Applied Digital Leads $25 Million Funding Round for Corintis to Advance Innovation in Data Center Technology

Rhea-AI Summary

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.

Positive

• Led a $25M funding round into Corintis
• Corintis total funding increased to $58M
• Corintis cooling supports up to 3x lower chip temperatures
• Applied Digital cited a long-term hyperscaler lease at Polaris Forge 2
• Previously secured 400 MW CoreWeave leases
• Maintains a $5B partnership with Macquarie

Negative

• None.

News Market Reaction

-0.57%

37 alerts

-0.57% News Effect

+3.2% Peak in 41 min

-$49M Valuation Impact

$8.47B Market Cap

0.3x Rel. Volume

On the day this news was published, APLD declined 0.57%, reflecting a mild negative market reaction. Argus tracked a peak move of +3.2% during that session. Our momentum scanner triggered 37 alerts that day, indicating elevated trading interest and price volatility. This price movement removed approximately $49M from the company's valuation, bringing the market cap to $8.47B at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Corintis funding round: $25 million Corintis total funding: $58M Temperature reduction: 3x lower +2 more

5 metrics

Corintis funding round $25 million Led by Applied Digital for advanced chip-cooling solutions

Corintis total funding $58M Total funding after this new round

Temperature reduction 3x lower Direct-to-chip liquid cooling vs standard cold plates

CoreWeave leases 400 MW Long-term lease agreements at Polaris Forge 1

Macquarie partnership $5 billion Partnership supporting AI-optimized data center buildout

Market Reality Check

Price: $35.06 Vol: Volume 20,748,445 is belo...

normal vol

$35.06 Last Close

Volume Volume 20,748,445 is below the 20-day average of 27,058,149 (relative volume 0.77). normal

Technical Price $30.76 is above the 200-day MA of $15.30, indicating a pre-news uptrend.

Peers on Argus

APLD fell 5.43% while key peers showed mixed moves (e.g., SAIC -1.04%, PONY +4.5...

APLD fell 5.43% while key peers showed mixed moves (e.g., SAIC -1.04%, PONY +4.55%, GDS +2.26%), pointing to a stock-specific reaction.

Historical Context

5 past events · Latest: Dec 02 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 02	Strategic investment	Positive	-0.6%	Led <b>$25M</b> Corintis round to deepen AI-optimized cooling ecosystem.
Nov 24	Capacity expansion	Positive	+12.8%	Completed Phase II at Polaris Forge 1, energizing first <b>100 MW</b> building.
Nov 13	Debt financing	Negative	-12.7%	Priced <b>$2.35B</b> 9.250% senior secured notes due 2030 for buildout.
Nov 12	Funding draw	Positive	-7.6%	Planned <b>$787.5M</b> Macquarie draw and <b>$65M</b> revolver for AI factories.
Nov 10	Proposed notes	Neutral	+1.5%	Announced intent to privately offer <b>$2.35B</b> senior secured notes.

Pattern Detected

APLD often reacts strongly to financing news, with debt-funded expansion drawing negative moves while operational milestones can see sharp gains. Strategic or partnership updates have shown mixed and sometimes contrary price reactions.

Recent Company History

Over the last month, APLD announced multiple large-scale financing and buildout steps alongside this Corintis investment. On Nov 10 and Nov 13, it proposed and then priced $2.35 billion of senior secured notes tied to Ellendale capacity, followed by a Macquarie draw of $787.5 million and a $65 million revolver on Nov 12. A Phase II readiness update at Polaris Forge 1 on Nov 24 lifted shares 12.8%. Today’s Corintis funding leadership advances its AI-optimized infrastructure strategy but previously saw a modest -0.57% reaction.

Regulatory & Risk Context

Active S-3 Shelf

Shelf Active

Active S-3 Shelf Registration 2025-09-26

APLD has an effective Form S-3ASR shelf filed on 2025-09-26, remaining valid until 2028-09-26. The amendment references North Dakota data centers and lists aggregate offering-related expenses of $131,117.77. The shelf has been used in at least 2 prospectus supplements, indicating ongoing flexibility to register and sell securities, though no overall capacity amount is specified here.

Market Pulse Summary

This announcement highlights APLD’s push deeper into AI-optimized infrastructure via a lead role in ...

Analysis

This announcement highlights APLD’s push deeper into AI-optimized infrastructure via a lead role in Corintis’ $25 million round, adding exposure to microfluidic, direct-to-chip cooling that targets up to 3x lower temperatures. It complements previously disclosed leases totaling 400 MW and a $5 billion Macquarie partnership. Against a backdrop of large secured note offerings and an effective S-3ASR, investors may track execution on new cooling deployments, campus buildouts, and any further use of its shelf registration.

