Applied Digital (APLD)
Applied Digital (APLD) designs, builds, and operates liquid-cooled AI data centers. Its Polaris Forge 1 campus carries roughly $11 billion of CoreWeave leases across 400 MW, a 200 MW hyperscaler lease anchors Polaris Forge 2, and fiscal Q3 2026 revenue rose 139% to $126.6 million. Fiscal fourth-quarter results are expected around late July 2026.
| Ticker | APLD |
|---|---|
| Exchange | NASDAQ |
| Sector | Information Technology · AI Data Center Operator |
| Country | United States |
| Held by ETF | TIGER US AI Data Center TOP4 Plus ETF (0142D0) |
| Last updated | 2026-06-11 |
Next event:Next earnings · fiscal Q4 & full-year FY2026, estimated · Estimated from the company's typical late-July fiscal-year cadence (fiscal year ends May 31); not company-confirmed. Last report: fiscal Q3 2026 on 2026-04-08. Confirm on Applied Digital IR. (source)
Latest reported quarter:Fiscal Q3 2026 (ended Feb 28, 2026) (reported2026-04-08)
Applied Digital reported fiscal Q3 2026 revenue of $126.6 million, up 139% year over year, as its first 100 MW HPC data center contributed a full quarter: HPC hosting revenue was $71.0 million, including $44.1 million of base rent. The net loss attributable to common stockholders was $100.9 million, while adjusted net income was $33.2 million and adjusted EBITDA $44.1 million.
| Revenue | $126.6M+139%YoY · vs $52.9M a year earlier |
|---|---|
| HPC hosting revenue | $71.0M · $44.1M base rent, $18.9M tenant fit-out, $8.1M power pass-through |
| Net loss attributable to common | $(100.9)M · $(0.36) per share |
| Adjusted net income | $33.2M · $0.09 per diluted share; excludes the Cloud Services business |
| Adjusted EBITDA | $44.1M |
Guidance:Capacity pipeline (calendar 2026-2027)
| Polaris Forge 1 build-out | 400 MW leased to CoreWeave · ELN-02 (100 MW) fully operational; two 150 MW buildings follow in 2026-2027 |
|---|---|
| Polaris Forge 2 | 200 MW · ~15-year hyperscaler lease; funded by $2.15B notes; full capacity by early 2027 |
| Delta Forge 1 | Up to 300 MW critical IT · 430 MW southern-U.S. campus; initial operations expected mid-2027 |
Applied Digital does not give quarterly financial guidance; the pipeline above is the company's disclosed delivery schedule as of April 8, 2026.
Recent & upcoming events
- · Third CoreWeave lease takes Polaris Forge 1 to 400 MW and ~$11 billion.A new 150 MW lease brought total anticipated contracted lease revenue with CoreWeave to approximately $11 billion, on top of $7 billion from the initial two roughly 15-year leases signed in May 2025. (source)
- · 200 MW hyperscaler lease at Polaris Forge 2.Applied Digital signed an approximately 15-year lease with a U.S.-based investment-grade hyperscaler for 200 MW at the $3 billion Polaris Forge 2 campus near Harwood, North Dakota. (source)
- · Fiscal Q3 2026: first 100 MW fully operational; Delta Forge 1 ground broken.Revenue rose 139% to $126.6M with the ELN-02 direct-to-chip liquid-cooled building fully operating; the company broke ground on the 430 MW Delta Forge 1 campus and, after the quarter, closed $2.15B of 6.750% senior secured notes for Polaris Forge 2. (source)
Fiscal Q3 2026 figures are from Applied Digital's 8-K Exhibit 99.1 (quarter ended February 28, 2026); its fiscal year ends May 31. Adjusted figures exclude the Cloud Services business being combined into ChronoScale.
Figures are as of 2026-06-11 and reflect the most recent public filings/IR releases; they are updated after each earnings report.
What does Applied Digital do?
