; (iii) statements of company plans and objectives, including the company’s evolving business model, or estimates or predictions of actions by suppliers; (iv) statements of future economic performance; (v) statements regarding international markets and expansion and development internationally, and (vi) statements of assumptions underlying other statements and statements about the company or its business. You are cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events and thus are inherently subject to uncertainty. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the company’s expectations and projections. These risks, uncertainties, and other factors include, among others: whether or not our customers exercise the renewal options under their leases with us (if not, we will not recognize further revenue from such customer under its respective lease); our ability to complete construction of our data center campuses as planned, including internationally; the lead time of customer acquisition and leasing decisions and related internal approval processes; changes to artificial intelligence and HPC infrastructure needs and their impact on future plans; costs related to the HPC operations and strategy; our ability to timely deliver any services required in connection with completion of installation under lease agreements; our ability to raise additional capital to fund the ongoing datacenter construction and operations; differences in sourcing materials and labor internationally; our ability to obtain financing of datacenter leases and more broadly for our development and general corporate activities; our dependence on principal customers, including our ability to execute and perform our obligations under our leases with key customers; our ability to timely and successfully build new hosting facilities with the appropriate contractual margins and efficiencies; power or other supply disruptions and equipment failures; the inability to comply with regulations, developments and changes in regulations, including internationally; cash flow and access to capital; availability of financing to continue to grow our business; decline in demand for our products and services; maintenance of third party relationships; and conditions in the debt and equity capital markets. A further list and description of these risks, uncertainties, and other factors can be found in the company’s most recently filed Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, including in the sections captioned “Forward-Looking Statements” and “Risk Factors,” and in the company’s subsequent filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov, on the company’s website (www.applieddigital.com) under “Investors,” or on request from the company. Information in this press release is as of the dates and time periods indicated herein, and the company does not undertake to update any of the information contained in these materials, except as required by law.
Applied Digital just hit a major capacity milestone at its flagship North Dakota campus, yet the stock is bleeding alongside its closest peers while the broader market climbs. Something in the AI infrastructure trade is breaking down, and it matters…
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A fresh capacity mark at Applied Digital (NASDAQ:APLD) is clashing with a pullback across AI data center operators, and the selling pressure is winning out. Applied Digital stock is at $24.31 in midday trading, down 4% despite new progress at the flagship North Dakota campus.
Shares of IREN Limited (NASDAQ:IREN) and Cipher Digital (NASDAQ:CIFR) stock are down 4% as well, rounding out a three-name slide among operators that have shifted toward high-performance computing hosting. Shared roots in crypto mining infrastructure and a common focus on leasing power-dense capacity to AI customers lead the market to trade Applied Digital, IREN and Cipher Digital shares as a group.
Meanwhile, the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is up 0.5%, so the wider market remains steady. The Global X Data Center & Digital Infrastructure ETF (NASDAQ:DTCR) is up 0.1%, a small gain that keeps digital infrastructure as a whole in positive territory. That gap places the selling squarely in Applied Digital, IREN and Cipher Digital shares while the fund’s larger holdings stay steady.
Polaris Forge 1 Reaches Another Capacity Milestone In a press release, Applied Digital announced a milestone. The company reached Ready for Service on the second phase of Building 2 at its Polaris Forge 1 campus in Ellendale, North Dakota, bringing an additional 75 megawatts of critical information technology load online, according to Applied Digital Corporation. Ready for Service marks the point when a data hall is energized, commissioned and available for a tenant to start running its equipment, while critical information technology load measures the power reserved for the computing gear itself. The company’s Polaris Forge 1 campus is fully leased, so the new capacity has a tenant in place from the moment it goes live.
Applied Digital chairman and CEO Wes Cummins stated that securing power is only the starting point. Cummins added that the real work is designing, building, commissioning and operating the infrastructure that turns those megawatts into usable capacity for the company’s customers. Polaris Forge 1’s latest phase shows that process at work and supports the bull case that Applied Digital keeps converting contracted power into operating capacity on schedule.
The Global X DTCR fund holds a mix of established data center landlords, tower owners and chipmakers, a profile far steadier than that of faster-growing AI hosting operators such as Applied Digital, IREN and Cipher Digital. Those operators face higher growth expectations. They also carry heavy build-out spending (we covered seven non-chipmaker suppliers to the AI expansion, from power to cooling, in a free report here), so they tend to swing harder in both directions when sentiment toward AI infrastructure shifts. Such a split explains how the fund can edge higher while Applied Digital, IREN and Cipher Digital shares all slide.
What to Watch Next What matters for Applied Digital from here is whether contracted demand keeps pace with the capacity the company continues to deliver. A fully leased Polaris Forge 1 is a strong foundation, and additional contracts beyond that campus would show that the Applied Digital build-out is matched by paying customers. The clearest signal on that front will be new lease announcements from Applied Digital.
Operational progress at Applied Digital is real, but the shares remain tightly tied to a volatile peer group. Keeping your stake in Applied Digital moderate lets shareholders follow the Polaris Forge build-out while limiting the damage if the group selloff extends.
Contact [email protected] for any questions or corrections.
David Moadel
David Moadel is financial writer specializing in stocks, ETFs, options, precious metals, and Bitcoin. David has written well over 1,000 articles for leading online publications, helping investors understand markets, income strategies, and risk.His work has appeared in The Motley Fool, InvestorPlace, U.S. News & World Report, TipRanks, ValueWalk, Benzinga, Market Realist, TalkMarkets, Finmasters, 24/7 Wall St., and others.With a master’s degree in education, David has taught at the elementary, high school, and college levels. That teaching background shapes his writing style: clear, educational, and practical. David has also built a loyal social-media audience by providing trustworthy financial content on YouTube, X/Twitter, and StockTwits.
Applied Digital spustila dalších 75 MW AI infrastruktury v Polaris Forge 1, čímž zvýšila plně provozní kapacitu kampusu na 250 MW. Celý areál má mít po dokončení kapacitu 400 MW.
Completion of three additional 25 MW data halls brings fully operational capacity at Polaris Forge 1 to 250 MW | Source: Applied Digital Corporation
DALLAS, Oct. 02, 2026 (GLOBE NEWSWIRE) -- Applied Digital (NASDAQ: APLD), a U.S. based designer, developer, owner and operator of large-scale, purpose-built data centers engineered to support high-performance computing (“HPC”) workloads, including artificial intelligence (“AI”), machine learning, and other accelerated-compute applications, today announced it has achieved Ready for Service for the second phase of Building 2 at its Polaris Forge 1 campus, delivering an additional 75 MW of critical IT load across three 25 MW data halls.
The milestone completes Building 2’s full 150 MW of critical IT load and brings fully operational critical IT load at Polaris Forge 1 to 250 MW. The fully leased AI Factory Campus is contracted to deliver 400 MW of critical IT load at full buildout.
“Bringing another 75 MW of AI infrastructure online at Polaris Forge 1 further demonstrates our ability to turn large-scale power into operational AI infrastructure,” said Wes Cummins, Chairman and Chief Executive Officer of Applied Digital. “Securing power is only the starting point. The real work is designing, building, commissioning, and operating the infrastructure that transforms those megawatts into usable capacity for customers. That is the capability we continue to scale across our platform.”
The latest delivery follows the first 100 MW building at Polaris Forge 1 and the initial 75 MW phase of Building 2. With 250 MW now operational, Polaris Forge 1 reflects Applied Digital’s repeatable approach to developing and operating large-scale infrastructure purpose-built for advanced AI and high-performance computing workloads.
Polaris Forge 1 is located in Ellendale, North Dakota, where Applied Digital has operated since 2021 and built long-standing relationships with local leaders, partners, and community stakeholders. As the campus continues to expand, the Company remains focused on responsible development, local partnership, and creating long-term value in the communities where it builds.
About Applied Digital
Applied Digital (Nasdaq: APLD) — named Best Data Center in the Americas 2025 by Datacloud — designs, builds, and operates high-performance, sustainably engineered data centers and colocation services for artificial intelligence, cloud, networking, and blockchain workloads. Headquartered in Dallas, TX, and founded in 2021, the company combines hyperscale expertise, closed-loop cooling, and rapid deployment capabilities to deliver secure, scalable compute at industry-leading speed and efficiency, while creating economic opportunities in underserved communities through its AI Factory franchise model.
Learn more at applieddigital.com or follow @APLDdigital on X and LinkedIn.
Forward-Looking Statements
This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things, future operating and financial performance, product development, market position, business strategy and objectives, and future financing plans. These statements use words, and variations of words, such as “will,” “continue,” “build,” “future,” “increase,” “drive,” “believe,” “look,” “ahead,” “confident,” “proven,” “deliver,” “outlook,” “expect,” “project” and “predict.” Other examples of forward-looking statements may include, but are not limited to, (i) statements that reflect perspectives and expectations regarding lease agreements and any current or prospective data center campus development; (ii) statements about the high-performance computing (HPC) industry; (iii) statements of company plans and objectives, including the company’s evolving business model, or estimates or predictions of actions by suppliers; (iv) statements of future economic performance; and (v) statements of assumptions underlying other statements and statements about the company or its business. You are cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events and thus are inherently subject to uncertainty. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the company’s expectations and projections. These risks, uncertainties, and other factors include, among others: whether or not our customers exercise the renewal options under their leases with us (if not, we will not recognize further revenue from such customer under its respective lease); our ability to complete construction of our data center campuses as planned; the lead time of customer acquisition and leasing decisions and related internal approval processes; changes to artificial intelligence and HPC infrastructure needs and their impact on future plans; costs related to the HPC operations and strategy; our ability to timely deliver any services required in connection with completion of installation under lease agreements; our ability to raise additional capital to fund the ongoing datacenter construction and operations; our ability to obtain financing of datacenter leases and more broadly for our development and general corporate activities; our dependence on principal customers, including our ability to execute and perform our obligations under our leases with key customers; our ability to timely and successfully build new hosting facilities with the appropriate contractual margins and efficiencies; power or other supply disruptions and equipment failures; the inability to comply with regulations, developments and changes in regulations; cash flow and access to capital; availability of financing to continue to grow our business; decline in demand for our products and services; maintenance of third party relationships; and conditions in the debt and equity capital markets. A further list and description of these risks, uncertainties, and other factors can be found in the company’s most recently filed Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, including in the sections captioned “Forward-Looking Statements” and “Risk Factors,” and in the company’s subsequent filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov, on the company’s website (www.applieddigital.com) under “Investors,” or on request from the company. Information in this press release is as of the dates and time periods indicated herein, and the company does not undertake to update any of the information contained in these materials, except as required by law.
