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Applied Digital (APLD)

Applied Digital builds and leases AI data centers, mainly in North Dakota, and agreed in October to form a Texas joint venture.

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Information and analysis only, not a recommendation to buy, sell or hold any security. The author may own securities discussed.

Researched and drafted with AI agents. Every figure is taken from a source cited on the page.

Analysis and information

What it does

Applied Digital designs, builds, owns and operates large data centers for AI and high-performance computing, mainly in North Dakota. It leases capacity on long terms to large, investment-grade cloud companies. It also majority-owns ChronoScale, a public AI compute company that runs its older cloud business.

Role in the theme

Applied Digital is a data center landlord in the AI compute hosts (neoclouds) theme.

Latest

  • 10-28: APLD fell 4.3% in overnight trading after Microsoft said some third-party GPU contracts were delayed.
  • 10-21: Soluna said it signed a definitive agreement to form a joint venture with Applied Digital for Project Dorothy 3, near Silverton in Briscoe County, Texas. Phase 1 is 50 MW of critical IT. Applied Digital would own 51% and provide capital. ChronoScale signed a non-binding letter of intent to lease the site. Closing needs a county tax abatement and other steps, and is expected by year-end.
  • 10-16: The CEO purchased 55,803 shares at $18.04, and the president purchased 300,000 shares at $18.86 (Form 4 filings dated 10-19).
  • 10-07 (fiscal Q1 2027 results, quarter to 8-31): Revenue was $341.9M, and the net loss for common stock was $221.0M, or $0.76 a share. Adjusted EBITDA was $64.4M. On 10-01 its Polaris Forge 1 campus reached 250 MW of live critical IT load.

What to watch

  • First operations at Polaris Forge 2 in Harwood, which the company expects to lift delivered load in North Dakota to 300 MW by the end of 2026.
  • Closing of the Texas joint venture, and whether the letter of intent becomes a lease. Texas paused permits for infrastructure that directly supports data centers, with no end date.
  • Progress at Delta Forge 2, where it signed a 210 MW, 15-year lease in June with its investment-grade cloud customer, worth about $5.2B over the base term.
  • Next report: fiscal Q2 2027, date not confirmed.

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Sources

Primary means the publisher of the data or the filing; secondary means press or an aggregator.