Applied Digital is a landlord for AI compute. Its HPC hosting business builds purpose-engineered, direct-to-chip liquid-cooled data centers and leases them on roughly 15-year terms; the company says its first 100 MW building at Polaris Forge 1 in Ellendale, North Dakota is one of the only facilities of its kind fully operational today (Applied Digital 8-K, Apr 8, 2026). Around that core sit a legacy Data Center Hosting segment running 286 MW for bitcoin miners, which earned $13.9 million of segment operating profit in fiscal Q3 2026, and a Cloud Services unit being combined with EKSO Bionics into ChronoScale, of which Applied Digital expects to initially own about 97% (Applied Digital 8-K, Apr 8, 2026).
How is AI driving Applied Digital’s business?
Through the scramble for powered, liquid-cooled capacity. CoreWeave has leased 400 MW at Polaris Forge 1 across three long-term agreements worth approximately $11 billion of anticipated lease revenue, including $7 billion from the initial two leases signed in May 2025 (Applied Digital, Aug 29, 2025). A U.S.-based investment-grade hyperscaler followed in October 2025 with an approximately 15-year lease for all 200 MW of Polaris Forge 2 (Applied Digital 8-K, Apr 8, 2026). Chairman and CEO Wes Cummins tied the demand to the hyperscaler capex curve:
“We are seeing a clear acceleration in demand for high-performance AI data center capacity, with hyperscalers as aggressive as we have ever seen them. Just three months ago, we referenced approximately $400 billion in annual capital expenditures from the largest U.S. hyperscalers. That figure has now been reported to have increased to nearly $700 billion.”
— Wes Cummins, chairman and CEO, Applied Digital (Applied Digital 8-K, Apr 8, 2026)
The pipeline keeps extending: during the quarter the company broke ground on Delta Forge 1, a 430 MW campus in a southern U.S. market designed for up to 300 MW of critical IT load with initial operations expected in mid-2027, and it is marketing four development sites with roughly 1 gigawatt of total grid capacity (Applied Digital 8-K, Apr 8, 2026).
What did Applied Digital report most recently?
In fiscal Q3 2026 (the quarter ended February 28, 2026), revenue rose 139% to $126.6 million, of which $71.0 million came from HPC hosting: $44.1 million of base rent, $18.9 million of tenant fit-out services, and $8.1 million of power pass-through (Applied Digital 8-K, Apr 8, 2026). The GAAP net loss attributable to common stockholders was $100.9 million ($0.36 per share), while adjusted net income, which excludes the Cloud Services business, was $33.2 million ($0.09 per diluted share) with adjusted EBITDA of $44.1 million. After the quarter, Applied Digital closed a $2.15 billion offering of 6.750% senior secured notes due 2031 to fund Polaris Forge 2 and restructured its CoreWeave leases through an A3-rated SPV with guarantees from CoreWeave, Inc.
What is Applied Digital’s guidance?
The company does not give quarterly financial guidance; its delivery schedule is the forward view. ELN-03, the second 150 MW building at Polaris Forge 1, is expected online in calendar 2026 with a third 150 MW facility in 2027; Polaris Forge 2 targets initial capacity in calendar 2026 and full 200 MW capacity by early 2027; Delta Forge 1 targets mid-2027; and management reiterated its goal of exceeding $1 billion of net operating income within five years (Applied Digital 8-K, Apr 8, 2026).
What are the risks for Applied Digital?
- Tenant concentration. CoreWeave is the tenant for all 400 MW of Polaris Forge 1; the 2026 credit enhancements (A3-rated SPV, springing guarantees, a $50 million letter of credit) mitigate but do not remove single-tenant exposure (Applied Digital 8-K, Apr 8, 2026).
- Leverage. Construction runs on high-coupon debt, including $2.15 billion of 6.750% notes and 9.250% notes due 2030; rent must arrive on schedule to service it.
- GAAP losses. Reported losses ($100.9 million in fiscal Q3) persist while buildings are under construction, so the equity story rests on adjusted and forward measures.
- Execution. Value depends on delivering buildings on time across three campuses simultaneously; North Dakota winters, supply chains, and grid timelines all bite.
Related securities, concepts & terms
Applied Digital is the specialist landlord of the US AI Data Center concept, housing the GPU fleets of neoclouds like CoreWeave.
