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Applied Digital
Capacity landlordData center developerNASDAQ:APLDApplied Digital is a capacity landlord based in Dallas, United States, founded in 2021. It is publicly listed (NASDAQ:APLD).
Capacity, contracted1.41 GWas disclosed
Capacity, operating250 MWonline
Market cap$5.06Bmarket cap, 9 Nov 2026
Compute deals on record6$17.2B confirmed contract value
Key facts
| Classification | Capacity landlord, data center developerHow types are assigned |
| Status | Listed, NASDAQ:APLD |
| Headquarters | Dallas, United States |
| Founded | 2021 |
| Founders | Wes Cummins (B. Riley Asset Management)LinkedIn |
| Capacity and backlog | Applied Digital reported about 1.41 GW of leased critical IT capacity across five campuses (Polaris Forge 1-3 in North Dakota, Delta Forge 1 in Louisiana and Delta Forge 2 in Alabama) and about $36 billion of contracted revenue over base terms, about $86 billion including renewals; 250 MW were live at Polaris Forge 1 after the phase delivered on 1 October 2026 (results for the quarter ended 31 August 2026). CoreWeave leases 400 MW at Polaris Forge 1. The company expects initial operations at Polaris Forge 2 in Harwood to bring delivered critical IT load across its North Dakota campuses to 300 MW by the end of calendar 2026 (results for the quarter ended 31 August 2026). |
| Named customers | CoreWeave, unnamed investment-grade hyperscalers |
| Latest financing | $1.59B, 7.000% senior secured notes due 2031 (APLD ComputeCo 3), 9 Jun 2026 |
| Investors named | Macquarie Asset Management (preferred equity, pre-2026) |
| Debt and financing | Total debt was $6.4 billion at 31 August 2026. Applied Digital has issued three series of senior secured notes through project subsidiaries: $2.35 billion (November 2025), $2.15 billion (March 2026) and $1.59 billion of 7.000% notes due 2031 (June 2026) (company filings). |
| Website | applieddigital.com |
| Profiles and work | X @APLDdigitalLinkedInHow links are checked, checked 10 Nov 2026 |
Sources for this table: sec.gov, datacenterdynamics.com, sec.govchecked 10 Nov 2026
Compute deals and financings
| Date | Counterparty | Role | Type | Value | Capacity | Status | Source · checked |
|---|---|---|---|---|---|---|---|
| 9 Jun 2026 | Bond investors (144A) | Buyer | Debt financing | $1.59B | 150 MW | Confirmed | |
| 8 Jun 2026 | Undisclosed tier-one investment-grade hyperscaler | Provider | Colocation lease | $5.2B | 210 MW | Confirmed | sec.gov signed a 210 MW, 15-year lease at Delta Forge 2 with the Company’s tier-one investment grade hyperscaler customer, representing approximately $5.2 billion of base-term contracted revenuechecked 10 Nov 2026 |
| 4 Mar 2026 | Bond investors (144A) | Buyer | Debt financing | $2.15B | 200 MW | Confirmed | |
| 13 Nov 2025 | High-yield bond investors (144A) | Buyer | Debt financing | $2.35B | — | Confirmed | sec.gov priced its offering of $2.35 billion aggregate principal amount of 9.250% senior secured notes due 2030checked 9 Nov 2026 |
| 22 Oct 2025 | Undisclosed U.S. investment-grade hyperscaler | Provider | Colocation lease | $5B | 200 MW | Confirmed | sec.gov representing approximately $5 billion of prospective lease revenue over the term of its leasechecked 9 Nov 2026 |
| 28 May 2025 | CoreWeave | Provider | Colocation lease | $7B | 250 MW | Confirmed | sec.gov for the Building 3 Datacenter Lease is expected to be approximately $4 billionchecked 9 Nov 2026 |
Latest posts on X
The most recent posts from @APLDdigital, the X account of Applied Digital, quoted as posted. Replies and reposts are left out. How posts are selected.
Not every community is taking the same position on data center development. Applied Digital CEO Wes Cummins joined @FoxBusiness Network’s Claman’s Power Players last Friday to discuss where data centers fit into the current political climate and highlight Harwood, North Dakota. $APLD Want to learn more? Watch the full interview here: foxbusiness.com/video/6408043825112
View the post on X · With video
"Only One U.S. Town Out of Dozens Voted Yes to Data Centers" $APLD @Bloomberg highlighted Harwood, North Dakota, home of our Polaris Forge 2 campus, as a notable outlier in the national conversation around data center development. The future of AI infrastructure depends on more than power, land, and capital. It depends on trust. No one represents a town better than the people who call it home. At Applied Digital, we believe in doing things the right way, investing locally, building long-term relationships, and creating lasting value for the places where we operate. We're grateful for…
Read the full post on X · With 1 image
Applied Digital is a highly technical real estate company that develops, builds, and operates purpose-built data centers. $APLD Our repeatable franchise model brings consistency to campuses we develop, helping us execute efficiently and deliver projects on schedule. Learn more about the framework behind the repeatable franchise model below.
View the post on X · With 4 images
checked 10 Nov 2026
Is Applied Digital publicly traded?
Yes. Applied Digital is listed as NASDAQ:APLD. Its market capitalisation was $5.06B on 9 Nov 2026. Company filings are the primary source for its capacity, backlog and debt figures.
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Other capacity landlords on the ledger
| Company | Status | Contracted | Operating | Valuation / market cap |
|---|---|---|---|---|
| GGalaxy Digital | NASDAQ:GLXY | 526 MW | 133 MW | $5.67B |
| CCore Scientific | NASDAQ:CORZ | 1.1 GW | 485 MW | $4.1B |
| TTeraWulf | NASDAQ:WULF | 839 MW | 102 MW | $6.18B |
| RRiot Platforms | NASDAQ:RIOT | 1.15 GW | — | $6.63B |
| HHut 8 | NASDAQ:HUT | 949 MW | — | $6.84B |
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