Applied Digital má ve čtyřech AI kampusech smluvně zajištěné nájemné za 31 miliard USD, až 73 miliard USD včetně opcí na obnovení. Výsledky za 1. fiskální čtvrtletí 2027 zveřejní 8. října.
Applied Digital Corporation (NASDAQ:APLD) shares are in the spotlight, with earnings on deck and a wide split in recent analyst activity.
Applied Digital shares are under pressure. Why are APLD shares declining? Earnings Preview & HistoryApplied Digital is scheduled to report fiscal first-quarter 2027 earnings on October 8 after the market closes. Analysts estimate a loss of 30 cents per share along with revenue of $134.86 million. For the prior quarter, Applied Digital reported EPS of 4 cents, beating the consensus estimate of a loss of 22 cents. The company also posted revenue of $258.75 million, beating the consensus estimate of $94.84 million.
What to Expect: AI Factory Buildout, Hyperscaler Lease Updates in FocusInvestors will be closely tracking the pace of construction and energization milestones across Applied Digital’s four AI Factory campuses — Polaris Forge 1, 2, and 3, and Delta Forge 1 — which together carry $31 billion in contracted lease revenue, or up to $73 billion including renewal options. Commentary on the Polaris Forge 3 lease, a 300 MW agreement signed with a U.S.-based investment-grade hyperscaler valued at approximately $7.5 billion in base-term revenue, will also be in focus, along with any updates on the CoreWeave subsidiary’s progress toward investment-grade credit status under the companies’ Building 3 assignment agreement.
Progress on Base Electron, the company’s independent power venture aimed at adding 1.2 gigawatts of grid capacity in the Dakotas, along with the pace of new lease signings and the company’s ongoing efforts to lower its cost of project-level debt, should offer additional signals on execution heading into fiscal 2027.
Analyst Consensus & Recent Actions The stock carries a Buy rating with an average price forecast of $61.65. Recent analyst moves include:
UBS: Initiated with Buy (Target $38.00) (Sept. 23) Rothschild & Co: Initiated with Neutral (Target $22.00) (Sept. 21) Wells Fargo: Initiated with Overweight (Target $50.00) (Sept. 17) Read Next
Applied Digital Shares Edge LowerAPLD Price Action: At the time of publication, Applied Digital shares are trading 1.60% lower at $25.83, according to data from Benzinga Pro.
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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Applied Digital má 1,4 GW smluvně zajištěného kritického IT loadu, což odpovídá asi 36 miliardám USD v nájemních výnosech. Firma chce dodávat přibližně 500 MW ročně.
Key Takeaways Applied Digital has 1.4 GW of contracted critical IT load representing about $36 billion in lease revenue.APLD's secured sites could gain value as U.S. data-center power constraints intensify through 2030.APLD targets about 500 MW of Critical IT load delivery annually to support long-term capacity growth. Applied Digital (APLD - Free Report) is well-positioned to turn its power-advantaged sites into a meaningful edge in the AI data center market. The company focuses on locations with abundant, cost-competitive power, land and fiber, while North Dakota provides favorable electricity costs, free cooling opportunities and economic incentives. Its first-mover advantage in securing energy resources before the AI infrastructure boom further strengthens the company’s position. APLD is already converting this advantage into AI capacity, with approximately 1.4 GW of contracted critical IT load representing about $36 billion in contracted lease revenue.
U.S. grid may need approximately 100 GW of new capacity by 2030, with roughly half driven by data centers, while Boston Consulting Group estimates that the U.S. data-center power shortfall could exceed 45 GW by 2030. This growing power constraint could increase the value of APLD’s secured sites and create opportunities to expand AI infrastructure capacity.
However, APLD still depends on third-party power suppliers, exposing the company to potential power disruptions, price increases and volatility. This could raise operating costs and affect the economics of its AI data centers.
Power availability can be affected by construction and supply-chain delays. Securing power does not immediately translate into revenue-generating capacity, as APLD must complete substations, electrical infrastructure and other critical components before campuses become operational. Delays could therefore postpone capacity delivery and revenue generation.
Nonetheless, APLD’s power-advantaged locations provide a strong foundation for AI infrastructure growth. Its multi-gigawatt power pipeline and potential to deliver approximately 500 MW of Critical IT load annually could support long-term capacity and revenue expansion.
How APLD’s Rivals Are Building Their Power AdvantageTeraWulf (WULF - Free Report) is building its power advantage around control of scalable, power-advantaged sites and utility relationships. WULF’s brownfield redevelopment strategy leverages existing infrastructure and interconnection expertise, while its Chesapeake plan combines generation, battery storage and data-center load. This gives WULF a pathway to accelerate power availability and compete with APLD for large AI workloads.
WULF is also expanding across multiple U.S. power markets, reducing reliance on a single grid or interconnection process. WULF has 839 MW of leased capacity and a 2.1-GW controlled pipeline, including Muskie’s 1+ GW utility-powered campus tied to a 345/765-kV transmission backbone.
Core Scientific (CORZ - Free Report) is challenging APLD by pairing secured grid-connected power with behind-the-meter solutions across a diversified campus portfolio. CORZ has more than 1 GW of customer-contracted capacity and significant AMD expansion potential, with Pecos and Muskogee able to support up to 1 GW each. This gives CORZ multiple pathways to expand AI capacity as power becomes scarcer. CORZ is further strengthening its position by converting existing power capacity from Bitcoin mining to high-density colocation while selectively acquiring powered land. CORZ has about 1.1 GW of contracted billable capacity and more than 2 GW of new site opportunities.
APLD’s Share Price Performance, Valuation & EstimatesAPLD shares have plunged 39.6% over the past three months against the broader Zacks Finance sector’s 3.8% growth.
APLD's 3-Month Performance
Image Source: Zacks Investment Research
From a valuation standpoint, APLD appears overvalued, trading at a trailing 12-month price/sales (P/S) ratio of 12.05, above the Financial - Miscellaneous Services industry’s average of 2.58. The company carries a Value Score of F.
Price/Sales Ratio (TTM)
Image Source: Zacks Investment Research
APLD’s fiscal 2027 earnings outlook remains under pressure, as the Zacks Consensus Estimate is pegged at a loss of $1.09 per share, unchanged over the past 30 days. The projected loss is wider than the 91-cent loss recorded a year ago.
Applied Digital za poslední tři měsíce klesla o 44,3 %, ale stále se obchoduje za 13,1násobek tržeb. Firma má kontrahovanou dlouhodobou hodnotu nájmů 36 miliard USD, zatímco tržby za posledních 12 měsíců činily 0,6 miliardy USD.
SHENZHEN, CHINA - JULY 23: In this photo illustration, a smartphone displays the logo of Applied Digital Corporation (NASDAQ: APLD), an American company focused on designing, developing and operating digital infrastructure for high-performance computing and artificial intelligence applications, in front of a screen showing the company's latest stock market chart on July 23, 2026 in Shenzhen, Guangdong Province, China. (Photo illustration by Cheng Xin/Getty Images)
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This article was written by Doug Nathman, with research by his team at Trefis.
Applied Digital (APLD) has declined 44.3% during the last three months as the S&P 500 returned 1.4%, and, at roughly $26.50, the stock is currently around half its 52-week high. Yet it trades at 13.1 times sales against 3.2 for the S&P 500. Both statements are simultaneously true because the share price has little connection to the business visible today.
Why Does Applied Digital Continue To Seem Expensive?Begin with what is operational. Trailing twelve-month revenue stood at $0.6 billion, and, according to management, the fiscal Q4 2026 HPC data center financials mainly reflect only the first 100 megawatts brought online at Polaris Forge 1, with another 75 megawatts delivered there afterward. Contracted critical IT load across its campuses totals 1.41 gigawatts.
Compare that with $36 billion in contracted long-term lease value, rising from $7 billion a year earlier. That backlog is what you are paying for. The underlying business is expanding quickly, while the income statement remains a construction site with only the first meters operating.
Can Applied Digital Truly Build All Of It?Management identifies two limitations: when utility power becomes available and its internal supply chain. It has quantified the latter at roughly 700 megawatts of critical IT load annually, compared with a 1.5 gigawatt build it has contracted to complete within a couple of years. By its own acknowledgment, that slightly exceeds its limit.
The track record suggests otherwise. The first Polaris Forge 1 building required about 24 months from construction commencement to service, while the second took under 12. Management states that every one of its construction projects is currently on time and on budget.
The power needed to enable the next phase lies further ahead. The company’s arrangement with Base Electron encompasses roughly 1.2 gigawatts of natural gas-fired generation in the Dakotas, with that initial capacity arriving in 2029 and 2030.
What Happens If The Schedule Slips?You finance the gap while it persists, using the balance sheet instead of earnings. Operating margin is sharply negative at -35.1%, versus 18.5% for the S&P 500, meaning the company overall still loses money from operations. Debt stands at 71.6% of market value compared with 19.8% for the market, although cash represents 16.0% of total assets versus 6.6%.
A pricing issue sits beneath the backlog. The three latest leases, spanning 810 megawatts, prompted analyst questions about yields lower than peers, while management says its lease rates are toward the upper end of the range for comparable transactions and have risen since those talks. Roughly $20 billion of the $36 billion originated from those three, each signed with the same high investment-grade hyperscaler.
The next meaningful indicator is whether the two expansion leases under negotiation, approximately 100 and 150 megawatts, are completed at the materially higher rates management anticipates.
So, what are you purchasing? A substantial contracted revenue stream, a construction program progressing slightly ahead of the company’s stated capacity, and an income statement that will not determine which prevails for another year or two. Notably, though, given the stock’s nearly 90% twelve-month return and a 35% three-month decline, this is a rather volatile bet.
Applied Digital má smlouvy za 36 miliard USD, ale do fiskálního roku 2029 dorazí méně než 2 miliardy USD nájemného. K dnešku je zprovozněno jen 175 MW z nasmlouvané kapacity.
On paper, Applied Digital (APLD +1.77%) has already sold the next 15 years. The artificial intelligence (AI) data center builder has signed leases covering about 1,410 megawatts (MW) of critical IT load (the power available to tenants' computing equipment) across five campuses. Those contracts add up to about $36 billion over their initial 15-year base terms.
And yet the company generated just $611.3 million of revenue in the fiscal year that ended May 31 -- and posted a $249.2 million net loss attributable to common shareholders.
As of this writing, the growth stock sits near $26, well below the $50.73 it touched over the past year, and the market values the company at about $7.7 billion.
The difference is timing. Applied Digital's leases don't pay until the buildings are finished, powered, and handed over. And only 175 MW of the contracted capacity was live as of the company's late-July update.
Image source: Getty Images.
