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Public Companies
Business Description
Applied Digital Corporation (Nasdaq: APLD), incorporated in January 2021 and headquartered in Dallas, Texas, builds and operates AI factory campuses in the United States, leasing large-scale data center infrastructure to hyperscalers and high-performance computing tenants.
Applied Digital launched as Applied Blockchain, hosting Bitcoin mining operations for third-party customers in North Dakota. Its 100-megawatt facility in Jamestown, North Dakota, opened in May 2022 with a ribbon-cutting attended by Governor Doug Burgum, establishing the low-cost power model that anchored its later AI infrastructure pivot. Applied Blockchain renamed to Applied Digital Corporation in November 2022 and redirected capital toward GPU-intensive workloads.
Applied Digital's development portfolio spans four campuses, according to BitcoinMiningStock.io data as of May 8, 2026. Polaris Forge 1 in North Dakota operates at 100 megawatts with 300 megawatts under development. JMS02, also in North Dakota, operates at 9 megawatts. Polaris Forge 2 in North Dakota has 300 megawatts under development and 700 megawatts in the pipeline. Delta Forge 1 in Louisiana (a 500-plus-acre campus with 430 megawatts of planned capacity) has 300 megawatts currently under development.
Three multi-billion-dollar, 15-year hyperscaler lease agreements anchor the portfolio. In June 2025, two contracts with CoreWeave covered 250 megawatts of capacity. In October 2025, Applied Digital signed a $5 billion, 200-megawatt critical IT load lease at Polaris Forge 2 with an unnamed U.S. investment-grade hyperscaler. In April 2026, Delta Forge 1 attracted a $7.5 billion, 300-megawatt lease with a second new investment-grade hyperscaler tenant, adding a third hyperscale customer to the portfolio overall. Total contracted lease revenue now exceeds $23 billion, with more than 50 percent backed by investment-grade counterparties.
For fiscal second quarter 2026 (ended November 30, 2025), Applied Digital reported revenue of $126.6 million, up 250 percent year-over-year, with adjusted EBITDA of $20.2 million. Applied Digital held $2.3 billion in cash and equivalents against $2.6 billion in debt at quarter end.
In May 2026, Applied Digital completed the separation of its GPU cloud services unit into ChronoScale Corporation (Nasdaq: CHRN), formed through a business combination with EKSO Bionics Holdings, with Applied Digital retaining approximately 97 percent of ChronoScale shares. A $300 million senior secured bridge facility, announced May 4, 2026, will fund construction milestones across the AI factory campus pipeline. Applied Digital's enterprise value stood at $12.97 billion as of May 8, 2026, according to BitcoinMiningStock.io data, with construction underway across Polaris Forge 1 expansion, Polaris Forge 2, and Delta Forge 1 as Applied Digital scales toward its hyperscaler lease commitments.
