Applied Digital Corp.
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Range $37.5 – $90
Price Chart
About the company
Applied Digital Corporation designs, develops, and operates digital infrastructure solutions to high-performance computing (HPC) and artificial intelligence industries in North America. It operates through: Data Center Hosting Business, and HPC Hosting Business. The company offers infrastructure services to crypto mining customers; and GPU computing solutions for critical workloads related to AI, machine learning, and other HPC tasks.
- CEO
- Wes Cummins
- IPO
- 2022
- Employees
- 256
- HQ
- Dallas, TX, US
AI snapshot
Six angles, distilled from the data.
APLD remains in a volatile medium-term downtrend after a large run-up, with price still below the 200-day average and well off the 52-week high. The setup is constructive only if it can reclaim its longer-term moving averages; otherwise the stock is still trading as a high-beta momentum name rather than a stable trend.
Street sentiment stays bullish, with a Buy consensus and a $72.36 average target versus a much lower share price. Recent actions are mostly reiterations and target raises, though Morgan Stanley’s newer Equal Weight initiation at $36.50 shows the range of views is widening even as the target stack remains elevated.
The next report follows a mixed beat pattern: 6 of the last 7 quarters beat, but the most recent quarter missed by 116.7%. Estimates still point to losses, with next-year EPS expected at -1.125, so shareholders should watch whether revenue growth can translate into better operating leverage.
The pattern is mixed but leans to net selling only because of one disclosed director sale. Most other filings are award, in-kind, or tax-related share movements tied to compensation, while the only discretionary trade was Richard N. Nottenburg’s 75,000-share sale.
Profitability remains weak despite strong top-line momentum. Gross margin is 25.9%, but operating margin is -48.2% and net margin is -39.9%, while revenue still grew 406.6% year over year. Cash generation is positive, but heavy capex and losses keep the model capital intensive.
APLD screens as a higher-beta AI infrastructure name, with a 5.767 beta and a valuation that still depends on execution rather than current earnings. Versus software peers, the market is paying for growth and optionality, not present profitability.
Similar companies
Peers in the same neighborhood.
- Market Cap
- $8.02B
- P/E
- -31.31
- Fwd P/E
- 929.00
- PEG
- 1.19
- P/S
- 13.92
- P/B
- 4.47
- EV/EBITDA
- -104.31
- Div Yield
- 0.00%
- Gross Margin
- 22.38%
- Op Margin
- -33.75%
- Net Margin
- -42.31%
- ROE
- -16.65%
- ROIC
- -2.20%
Latest fiscal year · YoY change
- Revenue
- $611.31M+183.7%
- Gross Profit
- $157.68M+594.7%
- Op Income
- $-236,362,000
- Net Income
- $-244,004,000-5.6%
- EPS
- $-0.91+21.6%
- OCF Growth
- +177.7%
- FCF Growth
- -248.3%
- 52W High
- $50.73
- 52W Low
- $13.16
- 50D MA
- $33.38
- 200D MA
- $32.36
- Beta
- 5.77
- RSI (14)
- 43
- Avg Volume
- 20.32M
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Applied Digital said fiscal Q4 2026 marked a transformational year, with major lease signings, expanding hyperscaler demand, and a sharply improved financing position, while losses remained elevated due to heavy stock-based compensation and project build-out costs.· July 27, 2026
- Signed leases for 5 campuses and said contracted long-term lease value reached $36 billion, up 125%, backed by 1.41 gigawatts of contracted critical IT load.
- Management said three recent campus leases with a single investment-grade hyperscaler total about $20 billion of long-term contracted revenue, with more upside from higher rates on expansions.
- Q4 revenue was $258.7 million, adjusted EBITDA was $42.4 million, adjusted net income was $12.9 million, and net loss attributable to common shareholders was $111.6 million, or $0.39 per share.
- The company said it ended the quarter with $4.2 billion in cash, $5 billion in debt, and about $1.7 billion in equity, after multiple financings to lower its cost of capital.
- Wes Cummins said the company now expects to reach its $1 billion NOI run-rate goal a year from now, three years ahead of schedule.
- Management said current construction projects are on time and on budget, and that it is actively marketing another 1.7 gigawatts of capacity across multiple states.
Applied Digital reported fiscal Q4 continuing-operations revenue of $258.7 million, including $208.2 million of services revenue and $50.6 million of data center rental and other revenue. Total revenue increased 407% from the comparative prior quarter. HPC hosting revenue was $203 million, data center hosting revenue was $37.3 million, and ChronoScale contributed $18.8 million of revenue, which management excluded from non-GAAP results. Gross margin was not stated, but net operating income was $39.9 million, representing a 91% margin, adjusted EBITDA was $42.4 million versus $1 million in the comparative prior quarter, adjusted net income was $12.9 million, and adjusted EPS was $0.04 per diluted share. Net loss attributable to common shareholders was $111.6 million, or $0.39 per share, and depreciation was approximately $18.2 million. For balance sheet items, the company ended with $4.2 billion in cash, $5 billion in debt, and approximately $1.7 billion in equity. Looking ahead, management said CapEx should be around $600 million in the upcoming quarter, and it reiterated that it is building toward 1.5 gigawatts of HPC AI infrastructure.
Wes Cummins framed the quarter as a defining, transformational period, emphasizing the move to 5 campuses, the rise to $36 billion of contracted lease value, and the company’s ability to win large direct leases with investment-grade hyperscalers. His tone was confident and disciplined: he repeatedly highlighted repeatable execution, on-time/on-budget delivery, and a “franchise model” built to scale while preserving quality and customer trust. He also tied the growth story to power access, especially in North Dakota, and said the company’s existing campuses could expand to over 5 gigawatts of critical IT load through 2032.
