Applied Digital Secures Up to 1 GW of Potential Power Capacity in Finland, Marking First International Development in the Nordics

Applied Digital has entered an agreement giving it access to up to 1 GW of potential power capacity in Finland, its first development opportunity outside the United States. The company plans an AI Factory campus scalable to 1 GW, with initial power availability anticipated in 2028, and is already marketing the site to global hyperscale customers. Management emphasized the deal is structured to limit initial exposure and maintain disciplined capital deployment, with future investment tied to customer demand and commercial milestones.

•6d ago

Applied Digital Brings an Additional 75 MW of AI Infrastructure Online at Polaris Forge 1

Applied Digital achieved Ready for Service for the second phase of Building 2 at its Polaris Forge 1 campus, adding 75 MW of critical IT load across three 25 MW data halls. The milestone completes Building 2's full 150 MW and brings operational capacity at the Ellendale, North Dakota campus to 250 MW, against a fully leased 400 MW contracted at full buildout. The delivery reinforces execution on the company's AI Factory buildout; capacity is already leased, so the focus shifts to converting operational megawatts into recognized lease revenue.

•10d ago

The AI Revolution Is Winning the Software Race but Losing the Infrastructure Battle

Applied Digital announced a new long-term lease agreement at its Delta Forge 2 campus with a U.S.-based high investment-grade hyperscaler. The agreement covers 210 MW of critical IT load under a 15-year take-or-pay structure, representing approximately $5.2 billion in base-term contracted revenue or $12.7 billion if renewal options are fully exercised. This marks the company's fifth AI factory campus, significantly bolstering its position in the AI infrastructure market.

•2mo ago

Roundhill Investments Launches First-Ever Neocloud ETF (NCLD) and Photonics & Optics ETF (LYTE)

Roundhill Investments launched the Roundhill Photonics & Optics ETF (LYTE), designating Applied Optoelectronics Inc. (AAOI) as a top-ten holding with an initial weight of 2.14%. The fund targets the connectivity layer of the AI infrastructure buildout, focusing on photonic chips and optical interconnects that replace copper in data centers to enable faster transmission. This inclusion follows the success of Roundhill's Memory ETF, which rapidly reached $25 billion in assets, suggesting potential future capital inflows into the new photonics fund.

•2mo ago

Applied Digital Reports Fiscal Fourth Quarter and Full Year 2026 Results

Applied Digital delivered a record fiscal Q4 with revenue surging 407% year-over-year to $258.7 million, driven by the rapid expansion of its HPC hosting business and positive Adjusted EBITDA of $42.4 million. The company secured approximately $20 billion in new 15-year take-or-pay leases with a high-investment-grade hyperscaler across three campuses, bringing total contracted backlog to roughly $36 billion on a base term basis. To fund this expansion, APLD closed $3.74 billion in senior secured notes and a revolving credit facility, while successfully spinning out its cloud services business into an independent public entity, ChronoScale.

•2mo ago

Applied Digital Delivers Second Building at Polaris Forge 1

Applied Digital achieved Ready for Service for Phase 1 of Building 2 at Polaris Forge 1, delivering 75 MW of operational AI capacity on schedule. This delivery brings total live capacity at the North Dakota campus to 175 MW, advancing progress toward the fully contracted 400 MW target. CEO Wes Cummins highlighted the milestone as validation of the company's AI Factory franchise model and its ability to execute on complex infrastructure deployments.

•3mo ago

Montana-Dakota Utilities Announces Electric Service Agreement with Applied Digital for Proposed AI Factory

Montana-Dakota Utilities, a subsidiary of MDU Resources, entered into an electric service agreement with Applied Digital to power Polaris Forge 3, a proposed 430MW AI Factory in North Dakota. The facility is backed by a previously announced 15-year lease with a U.S. hyperscaler, with initial operations anticipated to commence in August 2027. This agreement expands Applied Digital's footprint in North Dakota, building on its existing Polaris Forge 1 site, though regulatory approval from the North Dakota Public Service Commission is still required.

•3mo ago

Applied Digital Announces Pricing of $1.59 Billion of Senior Secured Notes to fund the Fourth Building at Polaris Forge 1

Applied Digital announced the pricing of $1.59 billion in 7.000% senior secured notes due 2031, issued by its subsidiary APLD ComputeCo 3 LLC. The proceeds will fund the construction of 150 megawatts of critical IT load at the ELN-04 building within the Polaris Forge 1 AI Factory campus in Ellendale, North Dakota. The offering also allows the company to repay its existing bridge loan facility with Goldman Sachs Bank USA, replacing short-term debt with long-term fixed-rate financing.

•4mo ago

Applied Digital Signs 210 MW Lease at Delta Forge 2, Expanding Its AI Factory Franchise Model to a Fifth Campus

Applied Digital signed a 15-year take-or-pay lease for 210 MW of critical IT load at its Delta Forge 2 campus with a U.S. investment-grade hyperscaler. The deal represents $5.2 billion in base-term revenue, or $12.7 billion if all renewal options are exercised, marking the company’s fifth AI Factory campus. This agreement expands Applied Digital’s total contracted portfolio to 1.4 GW of IT load and $36 billion in base-term revenue, with 70% now backed by investment-grade hyperscalers.

•4mo ago

Applied Digital Reaches Significant Milestone, Surpassing 1 GW of Contracted Capacity with U.S. Based High Investment-Grade Hyperscaler Lease at Fourth Campus, Polaris Forge 3

Applied Digital signed a 15-year take-or-pay lease for its Polaris Forge 3 campus with a U.S. high investment-grade hyperscaler, valued at $7.5 billion in base revenue. The deal adds 300 MW of critical IT load, bringing the company’s total contracted capacity to 1.2 GW across four AI Factory campuses. Total contracted lease revenue now stands at $31 billion, rising to $73 billion if all renewal options are exercised, with 65% backed by investment-grade hyperscalers.

•4mo ago

Applied Digital Completes Separation of Cloud Business, Establishing ChronoScale as Independent Public Company

Applied Digital completed the separation of its cloud business, contributing the assets to EKSO Bionics, which has renamed itself ChronoScale Corporation and will trade under the ticker CHRN. Applied Digital retains approximately 97% ownership of ChronoScale following the issuance of roughly 138 million shares and a concurrent $15.75 million cash investment for 1.4 million additional shares. The strategic move separates APLD's long-duration data center hosting platform from the shorter-cycle cloud compute layer, allowing each business to pursue tailored capitalization and growth strategies.

•5mo ago

Applied Digital Announces $300 Million Senior Secured Bridge Facility

Applied Digital closed a $300 million senior secured bridge facility led by Goldman Sachs to fund the third AI data center at its Polaris Forge 1 campus in Ellendale, North Dakota. The 364-day term loan carries an interest rate of SOFR plus 275 basis points and is secured by the project's assets. Management indicated the company expects to seek additional financing to complete the construction of the facility.

•5mo ago

Applied Digital Announces New U.S. Based High Investment-Grade Hyperscaler Tenant at Delta Forge 1, a 430 MW AI Factory Campus

Applied Digital signed a 15-year lease agreement with a new U.S. investment-grade hyperscaler for 300 MW at its Delta Forge 1 campus. The deal carries a total contracted value of approximately $7.5 billion, bringing total contracted lease revenue to over $23 billion across its portfolio. Additionally, the company anticipates securing up to $600 million in new credit facilities to fund development activities and working capital.

•5mo ago