A $36 billion lease bookThe five campuses (three in North Dakota and two in the South) are leased to CoreWeave and two investment-grade hyperscalers. Each lease runs 15 years on a take-or-pay basis, meaning the tenant owes the rent whether or not it uses the space.
Today's business, however, is far smaller than the contracts suggest. Revenue jumped 167% year over year in fiscal 2026, to $611.3 million, but only $99.8 million of that was base rent from the AI campuses. Most of the rest came from crypto mining hosting and from reimbursed work fitting out tenants' buildings. And the net loss widened slightly year over year as overhead and stock-based compensation climbed.
"We believe delivering on time is a genuine differentiator in this industry," CEO Wes Cummins said in the company's fiscal fourth-quarter update. "We brought Polaris Forge 1's first 100 MW online on schedule and have now scaled total live capacity at the campus to 175 MW."
When does the rent arrive?Applied Digital begins recognizing rental revenue when a property is ready for its intended use and the tenant takes possession. In other words, a signed lease on an unfinished building produces no rental revenue at all.
The annual report even warns that significant construction delays can, in certain circumstances, give tenants the right to terminate.
The company's own schedule of minimum lease payments shows how gradually the money arrives: the leases call for $451 million in fiscal 2027. Fiscal 2028's figure is $1.45 billion, and fiscal 2029's is $2.25 billion. In other words, less than $2 billion of the 15-year, $36 billion total (about 5%) arrives before fiscal 2029. Payments quintuple across those three years as buildings come online, with deliveries phased from Polaris Forge 2's first buildings in calendar 2026 out to the second half of calendar 2028. Once every campus is delivered, the leases call for about $2.3 billion of rent per year.
That schedule, I'd argue, is the heart of the case. Take-or-pay contracts leave little doubt about who owes the rent, so long as the buildings get built. What's still open is the construction itself, and big builds can slip.
The financing isn't cheapThe construction bill, meanwhile, is due now. Applied Digital's capital expenditures came to $2.87 billion in fiscal 2026, up from about $680 million the year before.
It ended fiscal 2026 with $5.0 billion of debt against $4.2 billion of cash, much of it restricted. The subsidiaries' senior secured notes carry rates from 6.75% to 9.25%.
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Macquarie Asset Management has also funded $1.8 billion of perpetual preferred equity, with the right to invest up to $4.9 billion more, for the North Dakota campuses. But that money isn't free either, since preferred capital collects ahead of common shareholders.
At about $7.7 billion, the market is paying more than 12 times fiscal 2026 sales -- and over three times the annual rent the finished portfolio is contracted to produce. That valuation arguably bakes in years of smooth construction.
It might all go to plan. Management has delivered on schedule so far, and the leases likely remove most of the demand risk a project like this usually carries.
But most of the buildings don't exist yet, and lenders and preferred holders get paid before common shareholders do. I'd avoid buying shares today. If Applied Digital keeps delivering campuses on schedule (management expects Polaris Forge 2's first buildings to begin coming online in calendar 2026), I would take another look.
Applied Digital má 36 miliard USD smluvních výnosů z pronájmu, z toho zhruba 20 miliard USD od jednoho hyperscaleru. Ve fiskálním roce 2026 tvořil jeden HPC zákazník 59 % tržeb z pokračující činnosti.
Key Takeaways Applied Digital has $36B in contracted lease revenues, with roughly $20B tied to one hyperscaler.One HPC customer generated 59% of fiscal 2026 continuing-operations revenues, showing concentration.Long-term take-or-pay leases and expansion with existing customers could help diversify future revenues. Applied Digital (APLD - Free Report) is rapidly expanding its AI data center platform, but its growing reliance on a small group of hyperscalers raises concerns about future revenue concentration.
APLD ended fiscal 2026 with approximately $36 billion of contracted lease revenues across 1.4 gigawatts of critical IT load. However, three recently signed 15-year take-or-pay leases with the same high investment-grade hyperscaler account for roughly $20 billion of contracted revenues. Although these campuses span different states, the contracts increase APLD’s dependence on a single customer.
The concentration is already visible in reported results. During fiscal 2026, one HPC customer accounted for 59% of total revenues from continuing operations, while no other customer represented more than 10%. APLD expects a limited number of hyperscalers to continue accounting for a high percentage of revenues.
This concentration could become a concern if a major customer experiences financial difficulties, reduces equipment usage or discontinues using APLD facilities. Such developments could pressure lease prices, profit margins, revenues and cash flow.
Still, 15-year take-or-pay agreements and investment-grade counterparties provide meaningful protection, while additional expansion leases with two existing investment-grade customers could reduce customer concentration and support more diversified revenue growth. Supporting this outlook, the Zacks Consensus Estimate projects revenues to increase 49.7% year over year in fiscal 2027.
That is why hyperscaler concentration poses a meaningful revenue risk, but long-term contracts and customer diversification efforts provide important safeguards.
How Do CORZ & CRWV Stack Up Against APLD?Core Scientific (CORZ - Free Report) competes with APLD in power-rich, high-density AI infrastructure, where securing capacity and major counterparties is critical. In the second quarter of 2026, CORZ demonstrated strong execution, reaching 437 billable MW and 1.1 GW of contracted capacity, while its AMD deal adds diversification. However, concentrating large capacity with AMD and CoreWeave creates counterparty risk if either reduces commitments. CORZ appears competitive, with execution and power availability as key strengths.
CoreWeave (CRWV - Free Report) contends with APLD through a vertically integrated AI-cloud model spanning GPUs, networking, storage, software and managed inference. CRWV is gaining strong momentum, with second-quarter 2026 revenues rising 112% to $2.6 billion, a $104.2 billion backlog and 1.5 GW of active power. Its expanding customer base helps reduce concentration risk, although exposure to large customers remains a potential weakness. CRWV holds an edge in platform depth and scale but faces higher capital and debt requirements.
APLD’s Share Price Performance, Valuation & EstimatesAPLD shares have returned 3.6% year to date compared with the broader Zacks Finance sector’s 7.4% growth.
APLD’s YTD Price Performance
Image Source: Zacks Investment Research
From a valuation standpoint, APLD appears overvalued, trading at a trailing 12-month price/book (P/B) ratio of 4.21, above the Financial - Miscellaneous Services industry’s average of 3.05. The company carries a Value Score of F.
APLD’s Valuation
Image Source: Zacks Investment Research
The fiscal 2027 bottom-line outlook remains challenging, with the consensus estimate currently pegged at a loss of $1.09 per share, representing a 24% decline over the past 30 days. This compares with a loss of 91 cents per share reported in fiscal 2026, highlighting continued pressure on profitability.
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APLD stock currently carries a Zacks Rank #5 (Strong Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Akcie Applied Digital za poslední měsíc přidaly asi 8,4 % po zveřejnění výsledků, když tržby ve 4. čtvrtletí meziročně vzrostly o 407 % na 258,7 milionu USD.
It has been about a month since the last earnings report for Applied Digital Corporation (APLD - Free Report) . Shares have added about 8.4% in that time frame, outperforming the S&P 500.
But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Applied Digital Corporation due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts.
Applied Digital Q4 Earnings Beat Estimates, Revenues Rise Y/YApplied Digital reported a loss of 39 cents per share in the fourth quarter of fiscal 2026, a deterioration from a loss of 24 cents registered in the year-ago quarter. The figure was wider than the Zacks Consensus Estimate of a loss of 18 cents by 116.67%.
Revenues surged 407% year over year to $258.7 million, driven by the ramp-up of HPC tenant fit-out services at Polaris Forge 1 and continued strength in the Data Center Hosting Business. The figure beat the Zacks Consensus Estimate of $240 million by 7.79%.
APLD's Segment Performance
The Data Center Hosting Business generated $37.3 million in revenues, materially consistent year over year with stable operating conditions, as both Jamestown (106 MW) and Ellendale (180 MW) operated at full capacity as of May 31. The segment generated $12.5 million in operating profit during the quarter, on a reported asset base of $113.8 million, and continues to be the company's highest return on asset business.
The HPC Hosting Business contributed $203 million in revenues during the quarter. This included $152.4 million from tenant fit-out services, $44.1 million related to base rent and $6.5 million related to tenant recoveries. The segment generated an operating profit of $26.2 million. The business now spans five contracted campuses totaling roughly 1.4 gigawatts of critical IT load, following three new leases signed with a single high-investment-grade hyperscaler since the prior quarter.
During the quarter, the company completed the separation of its Cloud Services Business, combining it with Ekso Bionics Holdings to form ChronoScale Holdings Corporation. Applied Digital retained approximately 96% ownership. Reflecting this, the company consolidated ChronoScale revenues of $18.4 million for the quarter. The segment is excluded from the company's non-GAAP results going forward as management evaluates the Data Center Hosting and HPC Hosting businesses as its core operations.
APLD's Operating Details
Services cost of revenues jumped 256% year over year to $193.1 million, primarily reflecting $145.6 million associated with tenant fit-out services for the HPC Hosting Business. Data center rental and other cost of revenues came in at $25.1 million, primarily comprising depreciation and amortization on the first HPC data center at Polaris Forge 1, along with reimbursable tenant recovery expenses.
Selling, general and administrative expenses surged 303% year over year to $165.3 million. The increase was driven by $116.8 million in stock-based compensation tied to accelerated vesting of employee stock awards and grant activity related to the ChronoScale separation, as well as $7.3 million in personnel expenses tied to headcount growth and $5.6 million in professional services expense.
Interest expense net rose 26% year over year to $10.6 million, as a $31.9 million increase in interest expense from new debt arrangements was partially offset by a $30.5 million increase in interest income from higher balances held in interest-bearing demand deposit accounts.
The company recognized a $53.3 million gain on the change in fair value of derivatives, comprising a $69.9 million increase in the value of its Babcock & Wilcox common stock warrant partially offset by a $16.7 million decrease in the fair value of derivative assets tied to preferred units. It also recorded a $4.8 million gain on the change in fair value of investments, reflecting the appreciation of its B&W common stock position. Neither gain was present in the year-ago quarter.
APLD's Balance Sheet and Cash Flows
As of May 31, Applied Digital held cash, cash equivalents and restricted cash of approximately $4.2 billion compared with $2.1 billion as of Feb. 28. Total debt stood at approximately $5 billion compared with $2.7 billion at the end of the third quarter of fiscal 2026, reflecting the closing of $2.15 billion of senior secured notes tied to Polaris Forge 2, along with a new revolving credit facility.
Operating cash flow was positive $89.7 million for the fiscal year ended May 31, 2026, a marked improvement from cash used in operations of $115.4 million in the prior fiscal year, aided by a strong step-up in collections during the fourth quarter.
