Applied Digital Stock Price, News & Analysis

Applied Digital (Nasdaq: APLD) reported fiscal Q2 2026 continuing operations: revenues $126.6M (up 250% YoY), net loss $31.2M (down 76% YoY; $0.11 per share), Adjusted EBITDA $20.2M, and adjusted net income $0.1M. Polaris Forge 1 reached Ready‑for‑Service delivering 100 MW; CoreWeave holds 400 MW ($≈$11B prospective lease revenue) and a U.S. investment‑grade hyperscaler committed 200 MW at Polaris Forge 2 (≈$5B prospective lease revenue), totaling 600 MW and ≈$16B prospective revenue. Company closed a $2.35B senior secured notes offering, has drawn $900M of preferred equity financing to date, and held ≈$2.3B cash at quarter end.

Applied Digital (NASDAQ: APLD) and EKSO (NASDAQ: EKSO) agreed to a non-binding term sheet to combine Applied Digital Cloud with EKSO to form ChronoScale, an accelerated GPU compute platform for AI workloads.

ChronoScale would be purpose-built for dense GPU training and inference, leverage Applied Digital Cloud's early deployment of NVIDIA H100 GPUs, report twelve-month revenue of $75.2 million as of Aug 31, 2025, and be majority-owned (~97%) by Applied Digital upon closing.

The Proposed Transaction targets closing in H1 2026 and remains subject to due diligence, final documentation, regulatory and shareholder approvals, and other closing conditions.

Applied Digital (Nasdaq: APLD) will hold a conference call on Wednesday, January 7, 2026 at 5:00 p.m. ET to discuss operational and fiscal second quarter results for the period ended November 30, 2025. A press release with results will be issued after market close the same day. Management will deliver prepared remarks followed by Q&A.

Dial-in: 1-800-549-8228 (Conference ID 75943). Live webcast will be available with replay access for one year; phone replay runs Jan 7–14, 2026 at 1-888-660-6264 (passcode #75943).

Applied Digital (Nasdaq: APLD) entered a development loan facility with Macquarie on December 18, 2025 to fund pre-lease development costs for new AI-optimized data center campuses.

The facility provides early-stage capital for sourcing, planning, development and construction, with an initial $100 million in draws intended to support development activities tied to advanced-stage negotiations with an investment-grade hyperscaler. The financing is intended to align capital deployment with customer demand and accelerate site development.

Applied Digital (NASDAQ: APLD) led a $25 million funding round in Corintis on December 2, 2025, a Swiss developer of direct-to-chip microfluidic liquid-cooling for high-density AI data centers. Corintis’ platform, validated by Microsoft, supports up to 3x lower temperatures versus standard cold plates and aims to enable higher power density, improved energy efficiency, and lower environmental impact. The round brings Corintis’ total funding to $58 million and will fund U.S. expansion, scaled manufacturing, and customer rollouts. Applied Digital said the investment aligns with its AI-optimized infrastructure strategy and follows recent commercial milestones including a long-term hyperscaler lease at Polaris Forge 2, 400 MW of CoreWeave leases, and a $5 billion partnership with Macquarie.

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.