Saidal Mohmand focused on financing efficiency and balance-sheet strength. He said the company closed $2.15 billion of 6.75% senior secured notes for Polaris Forge 2, a $300 million senior secured bridge facility led by Goldman Sachs, a revolving credit facility of up to $550 million, and $1.59 billion of 7% senior secured notes for Polaris Forge 1’s fourth building. He noted the recent $1.5 billion notes priced at 7%, 225 basis points inside the first placement at roughly 9.25%, and said the company has now secured financing for the full 400 megawatts at Polaris Forge 1 and 200 megawatts at Polaris Forge 2. On operations, he cited $258.7 million of revenue, $42.4 million of adjusted EBITDA, $39.9 million of NOI, and $111.6 million of net loss attributable to common shareholders, while calling out $116.8 million of stock-based compensation in SG&A, including $47.9 million tied to one-time ChronoScale awards and $65.1 million tied to PSUs.
Analysts pressed management on the lower yields of the recent large leases, cost of capital, CapEx cadence, restricted cash, expansion options, Base Electron timing, market demand, and the company’s growth limits. Wes said the company intentionally stayed conservative on pricing and returns, that pricing has moved higher, and that the goal was to lock in durable contracts and strong SLAs with high-quality customers. Saidal said the financing model uses the company balance sheet, Macquarie’s 3/4 equity funding in the JV, and site-specific debt, and he gave an upcoming-quarter CapEx estimate of around $600 million; he also said most restricted cash tied to the Polaris Forge 2 bond had been released. On Base Electron, Wes said initial capacity is expected in 2029 and 2030, and that the remaining marketed 1.7 gigawatts is expected to go to new customers.
The bull case from the call is that Applied Digital has rapidly built a large, contract-backed pipeline with investment-grade hyperscalers and now has $36 billion of long-term lease value supporting growth. Management said demand remains robust, pricing is moving higher, financing is getting cheaper, and the company is executing on time and on budget while expanding its platform and power access.
The main risks discussed were the long build cycle, dependence on power availability and supply chain execution, and the need to keep scaling without overextending. The quarter also included a large net loss and heavy stock-based compensation, and some of the larger power additions, such as Base Electron, are not expected to come online until 2029 and 2030. Management also acknowledged that site-specific labor, soil, and infrastructure issues can push project costs toward the high end of the $11 million to $13 million per megawatt range.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 91.9%
- Shares Outstanding
- 287.88M
- Float Shares
- 264.50M
of shares held by institutions
514 13F filers
Buy/sell ratio 0.78. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Vanguard Group Inc | 24.17M | ▲ 6.45M |
| Hood River Capital Management LLC | 22.52M | ▼ 556.73K |
| Situational Awareness LP | 15.38M | ▲ 1.91M |
| Blackrock, Inc. | 13.38M | ▼ 7.52M |
| Vanguard Capital Management LLC | 11.56M | ▲ 780.14K |
| Two Sigma Investments, LP | 10.30M | ▲ 8.71M |
| Equitec Proprietary Markets, LLC | 8.37M | ▲ 8.37M |
| Goldman Sachs Group Inc | 6.98M | ▼ 1.02M |
| Value Aligned Research Advisors, LLC | 5.55M | ▼ 1.12M |
| Oasis Management Co Ltd. | 5.01M | ▲ 3.97M |
| Geode Capital Management, LLC | 4.88M | ▼ 1.53M |
| State Street Corp | 4.48M | ▼ 1.09M |
Held by 367 ETFs
Biggest fund positions in APLD by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Aug 4, 26 | Nottenburg Richard N | sell | 75,000 |
| Jul 31, 26 | Mohmand Mohammad Saidal LaVanway | other | 245,000 |
| Aug 4, 26 | Mohmand Mohammad Saidal LaVanway | other | 13,408 |
| Jul 31, 26 | Mohmand Mohammad Saidal LaVanway | other | 96,408 |
| Jul 31, 26 | Cummins Wes | other | 1,600,000 |
| Jul 31, 26 | Cummins Wes | other | 629,600 |
| Aug 4, 26 | Cummins Wes | other | 714,685 |
| Jul 31, 26 | Laltrello Laura | other | 600,000 |
| Jul 31, 26 | Laltrello Laura | other | 260,640 |
| Jul 31, 26 | Zhang Jason Gechen | other | 600,000 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our APLD coverage
Recent articles, reports, and earnings notes.

Applied Digital (APLD): AI Infrastructure Scale-Up Gains Traction
Applied Digital is moving from concept to monetized AI infrastructure, with revenue surging and major campuses now online or under construction. The stock offers real growth, but heavy capex, losses, and a rich valuation keep execution risk high.

The neocloud boom is a utilization bet, not a cheap AI trade
Retail investors are buying the dip in IREN, NBIS, CRWV, and APLD, but falling share prices have not made these businesses automatically cheap. The winners will be defined by utilization, contract quality, customer concentration, and financing discipline—not AI exposure alone.

Ionic Digital Inc. Class A IPO Preview: Bitcoin Mining Meets AI Infrastructure
Ionic Digital Inc. Class A is expected to list on NASDAQ on 2026-07-28, with the price range not disclosed. The deal is a direct listing/resale registration, so the company will not receive proceeds from shares sold by registered stockholders. Watch whether the market gives credit to the Nscale lease and AI/HPC angle, or focuses on bitcoin and trading volatility.
Want a deeper read on APLD?
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AI analysis · Last refreshed August 17, 2026 · Live quote · Not investment advice