Applied Digital Stock Price, News & Analysis

Applied Digital (NASDAQ: APLD) announced on November 24, 2025 that Phase II (50 MW) at Building 1 of its Polaris Forge 1 AI Factory campus reached Ready for Service, bringing the first building to a fully energized 100 MW critical IT load.

The Polaris Forge 1 campus is part of a 400 MW fully contracted deployment for CoreWeave under long-term leases. Applied Digital also referenced a recently executed ~$5 billion lease at Polaris Forge 2, bringing total contracted revenue to ~$16 billion across both campuses.

Applied Digital (NASDAQ: APLD) priced a $2.35 billion private offering of 9.250% senior secured notes due 2030 at an issue price of 97%, expected to close on or around November 20, 2025 subject to customary conditions. Net proceeds are intended to fund construction and related costs for 100 MW and 150 MW data centers ELN-02 and ELN-03 at the 400 MW Ellendale campus (Polaris Forge 1), repay the outstanding balance under its February 11, 2025 credit agreement, fund debt service reserves, and pay transaction expenses.

The Notes will be sold under Rule 144A to qualified institutional buyers, fully guaranteed by APLD Compute subsidiaries and secured by first-priority liens on substantially all APLD Compute and guarantor assets and equity interests. Applied Digital will provide customary completion guarantees for the Facilities.

Applied Digital (NASDAQ: APLD) expects an additional $787.5 million from Macquarie Asset Management under its existing perpetual preferred equity facility to accelerate its AI Factory buildout in North Dakota.

$450 million is allocated to complete Polaris Forge 2 in Harwood (200 MW leased to a U.S. investment-grade hyperscaler; first right of refusal for an additional 800 MW) and $337.5 million to Polaris Forge 1 in Ellendale, subject to closing of a $2.35 billion senior secured notes offering and customary conditions. The company also secured a $65 million revolving loan facility with First National Bank of Omaha at SOFR+2.75%.

Applied Digital (NASDAQ: APLD) subsidiary APLD Compute intends to privately offer $2.35 billion aggregate principal amount of senior secured notes due 2030 to qualified institutional buyers under Rule 144A. Net proceeds are planned to fund construction and associated costs for two data centers (ELN-02 100 MW and ELN-03 150 MW) at the 400 MW Ellendale Polaris Forge 1 campus, repay the aggregate principal and accrued interest under the February 11, 2025 Credit and Guaranty Agreement, fund the Debt Service Reserve Account, and pay transaction expenses.

The Notes will be fully guaranteed by APLD Compute's current and future subsidiaries and secured by first-priority liens on substantially all APLD Compute and Guarantor assets and equity interests. Applied Digital will provide customary completion guarantees. The offering is subject to market conditions and may not be completed.

Babcock & Wilcox (NYSE: BW) announced a limited notice to proceed valued at over $1.5 billion to design and install one gigawatt of electric power for an Applied Digital (NASDAQ: APLD) AI Factory.

The scope covers four 300-megawatt natural gas-fired plants using boilers and steam turbines, with full contract release anticipated in Q1 2026 and commercial operation targeted in 2028. Babcock & Wilcox expects an ongoing parts and services contract to support the facility once operational.

Babcock & Wilcox (NYSE: BW) signed a limited notice to proceed with Applied Digital for a project estimated at more than $1.5 billion to deliver one gigawatt of natural gas energy for an AI data center, expanding B&W's AI data center pipeline to over $3.0 billion and its total global pipeline to over $10.0 billion. Q3 2025 continuing operations: revenue $149.0M, operating income $6.5M (+315% vs 2024), Adjusted EBITDA $12.6M (+59% vs 2024), backlog $393.5M (+56% vs 2024). Company paid down $70M of bonds due Feb 2026 and expects to retire remaining Feb 2026 bonds in December 2025. Full-year 2026 Adjusted EBITDA target from core business is $70M–$85M, ~80% growth year over year (excludes AI data center contributions).

Applied Digital (NASDAQ: APLD) announced Ready for Service for the first phase (50 MW) of Building 1 at its Polaris Forge 1 AI Factory Campus in Ellendale, North Dakota, marking the initial delivery of a 100 MW building.

The campus is fully leased for 400 MW to CoreWeave under approximately 15-year leases, representing an estimated $11 billion in anticipated lease revenue; Polaris Forge 1 is engineered to expand to 1 GW over time. The company says the design uses liquid cooling and near-zero water consumption and estimates $2.7 billion in lifecycle cost savings over 30 years. Applied Digital also noted a separate $5 billion AI Factory lease at Polaris Forge 2 in Harwood, North Dakota.

Applied Digital (NASDAQ: APLD) entered a ~15-year lease with a U.S. investment-grade hyperscaler for 200 MW at its Polaris Forge 2 campus, representing approximately $5 billion of contracted revenue. The hyperscaler holds a first right of refusal on an additional 800 MW, enabling the campus' full 1 GW expansion. Applied Digital now reports 600 MW leased across Polaris Forge 1 and 2 with two major hyperscalers. Polaris Forge 2 spans 900+ acres, targets a projected PUE of 1.18, near-zero water use, and phases 200 MW online in 2026–2027.

Applied Digital (NASDAQ: APLD) reported fiscal Q1 2026 continuing-operations revenue of $64.2M (up 84% YoY) and a net loss attributable to common stockholders of $27.8M (loss of $0.11 per share). Adjusted net loss was $7.6M (adjusted loss per share $0.03) and Adjusted EBITDA was $0.5M. Cost of revenues rose 144% and SG&A rose 165% year-over-year.

Operationally, Applied Digital fully leased Polaris Forge 1 at 400 MW to CoreWeave, citing approximately $11B of anticipated contracted lease revenue over ~15-year terms; Polaris Forge 1 first 100 MW building remains on time and budget. The company drew $112.5M from a $5B preferred facility with Macquarie, secured $50M for Polaris Forge 2, broke ground on Polaris Forge 2, and raised an additional $200M of Series G preferred stock. Cash was $114.1M and debt $687.3M at quarter end, excluding $362.5M of subsequent financing proceeds.