- US AI Data Centerparent
- CoreWeave (CRWV)sibling
- IREN (IREN)sibling
- Data Center Powerrelated
- GPU-as-a-Service (Neocloud)related
Related indices & ETFs
- TIGER US AI Data Center TOP4 Plus ETF (0142D0) · Mirae Asset Global InvestmentsKorea-listed ETF (December 9, 2025) tracking the Akros index behind this concept; total annual fee 0.49%.
- Akros U.S. AI Data Center TOP4 Plus Index (AUAIDC) · Akros Technologies, Inc.The proprietary Akros index that frames this concept and the benchmark the TIGER ETF tracks.
These references describe index-tracking relationships as a matter of fact and are not a recommendation to buy any product. Akros, as the index provider, may receive licensing fees from product sponsors. Review the product's prospectus before investing.
Frequently asked questions about Applied Digital
What does Applied Digital do?
Applied Digital designs, builds, and operates high-performance data centers for AI, cloud, and blockchain workloads. Its flagship HPC hosting business leases purpose-built, direct-to-chip liquid-cooled capacity to AI tenants on roughly 15-year terms, led by the Polaris Forge 1 campus in Ellendale, North Dakota; a legacy Data Center Hosting business runs 286 MW for bitcoin miners, and the Cloud Services unit is being combined into ChronoScale (Applied Digital 8-K, Apr 8, 2026).
What was Applied Digital's latest quarterly revenue?
Applied Digital reported fiscal Q3 2026 revenue of $126.6 million (quarter ended February 28, 2026), up 139% from $52.9 million a year earlier, driven by $71.0 million of HPC hosting revenue as its first 100 MW data center operated for a full quarter (Applied Digital 8-K, Apr 8, 2026). The net loss attributable to common stockholders was $100.9 million, while adjusted net income was $33.2 million and adjusted EBITDA $44.1 million.
What is Applied Digital's guidance?
Applied Digital does not issue quarterly financial guidance; its disclosed pipeline is the guide. The 400 MW CoreWeave build-out at Polaris Forge 1 continues through 2027, the 200 MW Polaris Forge 2 hyperscaler campus targets full capacity by early calendar 2027, and the 430 MW Delta Forge 1 campus targets initial operations in mid-2027; management reiterated a long-term goal of more than $1 billion in net operating income within five years (Applied Digital 8-K, Apr 8, 2026).
When does Applied Digital report its next earnings?
Applied Digital is expected to report fiscal Q4 and full-year 2026 results (its fiscal year ended May 31, 2026) around late July 2026, estimated from its typical reporting cadence and not yet company-confirmed, so check its investor-relations site (Applied Digital IR). It last reported fiscal Q3 2026 on April 8, 2026.
How big are Applied Digital's CoreWeave leases?
Approximately $11 billion of anticipated contracted lease revenue across three long-term leases totaling 400 MW at Polaris Forge 1: two roughly 15-year leases signed in May 2025 worth about $7 billion, plus a 150 MW lease added in August 2025 (Applied Digital, Aug 29, 2025). In 2026 the leases were restructured through an A3-rated CoreWeave SPV with springing guarantees from CoreWeave, Inc., strengthening tenant credit (Applied Digital 8-K, Apr 8, 2026).
Why is Applied Digital part of the US AI data center concept?
Because it is the concept's specialist landlord: it turns low-cost North Dakota power into direct-to-chip liquid-cooled AI capacity and leases it for 15-year terms. CEO Wes Cummins says it operates one of the only fully operational 100 MW direct-to-chip liquid-cooled data centers, with that first building representing roughly one-tenth of what is operating or under construction (Applied Digital 8-K, Apr 8, 2026).
Sources & references
- Applied Digital Reports Fiscal Third Quarter 2026 Results (SEC 8-K, Exhibit 99.1) · Applied Digital Corporation / SEC EDGAR, 2026-04-08
- Applied Digital Finalizes Additional 150MW Lease with CoreWeave in North Dakota · Applied Digital Corporation, 2025-08-29
- Applied Digital · investor relations · Applied Digital Corporation, 2026-06-11