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Applied Digital Corporation designs, builds, and operates high-performance data centers and colocation services for artificial intelligence, high-performance computing, cloud, networking, and blockchain workloads. Company announcements focus on AI Factory campuses such as Polaris Forge and Delta Forge, hyperscaler leases, data-center construction, power-supply arrangements, and financing for large-scale compute infrastructure.
Applied Digital also reports operating and financial results for its Data Center Hosting and HPC Hosting businesses, including bitcoin-mining hosting and high-density compute capacity. Recent corporate developments include the completed separation of its cloud business into ChronoScale, a separate Nasdaq-listed company in which Applied Digital retained a majority ownership position.
Applied Digital (NASDAQ: APLD) priced a $1.59 billion private offering of 7.000% senior secured notes due 2031 at par via subsidiary APLD ComputeCo 3.
According to Applied Digital, expected June 16, 2026 proceeds will fund 150 MW ELN-04 construction at Polaris Forge 1, repay a Goldman Sachs bridge loan, fund debt service reserves, and cover transaction costs. The notes will be guaranteed by key subsidiaries, secured by first-priority liens on substantially all related assets and equity, and supported by a completion guarantee for ELN-04.
Applied Digital (NASDAQ: APLD) announced a proposed private offering of $1.59 billion senior secured notes due 2031 by subsidiary APLD ComputeCo 3.
Net proceeds are intended to fund a 150 MW fourth building at Polaris Forge 1, repay a Goldman Sachs bridge loan, fund debt reserves, and cover transaction costs.
Applied Digital (NASDAQ: APLD) signed a 15-year, 210 MW take-or-pay lease at its new Delta Forge 2 AI Factory campus with a U.S. investment-grade hyperscaler, its fifth AI Factory campus. The deal adds about $5.2B in base-term revenue, or $12.7B including all renewals over 30 years.
Total contracted portfolio now spans 1.4 GW of critical IT load, about 2.15 GW of grid power, and roughly $36B in base-term lease revenue, or $86B with renewals. About 70% of contracted revenue is backed by U.S. investment-grade hyperscalers. Initial Delta Forge 2 operations are anticipated in Q1 2028.
Applied Digital (NASDAQ: APLD) closed a new revolving credit facility arranged by Goldman Sachs, providing $350 million of committed capacity plus an accordion option of up to $200 million. Proceeds will fund pre- and post-lease data center development, working capital and general corporate purposes.
The facility, secured by certain non-data center project assets, matures on May 29, 2029 and bears interest at SOFR + 225 bps or the Alternative Base Rate + 125 bps. Applied Digital also signed an MOU with CoreWeave to potentially assign a Polaris Forge 1 Building 3 lease to a CoreWeave subsidiary upon that subsidiary achieving investment grade credit.
Applied Digital (NASDAQ: APLD) signed a new 15-year take-or-pay lease with a U.S. based high investment-grade hyperscaler for its fourth AI Factory campus, Polaris Forge 3.
The 300 MW critical IT load agreement is valued at approximately $7.5 billion in base-term contracted revenue and up to $18.2 billion with renewals. This brings total contracted lease revenue across four AI Factory campuses to $31 billion, or $73 billion if all renewal options are exercised, and total contracted capacity to 1,200 MW of critical IT load supported by about 1,670 MW of utility power. Approximately 65% of contracted revenue is backed by U.S. based investment-grade hyperscalers. Initial operations at Polaris Forge 3 are anticipated in August 2027.
Applied Digital (NASDAQ: APLD) completed the separation of its cloud business into a newly named public company, ChronoScale, which will trade on Nasdaq under CHRN with CUSIP 170924104. Applied Digital received ~138 million ChronoScale shares and invested $15.75 million for ~1.4 million additional shares.
Following closing, Applied Digital owns approximately 97% of ChronoScale. ChronoScale will operate as a GPU-focused accelerated compute platform for AI training, inference, and high-performance computing; the legacy EKSO business remains a ChronoScale subsidiary.
Applied Digital (NASDAQ: APLD) closed a $300 million senior secured bridge facility led by Goldman Sachs on May 4, 2026 to fund development of its third AI data center at Polaris Forge 1 in Ellendale, North Dakota. The facility is a 364-day term loan secured by project assets and bears interest at SOFR + 275 bps. The loan is prepayable without premium. Applied Digital expects to seek additional financing to complete construction and may transition the project to longer-term financing when appropriate.
Applied Digital (NASDAQ: APLD) signed a 15-year lease with a U.S. investment-grade hyperscaler at its Delta Forge 1 AI Factory campus, covering 300 MW of critical IT load and ~$7.5 billion in total contracted value. The agreement raises total contracted lease revenue to over $23 billion and brings more than 50% of contracted revenue backed by investment-grade customers. Delta Forge 1 spans 500+ acres; initial operations are anticipated to begin in mid-2027. Applied Digital also expects up to $300M bridge and $300M revolving credit facilities to fund development.
Applied Digital (Nasdaq: APLD) reported fiscal Q3 2026 results with revenues of $126.6 million (up 139% year-over-year) and a net loss of $100.9 million. The company delivered adjusted net income of $33.2 million and adjusted EBITDA of $44.1 million.
Operationally, Applied Digital broke ground on Delta Forge 1 (430 MW), completed a $2.15 billion senior secured note offering, secured a $100 million DevCo facility, and reported $71.0 million of HPC Hosting revenue for the quarter.
Applied Digital (Nasdaq: APLD) will host its fiscal third quarter 2026 conference call on Wednesday, April 8, 2026 at 5:00 p.m. ET to discuss operations and financial results for the quarter ended February 28, 2026. A press release with results will be issued after market close the same day.
The call will include prepared remarks and a Q&A. Participant dial-in, conference ID, live webcast and replay details are provided; a phone replay is available April 8–15, 2026.