Applied Digital(NASDAQ) APLD

Applied Digital Corporation builds large data centers for powerful computers. These centers help companies run artificial intelligence and complex math. The business makes sure these high-energy machines stay cool and powered.

Building the Brains of AI

• HPC Hosting: Designing and operating facilities for high-density graphics processing unit workloads; generated $385.3 million in revenue in fiscal year 2026.
• Data Center Hosting: Providing energized infrastructure for cryptocurrency mining customers; generated $154.4 million in revenue in fiscal year 2026.
• Cloud Services: Offering access to computing equipment for machine learning developers through the majority-owned ChronoScale subsidiary.

A Growing Pipeline of Power

• Separated the cloud business into a majority-owned public company named ChronoScale in May 2026.
• Started construction on the 200 megawatt Polaris Forge 2 campus in Aug. 2025.
• Began development of the 300 megawatt Delta Forge 1 campus in Jan. 2026.
• Secured a 15-year lease for the full 210 megawatts at Delta Forge 2 in June 2026.

What Makes These Factories Special?

Applied Digital uses a repeatable design model to build 150 megawatt data centers in 14 to 18 months. Its liquid cooling technology uses a closed-loop system to reach nearly zero water usage.

The 2026 Financial Scorecard

• Services revenue increased 119% to $496.6 million in fiscal year 2026.
• Total contracted revenue from long-term leases reached approximately $36.2 billion as of May 31, 2026.
• Selling, general, and administrative expenses rose 208% to $332.1 million in fiscal year 2026.
• Market capitalization reached $13.2 billion in the fourth quarter of 2026, up 860.1% year over year.

Bottom Line

Applied Digital has shifted its focus from cryptocurrency hosting to large-scale infrastructure for artificial intelligence. Its strategy centers on securing power-advantaged sites and signing long-term contracts with major technology firms.