Data centers & energy
Applied Digital
Business, financial evidence and documented connections to the AI buildout.
Business and AI exposure
Applied Digital develops and leases high-performance-computing infrastructure. Its revenue includes base rent, fit-out fees and cost recoveries. Those streams have different recurrence and margin characteristics; the landlord does not earn the tenant’s cloud-service revenue.
Earnings and disclosures
Latest verified results: Q1 FY2027 · Released 2026-10-07
Next results: No next results date listed in the official event listings checked 2026-10-18.
The current official calendar lists a November 4 shareholder meeting but no upcoming earnings event.
Checked 2026-10-18 · Financial context and sources ↓
Financial context
For fiscal Q1 2027, revenue was $341.9 million, including $262.6 million from HPC. HPC comprised $183.5 million of fit-out fees, $65.8 million of base rent and $13.3 million of recoveries, with $33.4 million of operating income. The 76.8% segment share is not recurring AI rent.
Delivery and commitments
Applied Digital reported 250 MW operational at Polaris Forge 1 on October 1. Its year-end target of 300 MW across North Dakota includes initial Polaris Forge 2 service. The 1.41 GW of committed leases is a separate quantity and is not all operating.
Costs, funding and dependencies
A $1.59 billion, 7% note issue due in 2031 finances Polaris Forge 1 Building 3 and repays a $300 million bridge. Financing access supports construction but adds debt service. Power, fit-out, capital draws and tenant acceptance remain necessary.
ir.applieddigital.com · 2026-10-07 ↗ · ir.applieddigital.com ↗
What to watch next
Watch initial Polaris Forge 2 service by end-2026 and the remaining 150 MW at Polaris Forge 1 in 2027. Verify power, customer acceptance and rent commencement for each phase separately.
ir.applieddigital.com · 2026-10-07 ↗ · ir.applieddigital.com ↗
Documented project connections
Each connection below has a specific, cited role. A supplier, lender, customer or proposed acquirer has different economics from the project owner.
Applied Digital Polaris Forge 1
Applied Digital reports ownership/development and operational delivery at Polaris Forge 1.
The documented role does not establish contract value, project-level earnings, accepted operating load or a share of company revenue.
Applied Digital Polaris Forge 2
Applied Digital’s subsidiary issued notes for Polaris Forge 2 development. Tenant identity remains undisclosed in checked documents.
The documented role does not establish contract value, project-level earnings, accepted operating load or a share of company revenue.
Evidence boundaries
Company totals, segment sales, bookings, backlog, spending, capacity and usage describe different things. They do not establish project-level revenue, earnings or an exact AI-only revenue share unless the cited disclosure explicitly says so.
This is a dated research snapshot. Forecasts are attributed expectations, and undisclosed amounts remain unknown. Source review does not certify every project or future outcome.