APLD Offers Positive Outlook
Applied Digital ended the fiscal year with roughly 1.4 gigawatts of contracted critical IT load across five AI Factory campuses, representing approximately $36 billion in total contracted lease revenue, or approximately $86 billion including renewal options. It is actively marketing another 1.7 gigawatts across multiple states, citing robust demand and rising lease rates.
Management is in advanced talks to expand capacity by 100 MW and 150 MW with two existing investment-grade customers, which would lift total capacity to 1.66 gigawatts and add over $6 billion in contracted revenue at current rates. The company is also working with Base Electron to develop roughly 1.2 gigawatts of natural gas fired generation in the Dakotas to support further expansion.
Applied Digital now expects to hit its $1 billion annual net operating income target roughly three years ahead of schedule, with quarterly capex guided at approximately $600 million as construction continues across its campuses.
How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in fresh estimates.
The consensus estimate has shifted -27.5% due to these changes.
VGM ScoresCurrently, Applied Digital Corporation has a nice Growth Score of B, though it is lagging a bit on the Momentum Score front with a C. However, the stock was allocated a score of F on the value side, putting it in the fifth quintile for value investors.
Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. It's no surprise Applied Digital Corporation has a Zacks Rank #4 (Sell). We expect a below average return from the stock in the next few months.
Performance of an Industry PlayerApplied Digital Corporation is part of the Zacks Financial - Miscellaneous Services industry. Over the past month, Blackstone Inc. (BX - Free Report) , a stock from the same industry, has gained 7.1%. The company reported its results for the quarter ended June 2026 more than a month ago.
Blackstone Inc. reported revenues of $3.8 billion in the last reported quarter, representing a year-over-year change of +23.7%. EPS of $1.52 for the same period compares with $1.21 a year ago.
Blackstone Inc. is expected to post earnings of $1.36 per share for the current quarter, representing a year-over-year change of -10.5%. Over the last 30 days, the Zacks Consensus Estimate has changed -4%.
Blackstone Inc. has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of D.
Applied Digital ve fiskálním roce 2026 zvýšila tržby o 167 % na 611 milionů USD a snížila zředěnou ztrátu na akcii o 22 %. Firma má pronajatých 1,4 GW kapacity datových center s potenciálními tržbami 36 miliard USD za 15 let.
Applied Digital (APLD -7.65%) stock has been on a roller-coaster ride this year. However, the past few months have been quite painful for this artificial intelligence (AI) infrastructure specialist.
Applied Digital stock has pulled back 45% from the 52-week high it reached almost three months ago. However, a closer look at the company's surging growth and the bright prospects of the AI data center infrastructure market suggests that the recent pullback in this stock could be a buying opportunity.
Let's look at the reasons why.
Image source: Getty Images.
The market is underestimating Applied Digital's growth potentialApplied Digital is in the business of designing, building, and operating data centers designed to handle AI and high-performance computing (HPC) workloads. This puts the company right in the middle of a lucrative growth opportunity.
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Market research firm Dell'Oro Group estimates that global spending on AI data centers could exceed $3 trillion by the end of the decade, driven by the need to support the growth in AI workloads in the cloud. What's worth noting is that Dell'Oro has almost doubled its data center capex outlook for 2030 since January 2026.
It won't be surprising to see this estimate move higher in the future, as more companies integrate AI into their operations to unlock productivity gains. A report released by workplace advisory services provider Gallup earlier this year noted that 65% of employees using AI in organizations have reported a jump in productivity.
So, the massive addressable market that Applied Digital is poised to capitalize on could get even bigger in the future. The good news is that the company is positioning itself to capitalize on the tremendous opportunity in this market. The company posted a 167% increase in revenue in fiscal 2026 (ending May 31) to $611 million. Importantly, it also reduced its diluted loss per share by 22%.
Applied Digital's growth rate could accelerate substantially in the future, given its robust lease revenue pipeline. Applied Digital has leased out 1.4 gigawatts (GW) of data center capacity across its five data center campuses. The company estimates that these leases will generate $36 billion in lease revenue across 15 years under the base contractual term.
Importantly, Applied Digital has started delivering the data center capacity, which will help it convert the lease revenue pipeline into actual revenue. The company estimates that it will complete delivery of the entire 1.4 GW of the contracted data center capacity by the second half of 2028. What's more, Applied Digital notes that the renewal options included in these lease contracts could take its potential long-term lease revenue to an impressive $86 billion.
But even if Applied Digital's customers don't exercise the renewal options, which seems quite unlikely amid the booming data center demand, its annual revenue run rate could be around $2 billion over the next 15 years. That's a conservative estimate, as the company is looking to add new data center campuses, in addition to increasing capacity at existing campuses.
So, Applied Digital's top line could jump substantially from its fiscal 2026 levels, and that's precisely what analysts are expecting.
APLD Revenue Estimates for Current Fiscal Year data by YCharts
The terrific top-line growth will send the stock soaringThe $2.72 billion revenue estimate for fiscal 2029 points to a jump of almost 4x in Applied Digital's top line from fiscal 2026 levels. Such impressive growth explains why this AI stock is trading at a relatively expensive 12 times sales, while the U.S. tech sector has an average sales multiple of 7.4.
The good news is that the recent pullback in Applied Digital stock has made it relatively inexpensive to buy right now, as it was trading at over 38 times sales at the end of May. Assuming Applied Digital trades at the U.S. tech sector's average sales multiple after three years and its revenue reaches $2.72 billion in fiscal 2029, its market cap could increase to $20 billion.
That's a potential upside of 156% from current levels. So, investors looking to buy a top growth stock to capitalize on the AI data center boom should consider using the pullback in Applied Digital to buy more shares before it goes on a bull run.
Applied Digital má zhruba 1,4 GW smluvně zajištěného IT workloadu a asi 36 miliard USD ve výnosech z pronájmu, což mu může posílit AI náskok nad WULF a CRWV. Klíčové ale bude včas proměnit přístup k elektřině v provozní kapacitu.
Key Takeaways APLD's power access could strengthen its AI infrastructure edge over WULF & CRWV amid industry constraints.APLD has 1.4 GW of contracted IT load tied to about $36B in lease revenues and 1.2 GW in planned generation.APLD must execute power & campus expansions to translate AI opportunities into expected FY27 revenue growth. Applied Digital (APLD - Free Report) could strengthen its AI infrastructure edge over TeraWulf (WULF - Free Report) and CoreWeave (CRWV - Free Report) by leveraging its access to large-scale, cost-competitive power, a critical constraint and competitive differentiator in the AI data-center market.
APLD has secured roughly 1.4 GW of contracted critical IT load, representing about $36 billion in contracted lease revenues, while its North Dakota strategy is designed to expand access to reliable, low-cost power. The company is also working with Base Electron on approximately 1.2 GW of natural-gas-fired generation, which could unlock additional capacity at existing campuses and support future AI Factory development.
This power position could become increasingly valuable as AI workloads require higher-density infrastructure and the industry faces significant power constraints. APLD has already demonstrated its ability to convert power into operating capacity, bringing 175 MW at Polaris Forge 1 online while continuing to develop additional campuses.
However, the advantage carries execution risks. Base Electron is an independent power producer, meaning APLD does not directly control the project that could provide additional power. Moreover, Applied Digital competes with other power-advantaged developers, making timely conversion of power access into operational AI capacity critical to sustaining its competitive position.
According to the Zacks Consensus Estimate, revenues are projected to grow by 49.7% in fiscal 2027; therefore, the successful execution of APLD’s power and campus expansion plans is crucial for realizing this expected growth. Overall, the company’s power advantage could strengthen its AI edge over WULF and CRWV, provided it can execute these plans on schedule and convert its scarce power access into revenue-generating AI capacity.
How Are APLD's Competitors Positioned?TeraWulf competes with APLD by controlling power-advantaged sites, interconnection and electrical infrastructure to convert scarce electricity into AI/HPC capacity. TeraWulf’s Lake Mariner and Kentucky projects pair grid access with phased, long-term leases, while its 250-500 MW annual contracting target challenges APLD’s expansion pipeline. TeraWulf therefore competes directly for power, customers and AI capacity.
CoreWeave competes with APLD by aggressively securing power and converting it into AI cloud capacity at scale. CoreWeave reached 1.5 GW of active power and 4.2 GW contracted, with a goal of at least 8 GW by 2030. Its powered-land and self-build strategy directly contests APLD for scarce power, sites and AI workloads.
APLD’s Share Price Performance, Valuation & EstimatesAPLD shares have surged 70.6% in the past year, outperforming the broader Zacks Computer and Technology sector’s 12.1% growth.
APLD’s 1-Year Price Performance
Image Source: Zacks Investment Research
From a valuation standpoint, APLD appears overvalued, trading at a trailing 12-month price/book (P/B) ratio of 4.51, above the industry average of 3. The company carries a Value Score of F.
APLD’s Valuation
Image Source: Zacks Investment Research
The fiscal 2027 bottom-line outlook remains challenging, with the consensus estimate currently pegged at a loss of $1.09 per share, widening by 9 cents over the past 30 days and compared with a loss of 91 cents in fiscal 2026.
Applied Digital (APLD +20.46%) is the tale of two tapes. The stock is up about 150% over the past year, but its shares have also been nearly cut in half from their spring highs. With the company's revenue surging, the question on many investors' minds now is whether it's time to buy the stock when it's down.
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Revenue growth surges Applied Digital is more of an AI data center landlord than it is a tech company. It spun out its cloud computing business and merged it with EKSO Bionics Holding earlier this year to create a new company called ChronoScale (CHRN +13.71%), although it still holds a 96% stake in the new entity. Meanwhile, it is considering converting into a real estate investment trust (REIT).
Applied Digital's main business today is building and operating data centers designed to handle AI workloads. However, it does still have a data center hosting business that serves cryptocurrency miners, which was its original business. Its biggest attribute is its access and ability to source cheap power and know-how for constructing facilities that can house massive data centers.
Applied Digital has been seeing rapid revenue growth, which continued in fiscal Q4 with its revenue soaring 407% to $258.7 million. Excluding the spun-off ChronoScale, revenue rose from $38 million to $240.4 million.
The company's high-performance computing (HPC) business accounted for $203 million of its revenue, with $44.1 million tied to base rent and $6.5 million related to tenant recoveries. The bulk of it, $152.1 million, came from tenant fit-out services, which is revenue it gets from constructing dedicated facilities for large customers.
This revenue is coming mostly from its largest customer, CoreWeave. Tenant fit-out services have low gross margins, but they do lead to future, higher-margin recurring revenue.
