Applied Digital Corporation
APLD · Data Center Landlord · Dallas, Texas, USA
$39.16
-4.4% today
Market Thesis
Applied Digital is a power-first AI data center landlord that locks up grid-connected utility power (chiefly in North Dakota, plus Louisiana and other southern states) and builds purpose-built "AI Factory" campuses leased on 15-year take-or-pay terms to CoreWeave and investment-grade hyperscalers. After separating its cloud unit in May 2026 (into ChronoScale/EKSO), it is a pure build-and-lease infrastructure owner monetizing secured megawatts and pursuing a REIT structure.
Power Position
Operational · energized0.10 GW
Contracted · not operational1.30 GW
Announced · pipeline1.70 GW
Operational power is energized and earning today. Contracted is signed but not yet drawing load. Announced is pipeline — grid agreements and stated intent. The gap between them is where the risk, and the re-rating, live.
Key Sites & Contracts
Recent News
Jun 27
June 8, 2026: Applied Digital signed a 210 MW, ~$5.2B 15-year lease with an investment-grade hyperscaler at Delta Forge 2 (fifth AI Factory campus), lifting its contracted portfolio to ~1.4 GW of critical IT load (~2.15 GW utility power) and ~$36B in base-term revenue.