Applied Digital
Builds and leases power-dense AI data centers while operating legacy blockchain hosting.
Something off on this page? Send us feedback.
Profile
Develops and operates AI-ready data center campuses, earning rent and fit-out revenue through long-term hyperscaler leases while maintaining a smaller blockchain-hosting operation. A standardized, power-secured construction model supports expansion, but revenue and execution depend on a concentrated tenant base, large project financing, and timely utility connections.
Designs, builds, owns, and operates power-dense data centers for artificial intelligence and other high-performance computing workloads. The HPC Hosting Business earns rent, tenant fit-out fees, and reimbursed power and facility costs from long-term hyperscaler leases; the smaller Data Center Hosting Business supplies energized colocation space to a single bitcoin-mining customer.
Uses a standardized campus model spanning power-secured site selection, air- and liquid-cooled design, construction, and operations. Operating sites remain in North Dakota, while contracted AI campuses are being built there and in a southern US market.
Retains a majority stake in separately listed ChronoScale, which houses the former cloud-services operation outside the core operating segments. Revenue depends on a small group of hyperscale tenants, construction financing, power interconnections and permits, with current operations concentrated in North Dakota.
Company facts
Categories
Key statistics
Year to date −9.8% · Average volume (30d) 18.4M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 6, 2026 | Morgan Stanley | Reiterate | Equal Weight | $36.50 | $37.50 |
| Jul 23, 2026 | Morgan Stanley | Initiate | Buy | $36.50 | |
| Jun 17, 2026 | Northland Securities | Target | $56 | $82 | |
| Jun 9, 2026 | Craig-Hallum | Reiterate | Buy | $40 | $79 |
| Jun 9, 2026 | Lake Street | Reiterate | Buy | $70 | $90 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 27, 2026Q4 FY26 | −$0.11 | −$0.39 | −242.1% | $96.9M | $258.7M | +167.2% | +0.91% |
| Apr 8, 2026Q3 FY26 | −$0.10 | −$0.36 | −260.0% | $75.5M | $126.6M | +67.7% | −7.99% |
| Jan 7, 2026Q2 FY26 | −$0.09 | −$0.11 | −22.2% | $85.3M | $126.6M | +48.3% | +8.05% |
| Oct 9, 2025Q1 FY26 | −$0.13 | −$0.11 | +14.7% | $50.0M | $64.2M | +28.5% | +16.05% |
Financial highlights
| 12 quarters | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $52.9M | $38.0M | $64.2M | $126.6M | $126.6M | $258.7M | |
| Gross profit | $3.8M | $7.8M | $8.6M | $26.0M | $53.8M | $40.5M | |
| Operating income | −$18.9M | −$20.3M | −$20.5M | −$31.0M | −$25.9M | −$117.0M | |
| Net income | −$35.6M | −$52.5M | −$16.9M | −$17.5M | −$99.3M | −$110.0M | |
| Diluted EPS | −$0.16 | −$0.24 | −$0.07 | −$0.07 | −$0.36 | −$0.39 | |
| Gross margin | 7.1% | 20.4% | 13.4% | 20.6% | 42.5% | 15.7% | |
| Operating margin | -35.8% | -53.5% | -32.0% | -24.5% | -20.5% | -45.2% |
Fiscal years (4-quarter sums)FY22 $8.5M · FY23 $55.4M · FY24 $136.6M · FY25 $215.5M · FY26 $576.2M
Balance sheet, May 31, 2026Cash & short-term investments $1.59B · Total debt $5.10B · Total assets $9.93B · Shareholders' equity $1.78B
Dividends
No dividends on record.
Ownership
Shares outstanding 287.88M · Float 264.50M · 91.9% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Hood River Capital Management LLC | 22.52M | 7.82% | 13F | Aug 14, 2026 |
| Wesley Cummins | 22.04M | 7.60% | 13D | Jul 8, 2026 |
| Jane Street Group, LLC | 20.89M | 7.10% | 13G | May 12, 2026 |
| Situational Awareness LP | 15.38M | 5.34% | 13F | Aug 14, 2026 |
| Vanguard Portfolio Management LLC | 13.73M | 4.77% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 4, 2026 | Richard N. Nottenburg | director | −75,000 | $31.15 |
| Apr 30, 2026 | Richard N. Nottenburg | director | −12,500 | $34.59 |
| Apr 28, 2026 | Richard N. Nottenburg | director | −12,500 | $32.00 |
| Apr 27, 2026 | Douglas S. Miller | director | −10,000 | $34.98 |
| Jan 29, 2026 | Chuck Hastings | director | −45,987 | $38.57 |
Peers
- IREN
Vertically integrated AI campus developer with $9.7B Microsoft GPU services deal.
- Cipher Digital
Greenfield HPC campus developer with $5.5B AWS and ~$3B Fluidstack/Google leases.
- Hut 8
Power-first AI campus developer; $16.8B contracted across two hyperscale campuses.
- Core Scientific
National HPC colocation platform with ~500 MW CoreWeave-contracted capacity across 10 sites.
- Digital Realty
Global data center REIT named in APLD’s 10-K; record 200 MW AI lease in Q1 2026.
- Equinix
Global colocation/interconnect leader named in APLD’s 10-K; $15B+ xScale AI JV.
- Bitdeer
Bitcoin miner pivoting to AI HPC colocation; 3 GW power portfolio, no lease signed yet.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Applied Digital | $25.52 | +0.61% | $7.29B | — | — | 12.7 | +580.7% |
| IREN | $35.60 | +0.46% | $12.65B | — | — | 16.7 | −26.8% |
| Cipher Digital | $15.18 | +0.06% | $6.21B | — | — | 32.5 | −43.0% |
| Hut 8 | $79.75 | +0.41% | $8.94B | — | — | 30.8 | +81.4% |
| Core Scientific | $16.58 | +0.28% | $5.31B | — | 312.6 | 12.0 | +108.8% |
| Digital Realty | $182.50 | −1.56% | $68.62B | 89.6 | 81.3 | 10.0 | +28.9% |
| Equinix | $1,031.43 | −1.20% | $103.05B | 67.3 | 59.8 | 10.5 | +16.4% |
| Bitdeer | $10.32 | +0.10% | $2.41B | — | — | 3.0 | +47.1% |
| Median | 78.4 | 81.3 | 12.0 | +28.9% |