Its data center hosting business, meanwhile, saw its revenue slip by 2% to $37.63 million, with operating income of $12.5 million. This is Applied Digital's legacy business, comprising two facilities in North Dakota with 286 megawatts of power dedicated to cryptocurrency mining.
On the profitability front, the company reported adjusted net income of $12.9 million, or $0.04 per share. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) came in at $42.4 million, compared to $1 million a year ago.
Applied Digital ended the quarter with $1.6 billion in unrestricted cash against $5 billion in debt. It reported operating cash flow of $89.7 million and negative free cash flow of $2.8 billion.
During the quarter, Applied Digital signed leases for three new campuses worth $20 billion in lease value with a single high-investment-grade hyperscaler. In total, it has now signed leases for five campuses, bringing its contracted long-term lease value to $36 billion.
Image source: Getty Images.
Applied Digital continues to grow revenue quickly, although much of this is coming from low-margin non-recurring tenant fit-out service revenue. However, this does help set the stage for future recurring revenue. At the same time, the company is burning through cash, expanding its data center campuses, and taking on significant debt.
That said, its business should be inherently less risky than that of neocloud operators. It isn't buying pricey graphics processing units (GPUs), so it faces less technology obsolescence risk, and it is getting long-term leases. Having CoreWeave as its primary customer is a risk, but a large hyperscaler becoming its primary tenant in the future will be a plus.
With Applied Digital projecting it will hit a $1 billion net operating income (NOI) run rate a year from now and a strong, growing backlog, the stock looks intriguing here. I'd still place it in the high-risk, high-reward category, but with power still one of the big AI infrastructure bottlenecks, the company looks to be in a solid long-term position.
Applied Digital oznámila 1,41 GW smluvně zajištěné IT kapacity na pěti kampusech, která má podpořit asi 36 miliard USD ve výnosech z nájmů. Firma zároveň uvedla, že růst brzdí hlavně dostupnost elektřiny a dodavatelský řetězec.
Key Takeaways APLD has 1.41 GW of contracted IT load across five campuses, backing about $36 billion in lease revenues.Applied Digital funded 600 MW at Polaris Forge through project debt, Macquarie equity and its balance sheet.Power and supply constraints, not demand, are the main limits as Polaris Forge 1 reaches 175 MW live. Applied Digital Corporation (APLD - Free Report) used its fiscal fourth-quarter 2026 earnings call to emphasize contracted scale, financing progress and execution across its expanding AI data center portfolio.
Management’s message centered on converting a large development pipeline into operating capacity while securing power, controlling construction costs and lowering the capital required to fund growth.
APLD Builds Around Contracted ScaleChairman and CEO Wes Cummins said Applied Digital now has 1.41 gigawatts of contracted critical IT load across five campuses, supporting approximately $36 billion of base-term lease revenues.
Three recent leases with the same high investment-grade hyperscaler cover 810 megawatts and approximately $20 billion of contracted revenues. Cummins described the concentration as part of a deliberate shift toward durable agreements with financially stronger customers.
Management is also marketing another 1.7 gigawatts across multiple states. Expansion options under negotiation with two existing customers could add 250 megawatts and more than $6 billion of contracted revenue based on current rates and lease durations.
Applied Digital Targets Higher Lease PricingCummins said rental rates have increased during the past six months, creating room for better economics on new campuses and customer expansions.
A Lake Street Capital Markets analyst asked about the proposed 100-megawatt and 150-megawatt expansions. Cummins said both would involve existing customers and should carry materially higher pricing than their current agreements.
During a Northland Securities exchange about development yields, Cummins defended the recent leases as competitive for their scale, duration and customer quality. He added that management uses conservative cost and margin assumptions when evaluating project returns.
APLD Lowers Its Cost of CapitalCFO Saidal Mohmand highlighted financing as a central part of the company’s development model. Applied Digital secured funding for all 400 megawatts at Polaris Forge 1 and 200 megawatts at Polaris Forge 2.
The company issued $2.15 billion of 6.75% senior secured notes and $1.59 billion of 7% senior secured notes. Mohmand said the latter financing priced 225 basis points below the company’s first project bond placement.
Mohmand described a three-part funding structure combining Applied Digital’s balance sheet, Macquarie’s contribution of three-quarters of required project equity and site-specific debt. Management expects investment-grade tenant agreements to support more favorable financing for its next three campuses.
Applied Digital Flags Power and Supply ConstraintsCummins identified power availability and supply-chain capacity as the main limits on growth rather than customer demand.
The company is working with Base Electron on approximately 1.2 gigawatts of natural gas-fired generation in the Dakotas. Management views added generation and regional transmission projects as essential to expanding existing campuses beyond their initial capacity.
Cummins also said the company had previously secured supply-chain capacity for roughly 700 megawatts of annual critical IT load. Applied Digital is now building beyond that level, placing greater importance on equipment availability, construction sequencing and labor planning.
APLD’s Results Reflect an Early RampFiscal fourth-quarter adjusted revenues were $240.4 million, which beat the Zacks Consensus Estimate of $99.3 million. It incurred a loss of 39 cents per share, which was wider than the Zacks Consensus Estimate of a loss of 18 cents.
HPC hosting generated $203 million of revenues, including $152.4 million from tenant fit-out services and $44.1 million from base rent. Adjusted EBITDA reached $42.4 million, and net operating income was $39.9 million.
Mohmand stressed that quarterly HPC results primarily reflected the first 100 megawatts operating at Polaris Forge 1. The company subsequently brought another 75 megawatts online, taking live capacity at the campus to 175 megawatts.
Applied Digital Keeps Execution CentralManagement maintained a confident tone on demand but repeatedly returned to construction discipline. Cummins said all current projects were on time and on budget, while noting that power and supply-chain management remain critical.
Applied Digital now expects to reach a $1 billion annual net operating income run rate within one year, three years earlier than its original target. The company’s priorities remain delivering contracted capacity, financing projects efficiently and expanding existing campuses.
Zacks Signals Remain CautiousAPLD currently carries a Zacks Rank #3 (Hold). That ranking indicates a neutral near-term earnings revision outlook rather than a clear signal of outperformance or underperformance. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The stock has a Value, Growth, Momentum and VGM Score of F each, indicating weak characteristics across all four measures. Style Scores work best alongside the Zacks Rank, with A or B grades viewed more favorably. The Zacks Rank can change as analyst estimates are revised following the newly reported results.
Applied Digital ve 4. čtvrtletí zvýšila tržby na 258,7 milionu USD, meziročně o 407 %, a upravený EBITDA vyskočil na 42,4 milionu USD. Firma zároveň oznámila objem zakázek v backlogu ve výši 36 miliard USD.
Live Coverage Updates appear automatically as they are published.
Live Updates Pinned 2 hours ago
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This live blog is being updated by Thomas Richmond, a 24/7 Wall St. contributor. You’ll get expert analysis of Applied Digital’s earnings.
Simply stay on this page, and new updates will appear below automatically. We expect APLD to release earnings shortly after 4:05 p.m. ET.
28 minutes ago
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That wraps up our initial coverage of APLD’s Q4 results. Thank you for stopping by!
1 hour ago
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Tonight’s report from Applied Digital (NASDAQ:APLD) delivered several items Wall Street was not expecting:
Upside Surprises Backlog jump: Contracted revenue vaulted to $36 billion across 1.4 gigawatts, well above the $16 billion figure carried into the report. New hyperscaler: A high-investment-grade tenant signed 810 megawatts across three leases, addressing CoreWeave concentration head-on. Revenue explosion: Adjusted revenue of $240.4 million versus consensus $95.32 million, with adjusted EBITDA at $42.4 million from $1.0 million a year ago. Concerns and One-Time Items Stock-based comp: $127.8 million drove the GAAP loss of $0.39, missing the $0.28 expected loss and extending the accelerated-vesting pattern. Fit-out lumpiness: HPC Hosting included $152.4 million in tenant fit-out, a low-margin, non-recurring line inflating the headline. 1 hour ago
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Applied Digital delivered another 75 megawatts of capacity at Polaris Forge 1 on schedule, lifting the AI campus to 175 megawatts of live capacity.
The company’s first 100-megawatt building began operating in October 2025, providing evidence that its massive contracted pipeline is progressing from signed leases into revenue-generating infrastructure.
The company has raised billions to support the next phase. Applied Digital completed a $2.15 billion secured-notes offering to fund Polaris Forge 2, followed by another $1.59 billion offering to finance the fourth building at Polaris Forge 1. It also expanded its committed revolving credit facility to $430 million.
Applied Digital now has approximately 1.4 gigawatts under construction across five campuses. The next major test is whether it can repeat the on-time Polaris Forge delivery across a far larger development pipeline without financing costs or construction delays eroding the economics.
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Applied Digital has now secured approximately 1.4 gigawatts of critical IT load across five AI data center campuses. Those leases represent roughly $36 billion in contracted revenue over their initial 15-year terms, rising to approximately $86 billion if customers exercise every renewal option.
The newest growth engine is a high-investment-grade hyperscaler that signed three separate leases totaling 810 megawatts. Two 300-megawatt campuses carry approximately $7.5 billion in contracted revenue apiece, while a third 210-megawatt site adds another $5.2 billion.
Applied Digital is also marketing another 1.7 gigawatts of capacity across multiple states. The backlog has officially reached hyperscale, shifting the investment debate from customer demand to whether Applied Digital can deliver all five campuses on schedule.
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Applied Digital delivered fiscal Q4 revenue of $258.7 million, up 407% year over year, as its AI infrastructure buildout began translating into reported results. This resulted in a 152% revenue beat vs consensus estimates.
Adjusted revenue excluding ChronoScale reached $240.4 million, while adjusted EBITDA surged to $42.4 million from just $1.0 million one year ago.
The HPC Hosting segment generated $203.0 million in quarterly revenue and $26.2 million in operating profit. That included $44.1 million in base rent, $152.4 million from tenant fit-out services, and $6.5 million in tenant reimbursements.
Applied Digital still reported a GAAP loss of $0.39 per share, partly reflecting $127.8 million in stock-based compensation. However, adjusted net income reached $12.9 million, or $0.04 per diluted share, compared with an adjusted loss of $0.03 per share last year.
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Applied Digital just reported Q4 earnings, with shares initially up 4% following the report. Here are the key numbers:
Revenue: $240.35 million vs. $95.32 million expected EPS: Loss of $0.39 vs. loss of $0.28 expected Quick Read:
Revenue crushed expectations by 152%, climbing 532% year over year and 90% sequentially.
The massive top-line beat outweighed the wider-than-expected loss, although EPS declined 63% year over year and 8% sequentially.
