AI Infrastructure NASDAQ: APLD

Applied Digital Corporation (APLD)

Purpose-built AI data-center campuses backed by long-term hyperscaler leases.

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✓ Reviewed by Get AI Decoded Editorial Team Updated August 2026

The AI Angle

Applied Digital designs, develops, owns, and operates large-scale data centers engineered for artificial intelligence and other accelerated-computing workloads. Its AI thesis is anchored by long-duration, take-or-pay hyperscaler leases rather than a peripheral software feature: three announced 15-year leases represent roughly 810 megawatts of critical IT load and approximately $20.2 billion of base-term contracted revenue. The model can convert power access and construction execution into recurring infrastructure revenue, but it requires substantial financing before campuses begin billing customers.

Key Numbers

$611.3M

FY2026 Revenue

Up 167% YoY; company results July 27, 2026

$258.7M

Q4 FY2026 Revenue

Up 407% YoY; company results July 27, 2026

$20.2B

Announced Lease Value

Base-term contracted revenue across three 15-year hyperscaler leases

$7.74B

Recent Market Cap

Yahoo Finance market data checked Aug. 21, 2026

4/5

AI Exposure Score

Strong AI revenue driver.

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⚡ About AI Exposure Score: Reflects how central AI is to this company's current revenue and growth strategy. 5 = AI is the core business. 1 = AI is a minor angle. Editorial assessment — not a buy/sell signal.

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Upcoming Catalysts

Three 15-year take-or-pay hyperscaler leases provide long-duration demand visibility across roughly 810 MW
Initial operations at Delta Forge 1 and Polaris Forge 3 are expected during calendar 2027
Existing power-connected campuses may shorten development timelines versus greenfield AI infrastructure projects
CoreWeave lease enhancements and new financing facilities can improve project-level funding visibility

Key Risks

Heavy construction spending and project debt create financing, refinancing, and interest-rate exposure
Revenue is concentrated in a small number of hyperscaler and CoreWeave contracts
Power, equipment, permitting, or construction delays could push back contracted revenue while costs continue
The company remained GAAP loss-making in fiscal 2026 despite rapid revenue growth

Recent News

2026-07-27 · undefined

Applied Digital reports fiscal fourth-quarter and full-year 2026 results

2026-06-08 · undefined

Applied Digital signs $5.2 billion AI data-center lease with U.S. hyperscaler

2026-04-23 · undefined

Applied Digital signs $7.5 billion AI data-center lease with U.S. hyperscaler

2026-04-08 · undefined

Applied Digital quarterly net loss widens on rising costs and a one-time charge

Sources: Applied Digital FY2026 results July 27, 2026; Reuters April 8, April 23, and June 8, 2026; Yahoo Finance market data checked Aug. 21, 2026.

⚠️ Not financial advice. This page is for informational purposes only. All figures are sourced from public earnings reports, company guidance, and financial news. Past performance is not indicative of future results. Always do your own research before making any investment decisions.