Stock

# 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.

Updated Oct 29, 2026

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.

## Covered in

- Theme: [AI compute hosts (neoclouds)](/research/themes/ai-compute-hosts)

## Sources

Primary means the publisher of the data or the filing; secondary means press or an aggregator.
- [Applied Digital Reports Fiscal First Quarter 2027 Results (8-K exhibit 99.1)](https://www.sec.gov/Archives/edgar/data/1144879/000114487926000057/apldq127earningsrelease.htm)Primary 2026-10-07
- [Soluna Agrees to Form Strategic Partnership with Applied Digital to Develop Wind-Powered AI Data Center in Texas (PR Newswire copy)](https://finviz.com/news/405148/soluna-agrees-to-form-strategic-partnership-with-applied-digital-to-develop-wind-powered-ai-data-center-in-texas)Secondary 2026-10-21
- [Applied Digital Form 4: CEO and Chairman](https://www.sec.gov/Archives/edgar/data/1144879/000139193526000009/xslF345X06/wk-form4_1792408298.xml)Primary 2026-10-19
- [Applied Digital Form 4: President](https://www.sec.gov/Archives/edgar/data/1144879/000190044526000006/xslF345X06/wk-form4_1792407990.xml)Primary 2026-10-19
- [CRWV, NBIS, IREN, APLD Stocks Drop After Microsoft Capex Falls Short On Delayed Third-Party Capacity](https://finance.yahoo.com/markets/stocks/articles/crwv-nbis-iren-apld-stocks-033548877.html)Secondary 2026-10-28
- [Texas pauses data center permits (Texas Tribune)](https://www.texastribune.org/2026/10/20/data-center-permits-tceq-abbott-texas-pause/)Secondary 2026-10-20
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