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Top 5 Analyst Questions: Can HPC Hosting sustain $71 million ex-fit-out run rate into Q1 FY27? Is Delta Forge 1’s lease signed to hit mid-2027 RFS? Status of ChronoScale/EKSO closing this quarter? Progress on the three-site, 900 MW hyperscaler exclusivity? Timeline to refinance from project loans into ABS? Key Topics, Buzzwords, Red Flags Key Topics: CoreWeave’s A3 SPV rating, Base Electron’s 1.2 GW power buildout, and reaffirmation of the $1B NOI five-year goal. Buzzwords: “direct-to-chip liquid cooling,” “Ready-for-Service,” “NOI run rate,” “tenant fit-out,” “multi-gigawatt pipeline.” Red Flags: Widening GAAP losses beyond $100.9M, another SG&A spike from accelerated stock comp, softer HPC base rent, or hedging language on lease signings this year. Insider selling from CEO, CFO, and President at $35.52–$45.20 raises the bar for a confidence-restoring guide. 2 hours ago
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Wall Street expects Applied Digital (NASDAQ:APLD) to post Q4 EPS of -$0.19 on revenue of $95.3 million, a sequential step down from Q3’s $126.64 million. Shares last traded at $26.63, down 2.02% on the day, extending a brutal 43.28% slide since June 1.
Metrics That Matter HPC Hosting revenue after last quarter’s $71.0 million Timing on the second 150 MW Polaris Forge 1 building Initial 200 MW Polaris Forge 2 capacity CoreWeave concentration Reaffirmation of the $1 billion NOI target within five years What Could Move Shares Options positioning skews bullish, with a 3.28:1 call/put ratio across earnings-week contracts. An HPC Hosting shortfall or slipped Polaris timelines could accelerate selling, while a beat plus a new hyperscaler contract could spark a snap-back toward the $73.05 average analyst target.
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Options positioning heading into tonight’s report skews decisively bullish. The full-chain put/call ratio sits at 0.42, and the July 31 weekly shows call volume of 17,309 versus 5,896 puts, a 2.94:1 skew.
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Institutional bets extend further out. January 2027 calls hold 173,554 contracts in open interest against a put/call ratio of just 0.14, and January 2028 shows a 6.54:1 call OI skew. Insiders have echoed the tone with 10 recent transactions and net buying.
The roughly 13.72% implied move quantifies the expected swing by Friday’s close. Q3 2026 delivered a 142.86% EPS beat, yet Applied Digital (NASDAQ:APLD) closed -7.99% on earnings day before rallying 17.68% over the following week. Tonight pairs bullish flow with a battered chart.
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Tonight’s fiscal Q4 2026 report from Applied Digital (NASDAQ:APLD) arrives with shares at $26.12, down 2.23% intraday. Options are pricing a 13.72% post-earnings swing.
The Bar to Clear: Q3’s $126.64 million revenue and adjusted EPS of $0.09 reset expectations sharply. Investors want HPC Hosting to hold Q3’s $71 million run rate and Data Center Hosting to build on $37.5 million.
Move Triggers: Guidance on the second 150 MW Polaris Forge 1 facility, any new hyperscaler leases beyond the $16 billion backlog, ChronoScale/EKSO closing timeline, and commentary on the $2.7 billion debt load could drive the stock after earnings.
History Warns Both Ways: Q3’s 142.86% beat still sent shares -7.99% on release day before a 17.68% one-week rally. With Morgan Stanley’s $36.50 Equal Weight target framing skepticism, execution details matter more than the headline beat.
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With shares at $26.37 and consensus looking for -$0.19 EPS on $95.3M revenue, here is where the Bull vs Bear case stands.
Bull Case Beat streak: Five straight beats, with Q3 FY26 topping estimates by 142.86%. Backlog: 600 MW leased tied to roughly $16 billion in prospective lease revenue. Post-earnings pattern: Average one-week gain of 11.13% even after weak day-of reactions. Bear Case GAAP losses widening: Q3 FY26 net loss of $100.9M. Leverage: $2.7B debt against $2.1B cash, plus ongoing capital raises. Concentration risk: Heavy reliance on CoreWeave and hyperscaler ramp timing. Skepticism: Shares down 35.23% over the past month. Watch the guide and CoreWeave commentary closely.
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Applied Digital reports fiscal Q4 2026 results with shares down 35.23% over the past month. Options markets are pricing in a sizable 13.72% post-earnings move, while a 0.43 put/call ratio signals traders remain tilted toward upside bets.
The central question is whether Applied Digital can convert its $16 billion contracted backlog and 1-gigawatt pipeline into a repeatable earnings engine before its capital requirements become a bigger concern. Investors will be watching for the ChronoScale/EKSO spin-off closing, progress on the HPC ramp, and any update on the company’s exposure to CoreWeave.
Wall Street remains firmly bullish, with 11 buy ratings and an average price target of $73.05 vs the stock’s current price of $26.13. That optimism leaves Applied Digital little room for delays, dilution, or margin pressure as enthusiasm surrounding the broader AI infrastructure trade cools.
Applied Digital (NASDAQ:APLD) is expected to report fiscal Q4 2026 results tonight at 4:05 PM ET after the bell. This earnings report closes a year where the stock rose 142.77% but recently reversed sharply.
From Contract Wins to a Sharp Reset Shares last traded at $26.09, down from $41.98 a month ago after dilution and financing news reset sentiment. Q3 FY26 delivered adjusted EPS of $0.09 against a -$0.21 consensus and revenue of $126.64 million, resulting in a 61.37% beat.
Adjusted EBITDA scaled to $44.14 million from $6.26 million a year earlier, though the GAAP net loss widened to $100.9 million on stock-based comp and reclassification charges. Management reiterated confidence in exceeding $1 billion in NOI within five years.
Consensus Estimates Metric Q4 FY26 Estimate Prior Q4 FY25 Actual Revenue $95.32M $38.01M EPS (Normalized) -$0.19 -$0.12 The Street models a step-down in sequential revenue from Q3’s $126.64M as one-time tenant fit-out revenue rolls off. EPS reverts to a loss, reflecting scaling SG&A (up 251% YoY) and interest on the $2.15 billion 6.750% Senior Secured Notes.
What I’ll Be Watching: Capacity, Concentration, and the Spin Tonight, I’ll be watching whether the second 150 MW building at Polaris Forge 1 is on track for its calendar 2026 timeline, since CEO Wes Cummins framed the current 100 MW as only “one-sixth of our contracted capacity and one-tenth of what is operating or under construction.”
Investors will also focus on progress toward the ChronoScale Corporation spin-off via the EKSO Bionics combination, slated to close this quarter. Any timing slip changes the segment reporting picture and the remaining GAAP drag from Cloud Services.
Customer concentration remains one of the biggest overhangs. HPC Hosting rests heavily on CoreWeave, and Nvidia reportedly exited its equity stake on July 17, 2026. Analysts will be looking for commentary on the Polaris Forge 3 430 MW project with MDU Resources and the 200 MW investment-grade hyperscaler at Polaris Forge 2.
Right now, the company’s balance sheet sits at $2.7 billion in debt against $2.1 billion in cash, with capex escalating across four sites.
Earnings History Quarter EPS Surprise Day-of Move 1-Week Move 30-Day Move Q3 FY26 +142.86% -7.99% +17.68% +74.38% Q2 FY26 +46.78% +8.05% +10.27% +17.31% Q1 FY26 +29.03% +16.05% +0.74% -15.95% Q4 FY25 +26.15% +31.01% +8.37% +16.13% On average, shares moved 11.13% one week after earnings over the past year.
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Applied Digital má silný backlog, ale zároveň dluh kolem 2,7 miliardy USD a dál financuje výstavbu. Ve čtvrtletí vykázala upravenou EBITDA 44,1 milionu USD.
That kind of contracted visibility is rare for a company still years away from full buildout, and it explains why Wall Street has stayed largely bullish even as the stock has struggled.
APLD stock is down heading into earnings. See the chart and price action here. The other side of the ledger looks far less comfortable. Total debt stood near $2.7 billion as of the fiscal third quarter, and Applied Digital kept raising capital to fund construction across its North Dakota and other campus sites.
Adjusted EBITDA reached $44.1 million last quarter, a big jump from a year earlier but still nowhere near covering the pace of capital spending required to bring gigawatts of new capacity online.
For the fourth quarter, analysts expect the company to report losses of 22 cents per share on GAAP revenue of $94.84 million, according to estimates from Benzinga Pro.
Tonight’s call will likely focus less on the top-line beat-or-miss and more on financing: what debt tranches remain unplaced, how construction costs are trending and whether management sees a path to funding the pipeline without diluting shareholders further.
Shares still fell nearly 6% the day after that comment aired, a sign that the profitability concern is outweighing buy-the-dip enthusiasm for now.
That tension sets up Monday’s report as a real test. Analysts widely favor the stock, with an average price target near $73 against shares trading in the mid-$20s, yet the balance sheet risk Cramer flagged has not gone away.
A clear funding update alongside strong contract momentum could reset the narrative; another vague answer on cash needs probably keeps the stock stuck between backlog optimism and balance sheet anxiety.
APLD Stock Price Activity: Applied Digital shares were down 3.11% at $26.35 at the time of publication Monday, according to data from Benzinga Pro.
Over the past month, Applied Digital has declined about 34.1% versus a 0.2% rise in the S&P 500 and is up roughly 4% year-to-date compared to the index’s 7.6% gain.
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Lumentum ve třetím fiskálním čtvrtletí zvýšil tržby v divizi Components o 77,3 % a v divizi Systems o 121,1 % díky silné poptávce po AI infrastruktuře. Applied Digital naopak prohloubil čistou ztrátu na 100,9 milionu USD.
Key Takeaways Lumentum's fiscal third-quarter Components and Systems revenues surged 77.3% and 121.1%, respectively.AI demand, sold-out components and new optical products support LITE's multi-year growth outlook.APLD faces widening losses, heavy debt and execution risks despite expanding AI data center capacity. Lumentum Holdings (LITE - Free Report) and Applied Digital Corporation (APLD - Free Report) are emerging beneficiaries of the accelerating AI infrastructure buildout. Lumentum supplies advanced optical networking components that enable high-speed data transmission within AI data centers. At the same time, Applied Digital develops and operates AI-focused data centers and high-performance computing infrastructure. Despite their different business models, both companies are benefiting from the same wave of AI-driven capital spending.
The AI infrastructure investment cycle is gaining momentum as hyperscalers, cloud providers and enterprises continue expanding their AI capabilities. According to Mordor Intelligence, the global AI infrastructure market is projected to reach $202.5 billion by 2031, growing at a 14.9% CAGR. As AI infrastructure spending accelerates, investors are increasingly evaluating companies across different layers of the AI ecosystem. Against this backdrop, comparing these two companies offers insight into which is better positioned to capitalize on this long-term opportunity.
The Case for LITE StockLumentum is emerging as one of the strongest beneficiaries of the accelerating AI infrastructure buildout, supplying the optical engines that enable high-speed connectivity inside and between hyperscale AI data centers. Its portfolio spans electro-absorption modulated lasers (EMLs), continuous-wave lasers, pump lasers, narrow-linewidth laser assemblies, optical circuit switches (OCS) and cloud transceivers — all of which are essential for AI networking, data center interconnect (DCI) and co-packaged optics (CPO). The company increasingly positions itself as a critical supplier of both AI infrastructure components and complete optical systems.
AI demand continues to translate into exceptional execution. In third-quarter fiscal 2026, Components revenues climbed 77.3%, and Systems revenues jumped 121.1%, driven by record cloud transceiver shipments, robust EML demand and expanding AI deployments. Management expects fiscal fourth-quarter revenues of $960 million-$1.01 billion, reflecting confidence in sustained AI infrastructure investments and continued business momentum.
Lumentum's competitive advantage lies in its differentiated "scale-out" and "scale-across" optical portfolio. Hyperscalers are increasingly adopting distributed AI architectures that require high-bandwidth optical interconnects, pump lasers, wavelength-selective switches and narrow-linewidth lasers. The company stated several AI-focused components remain effectively sold out, while 1.6T transceivers, optical circuit switches and CPO products are expected to provide additional multi-year growth opportunities.
However, investors should remain aware of supply constraints, uncertain AI investment timing, manufacturing ramp execution, geopolitical trade restrictions and customer concentration, which could affect near-term performance. Even so, these risks appear manageable given the company's expanding capacity, improving profitability and strengthening product portfolio.
Analyst sentiment toward Lumentum has strengthened, with the Zacks Consensus Estimate for its fiscal first-quarter and full-year fiscal 2027 earnings pegged at $3.53 and $18.07 per share, indicating growth of 220.91% and 121.15%, respectively. These estimates have also moved higher over the past 30 and 60 days.
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The Case for APLD StockApplied Digital is positioning itself as an emerging beneficiary of the accelerating AI infrastructure buildout, but the investment case remains clouded by execution and financial risks. The company is pursuing an aggressive, capital-intensive expansion strategy that continues to pressure profitability while increasing financial leverage. Third-quarter fiscal 2026 net loss attributable to common stockholders widened to $100.9 million, while operating loss reached $85.7 million despite strong revenue growth. The balance sheet reflects the scale of its AI infrastructure buildout, with long-term debt exceeding $2.5 billion, making future returns heavily dependent on timely project execution, customer ramp-ups and continued access to financing.
Despite strong AI demand, Applied Digital faces significant execution challenges. Future growth depends on completing Polaris Forge and Delta Forge projects on schedule, securing additional financing, converting its power pipeline into contracted capacity and signing more long-term hyperscaler leases. The company also remains exposed to customer concentration, power availability, permitting delays, equipment disruptions and the timing of hyperscaler leasing decisions — all of which management identifies as key business risks. Moreover, management noted that only a small fraction of its long-term power pipeline has been contracted, while several development sites remain subject to customer negotiations, regulatory approvals and infrastructure development.
Still, Applied Digital is positioned to benefit from the accelerating AI infrastructure investment cycle. The company designs, builds and operates purpose-built AI factories for AI, cloud and high-performance computing workloads while leveraging a vertically integrated strategy spanning power, AI infrastructure and accelerated compute.
APLD recently laid the foundation stone for the 300 MW Delta Forge 1 AI campus, secured a $100 million development facility from Macquarie, strengthened the credit quality of CoreWeave leases, completed a $2.15 billion secured note offering and continued the expansion of Polaris Forge. Management also targets approximately 3 GW of AI capacity by 2031, positioning the company as a potential long-term beneficiary of hyperscalers' accelerating AI infrastructure spending.
The Zacks Consensus Estimate for APLD’s fiscal 2027 loss is currently pegged at $1 per share, wider than the 70-cent loss reported a year ago. While the estimate has remained unchanged over the past 30 days, it has worsened by 9 cents over the past 60 days.
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Price Performance & Valuation of LITE & APLDIn the past six months, shares of Lumentum have surged 130.9% against Applied Digital’s decline of 22.3%. Growing adoption of Lumentum's AI optical technologies has enhanced revenue visibility and investor sentiment, enabling the stock to outperform despite volatility across the broader AI infrastructure sector.
LITE Vs. TEAM: Six-Month Price Return Performance
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Valuation remains a consideration, with Lumentum and Applied Digital each carrying a Value Score of D and F, respectively. However, Lumentum trades at a lower forward 12-month P/S multiple of 10.21X versus Applied Digital's 11.79X.
LITE's relatively reasonable valuation, combined with its strong AI-driven growth prospects, makes the stock an attractive choice for investors seeking long-term upside with greater stability.
LITE vs. APLD: Forward 12-Month P/S Ratio
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LITE or APLD: Which Stock Has the Edge?Lumentum appears better positioned than Applied Digital at present, supported by stronger execution, accelerating earnings growth, improving estimate revisions and a relatively more attractive valuation. While both companies stand to benefit from expanding AI infrastructure investments, Lumentum offers a more balanced risk-reward profile, making it the stronger choice for investors seeking long-term AI-driven growth with greater stability.
Currently, LITE has a Zacks Rank #2 (Buy), while APLD carries a Zacks Rank #5 (Strong Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Applied Digital má asi 36 miliard USD ve smluvně zajištěných nájmech, ale téměř 86 % z nich plyne jen od dvou hyperscalerů. Tato koncentrace zvyšuje riziko plnění a závislost na investicích několika velkých zákazníků.
Key Takeaways APLD derives nearly 86% of contracted lease revenues from just two hyperscale customers. Applied Digital has about $36B in contracted leases, with most tied to existing hyperscale relationships. APLD faces diversified rivals EQIX and DLR, while customer concentration heightens execution risk. Applied Digital (APLD - Free Report) continues to expand its artificial intelligence data center platform aggressively, but its persistently high customer concentration remains an important investment risk. Although the company has built a sizable portfolio of long-term hyperscale leases, future revenue generation remains heavily dependent on a limited number of counterparties, tying growth closely to the investment priorities and financial health of a few large customers.
The exposure remains substantial. Applied Digital has approximately $36 billion in contracted lease revenues, with nearly $20 billion associated with one hyperscaler across Delta Forge 1, Polaris Forge 3 and Delta Forge 2. CoreWeave represents another $11 billion through Polaris Forge 1, while a third hyperscaler at Polaris Forge 2 accounts for the remaining $5 billion. Consequently, nearly 86% of the company's contracted revenues are derived from just two customers, highlighting the limited diversification of its revenue pipeline.
This dependence increases execution risk as multiple AI data center campuses are scheduled to become operational through 2027 and 2028. Any delay in capacity deployments, moderation in AI infrastructure investments or deterioration in the credit profile of these key tenants could materially affect future revenue generation. While Applied Digital continues to expand its development pipeline, much of the incremental contracted capacity remains tied to existing hyperscale relationships instead of materially broadening its customer mix.
With the bulk of contracted revenues still resting on just two hyperscalers and little evidence of a broader tenant base taking shape, APLD's customer concentration is likely to remain a defining constraint on the sustainability of its growth trajectory.
APLD Faces Stiff CompetitionApplied Digital faces intense competition from Equinix (EQIX - Free Report) and Digital Realty Trust (DLR - Free Report) , both of which operate with significantly more diversified customer portfolios.
Equinix generates revenues from a broad base of enterprise, cloud and network customers across global markets, while Digital Realty Trust serves a balanced mix of hyperscalers, enterprises and colocation customers. In comparison, Applied Digital remains heavily reliant on a limited number of hyperscale tenants for the bulk of its contracted lease revenues.
Unlike Equinix and Digital Realty Trust, Applied Digital's elevated customer concentration increases its exposure to customer-specific investment decisions and execution risks, potentially making its long-term revenue stream more volatile.
APLD’s Share Price Performance, Valuation & EstimatesApplied Digital shares have returned 31.7% year to date, while the broader Zacks Finance sector has appreciated 4.6% and the Zacks Financial-Miscellaneous Services industry has plunged 12.5%.
APLD Stock’s Performance
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Applied Digital stock is trading at a forward 12-month price/sales of 13.14X compared with the broader sector’s 8.97X. APLD has a Value Score of F.
APLD’s Valuation
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The Zacks Consensus Estimate for fiscal 2026 loss is pegged at 70 cents per share. Applied Digital reported a loss of 80 cents per share in the previous year.
Applied Digital dál masivně investuje do datových center AI a financuje expanzi hlavně dluhem. Na Polaris Forge 1 přidala 75 MW, ale z 400 MW pronajaté kapacity je zatím více než polovina stále bez opakovaných příjmů z nájmu.
Key Takeaways Applied Digital is expanding five AI campuses, with new capacity added at Polaris Forge 1.APLD raised billions in secured financing as capital spending continues to exceed operating cash flow.Applied Digital has over half of its 400-megawatt leased capacity still awaiting recurring lease revenues. Applied Digital (APLD - Free Report) continues an aggressive capital spending program as it expands its AI data center footprint across multiple campuses. APLD is simultaneously developing five AI Factory campuses, including Polaris Forge 1, Polaris Forge 2, Delta Forge 1 and Delta Forge 2. Construction of a fourth building at Polaris Forge 1 has already begun before the third building reaches full utilization. On July 1, 2026, Applied Digital placed Phase 1 of the second building at Polaris Forge 1 into service, adding 75 megawatts of operational capacity and taking the campus to 175 megawatts of live capacity. However, this remains well below the 400 megawatts already leased to CoreWeave under long-term agreements, leaving more than half of the contracted capacity yet to contribute recurring lease revenue.
To support this infrastructure expansion, Applied Digital continues to rely on project-level financing rather than internally generated cash flows. The company raised $1.59 billion through senior secured notes due 2031 to fund the fourth building at Polaris Forge 1, following an earlier $300 million bridge facility for the same project and a $2.15 billion senior secured notes offering for Polaris Forge 2. An additional debt tranche remains to be placed for Polaris Forge 1, suggesting financing requirements are likely to remain elevated as construction progresses across its development pipeline.
APLD's adjusted EBITDA was $44.1 million in the fiscal third quarter, while total debt stood at approximately $2.7 billion at the quarter’s end. The pace of capital deployment continues to outstrip current operating cash generation, leaving the company's expansion strategy heavily reliant on external financing. With several AI campuses still under construction and financing needs expected to remain elevated, Applied Digital is likely to remain in an investment-heavy phase until a larger portion of its contracted capacity begins generating recurring lease revenue and cash flows.
APLD Faces Stiff CompetitionApplied Digital competes with IREN Limited (IREN - Free Report) and TeraWulf (WULF - Free Report) in expanding AI infrastructure to serve hyperscale customers. Like Applied Digital, IREN continues investing in high-performance computing capacity, while TeraWulf is expanding its digital infrastructure through AI-focused data center projects. However, compared with IREN and TeraWulf, Applied Digital is pursuing a broader multi-campus expansion strategy, resulting in larger upfront capital commitments and greater reliance on external financing as new capacity is brought online.
APLD’s Share Price Performance, Valuation & EstimatesApplied Digital shares have surged 34.8% year to date, outperforming the broader Zacks Finance sector’s decline of 9% and the Zacks Financial-Miscellaneous Services industry’s increase of 4.5%.
APLD Stock’s Performance
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Applied Digital stock is trading at a forward 12-month price/sales of 12.06X compared with the broader sector’s 2.81X.
APLD’s Valuation
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The Zacks Consensus Estimate for fiscal 2026 loss is pegged at 70 cents per share, unchanged over the past 30 days. Applied Digital reported a loss of 80 cents per share in the previous year.
Applied Digital oznámila dokončení fáze 1 budovy 2 v Polaris Forge 1 a předání 75 MW AI kapacity zákazníkovi podle plánu. Celková live kapacita kampusu tak vzrostla na 175 MW.
DALLAS, July 01, 2026 (GLOBE NEWSWIRE) -- Applied Digital (NASDAQ: APLD), a designer, builder, and operator of high-performance, sustainably engineered data centers and colocation services for artificial intelligence, cloud, networking, and blockchain workloads, today announced it has achieved Ready for Service for Phase 1 of Building 2 at Polaris Forge 1, delivering 75 MW of operational AI capacity to its customer on schedule and bringing total live capacity at the campus to 175 MW.
The delivery marks the next major milestone in the continued buildout of Polaris Forge 1, Applied Digital’s fully leased AI Factory Campus designed to support high-density artificial intelligence and high-performance computing workloads. At full build out, Polaris Forge 1 is contracted to deliver 400 MW of critical IT load under long-term lease agreements.
“Delivering this phase on time underscores the strength of our execution model,” said Wes Cummins, Chairman and Chief Executive Officer of Applied Digital. “Polaris Forge 1 continues to demonstrate the depth of our team and the discipline it takes to bring critical AI infrastructure capacity online for our customers. Achieving this milestone required intense coordination across the field, construction, engineering, operations, procurement, development, and corporate teams, and I’m proud of the entire Applied Digital organization for delivering as planned. With 175 MW now live at the campus, Polaris Forge 1 demonstrates the repeatable model we are scaling across our AI Factory footprint.”
This latest achievement follows Applied Digital’s on-time completion of the first 100 MW building at Polaris Forge 1 and further demonstrates the Company’s ability to bring critical IT capacity online in alignment with customer deployment timelines. With 175 MW now live, Polaris Forge 1 continues to demonstrate Applied Digital’s ability to execute across multiple phases of a large-scale AI infrastructure deployment.
Applied Digital’s execution approach is built around what the Company refers to as its AI Factory franchise model: a repeatable framework that replicates a core team of design, construction, and operations professionals across each campus, supported by centralized expertise and dedicated site-level execution teams.
“Polaris Forge 1 continues to validate the repeatable model we are building across our AI Factory platform,” Cummins continued. “We are not just securing power; we are turning it into live, operational AI capacity. That is the hard part, and it is where Applied Digital continues to differentiate itself.”
As demand for large-scale AI infrastructure continues to grow, customers are placing increasing importance on execution certainty and speed to market. Applied Digital’s on-time delivery of another major phase at Polaris Forge 1 reinforces the Company’s ability to bring complex infrastructure online in alignment with customer timelines.
Polaris Forge 1 is located in Ellendale, North Dakota, where Applied Digital has operated since 2021 and built long-standing relationships with local leaders, partners, and community stakeholders. As the campus continues to expand, the Company remains focused on responsible development, local partnership, and creating long-term value in the communities where it builds.
About Applied Digital
Applied Digital (Nasdaq: APLD), named Best Data Center in the Americas 2025 by Datacloud — designs, builds, and operates high-performance, sustainably engineered data centers and colocation services for artificial intelligence, cloud, networking, and blockchain workloads. Headquartered in Dallas, TX, and founded in 2021, the company combines hyperscale expertise, closed-loop cooling, and rapid deployment capabilities to deliver secure, scalable compute at industry-leading speed and efficiency, while creating economic opportunities in underserved communities through its AI Factory franchise model.
Learn more at applieddigital.com or follow @APLDdigital on X and LinkedIn.
Forward-Looking Statements
This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things, future operating and financial performance, product development, market position, business strategy and objectives, and future financing plans. These statements use words, and variations of words, such as “will,” “continue,” “build,” “future,” “increase,” “drive,” “believe,” “look,” “ahead,” “confident,” “proven,” “deliver,” “outlook,” “expect,” “project” and “predict.” Other examples of forward-looking statements may include, but are not limited to, (i) statements that reflect perspectives and expectations regarding lease agreements and any current or prospective data center campus development; (ii) statements about the high-performance computing (HPC) industry; (iii) statements of company plans and objectives, including the company’s evolving business model, or estimates or predictions of actions by suppliers; (iv) statements of future economic performance; (v) statements of assumptions underlying other statements and statements about the company or its business; and (vi) the company’s plans to obtain future project financing. You are cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events and thus are inherently subject to uncertainty. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the company’s expectations and projections. These risks, uncertainties, and other factors include, among others: whether or not our customers exercise the renewal options under their leases with us (if not, we will not recognize further revenue from such customer under its respective lease); our ability to complete construction of our data center campuses as planned; the lead time of customer acquisition and leasing decisions and related internal approval processes; changes to artificial intelligence and HPC infrastructure needs and their impact on future plans; costs related to the HPC operations and strategy; our ability to timely deliver any services required in connection with completion of installation under lease agreements; our ability to raise additional capital to fund the ongoing datacenter construction and operations; our ability to obtain financing of datacenter leases and more broadly for our development and general corporate activities; our dependence on principal customers, including our ability to execute and perform our obligations under our leases with key customers; our ability to timely and successfully build new hosting facilities with the appropriate contractual margins and efficiencies; power or other supply disruptions and equipment failures; the inability to comply with regulations, developments and changes in regulations; cash flow and access to capital; availability of financing to continue to grow our business; decline in demand for our products and services; maintenance of third party relationships; and conditions in the debt and equity capital markets. A further list and description of these risks, uncertainties, and other factors can be found in the company’s most recently filed Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, including in the sections captioned “Forward-Looking Statements” and “Risk Factors,” and in the company’s subsequent filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov, on the company’s website (www.applieddigital.com) under “Investors,” or on request from the company. Information in this press release is as of the dates and time periods indicated herein, and the company does not undertake to update any of the information contained in these materials, except as required by law.
Montana-Dakota Utilities uzavřela s Applied Digital smlouvu o dodávkách elektřiny pro plánovanou AI továrnu Polaris Forge 3 v Severní Dakotě. Areál má při plné kapacitě spotřebovat 430 megawattů.
, /PRNewswire/ -- MDU Resources Group, Inc.'s (NYSE: MDU) subsidiary, Montana-Dakota Utilities Co., has entered into an electric service agreement (ESA) with Applied Digital Corporation (NASDAQ: APLD) to provide power to Polaris Forge 3, an AI Factory near Center, North Dakota.
At full capacity, the campus would require 430 megawatts of electricity. Under the ESA, Applied Digital would be responsible for the costs of purchasing the energy directly from the market or through other power supply arrangements. Applied Digital anticipates initial operations to commence in August 2027.
Polaris Forge 3 will expand Applied Digital's footprint in North Dakota, where the company is developing purpose-built campuses designed to support high-density artificial intelligence workloads. Applied Digital has previously announced a 15-year lease with a U.S. based high investment-grade hyperscaler for this site.
"Polaris Forge 3 is another example of how Applied Digital is turning power into operational AI capacity through disciplined execution and long-term partnerships," said Wes Cummins, Chairman and CEO of Applied Digital. "This campus is expected to create approximately 200 full-time jobs, generate meaningful property tax revenue and support long-term growth across Oliver County and the surrounding region. We believe AI infrastructure should create value well beyond the campus, and we're proud to continue building in North Dakota."
Montana-Dakota Utilities currently serves Applied Digital at Polaris Forge 1, its AI Factory near Ellendale, North Dakota, where the companies have worked together to integrate significant power demand while maintaining reliable, cost-effective service for customers, crediting $38.4 million back to North Dakota customers over the past three years.
"This proposed project reflects the growing interest in North Dakota as a location for large energy users," said Nicole Kivisto, president and CEO of MDU Resources. "We are committed to serving these customers in a way that benefits our communities, supports the regional grid and delivers value to our customers."
Approval of the ESA and other regulatory filings by the North Dakota Public Service Commission is required for the company to provide power under the agreement with Applied Digital.
About MDU Resources Group, Inc.
MDU Resources Group, Inc., a member of the S&P SmallCap 600 index, strives to deliver safe, reliable, cost-effective and environmentally responsible electric utility and natural gas distribution services to more than 1.2 million customers across the Pacific Northwest and Midwest. In addition to its utility operations, the company's pipeline business operates a more than 3,800-mile natural gas pipeline network and storage system, ensuring reliable energy delivery across the Northern Plains. With a legacy spanning over a century, MDU Resources remains focused on energizing lives for a better tomorrow. For more information about MDU Resources, visit www.mdu.com or contact the investor relations department at [email protected].
About Applied Digital Corporation
Applied Digital (Nasdaq: APLD) named Best Data Center in the Americas 2025 by Datacloud — designs, builds, and operates high-performance, sustainably engineered data centers and colocation services for artificial intelligence, cloud, networking, and blockchain workloads. Headquartered in Dallas, TX, and founded in 2021, the company combines hyperscale expertise, proprietary waterless cooling, and rapid deployment capabilities to deliver secure, scalable compute at industry-leading speed and efficiency, while creating economic opportunities in underserved communities through its award-winning Polaris Forge AI Factory model. Learn more at applieddigital.com or follow @APLDdigital on X and LinkedIn.