Key Terms

direct-to-chip, liquid cooling, microfluidic, GPU, +1 more

5 terms

direct-to-chip technical

"Corintis specializes in direct-to-chip liquid cooling, utilizing microfluidic technology."

Direct-to-chip describes a testing or manufacturing approach where a biological sample, chemical reagent, or material is placed directly onto a small electronic or microfluidic chip that performs analysis or processing, skipping many intermediate handling steps. For investors it signals faster, cheaper and more compact workflows—think of it like scanning a fingerprint instantly instead of mailing it to a lab—which can lower operating costs, speed product rollout, and expand use in point-of-care or high-volume production settings.

liquid cooling technical

"Liquid cooling is a prerequisite for building ultra-high-density, GPU-based compute systems"

Liquid cooling is a method that uses a flowing liquid—like water or a special coolant—to carry heat away from electronic components, similar to how a car radiator moves heat away from an engine. For investors, it matters because it can lower energy and maintenance costs, enable higher-performance computing, reduce the footprint of data centers, and support sustainability targets, all of which can affect a company’s operating margins and capital spending needs.

microfluidic medical

"with an office opening in Bellevue, Washington, U.S., Corintis specializes in direct-to-chip liquid cooling, utilizing microfluidic technology."

Microfluidic describes technology that controls and moves extremely small amounts of liquids through tiny channels on a chip, like a miniature plumbing system for droplets. It matters to investors because it can cut the time, cost and materials needed for medical tests, drug discovery and small-scale manufacturing, potentially creating faster product development, lower production costs and new revenue opportunities for companies using the technology.

GPU technical

"Liquid cooling is a prerequisite for building ultra-high-density, GPU-based compute systems"

A GPU (graphics processing unit) is a specialized computer chip designed to handle many calculations at once, originally for rendering images and video but now widely used for tasks like artificial intelligence, data analysis and high-performance computing. Investors watch GPU demand and prices because strong sales often signal growth for chip makers and their customers, affect profit margins and capital spending, and can forecast wider trends in gaming, AI adoption and cloud services.

AI workloads technical

"improve efficiency and power density in data centers running the most demanding AI workloads."

AI workloads are the computing tasks and data processing needed to build, train, and run artificial intelligence systems—examples include teaching a model from data, running real‑time predictions, or sorting large datasets. They matter to investors because the size and complexity of these tasks drive demand for specialized chips, cloud services, and software: firms that handle AI workloads more efficiently can scale faster, cut costs, and improve profit potential.

AI-generated analysis. Not financial advice.

Investment underscores Applied Digital’s strategy to accelerate its leadership in high-performance, AI-optimized data centers through partnerships that advance power, cooling, and efficiency

DALLAS, Dec. 02, 2025 (GLOBE NEWSWIRE) -- Applied Digital (NASDAQ: APLD) a designer, builder, and operator of high-performance, sustainably engineered data centers and colocation services for artificial intelligence, cloud, networking and blockchain workloads, announced today it served as the lead investor in a $25 million funding round for Corintis, a Swiss-based innovator developing advanced chip-cooling solutions designed to significantly improve efficiency and power density in data centers running the most demanding AI workloads.

The investment in Corintis further advances Applied Digital’s thought leadership at the forefront of data center technology and deepens its influence across the ecosystem. Liquid cooling is a prerequisite for building ultra-high-density, GPU-based compute systems, and this investment highlights the company’s focus on advancing technologies that enhance efficiency, reliability, and sustainability across every layer of digital infrastructure. By investing in critical innovations that shape the future direction of the industry, Applied Digital continues to strengthen its competitive edge and expand its leadership in AI-optimized infrastructure.

Headquartered in Lausanne, Switzerland, with an office opening in Bellevue, Washington, U.S., Corintis specializes in direct-to-chip liquid cooling, utilizing microfluidic technology. Its unique generative design and manufacturing platform enables cooling to be precisely adapted to the chip level, which can be implemented as a cost-effective drop-in replacement to standard liquid cooling or integrated inside the GPU. Corintis’ approach supports up to 3x lower temperatures compared to standard cold plates, as previously validated by Microsoft, higher power densities, improved energy efficiency, and lower environmental impact — key requirements as AI workloads continue to push the limits of traditional data center design.

“As a category leader in high-performance AI Factories, Applied Digital is further accelerating its leadership position through strategic investments in technologies that will set the industry’s pace and define the future,” said Wes Cummins, Chairman and Chief Executive Officer of Applied Digital. “Our investment in Corintis, together with our investment strategy, ensures that Applied Digital remains at the forefront of data center innovation, from power and cooling to other critical systems that enhance performance, scalability, and efficiency across our campuses.”

The partnership with Corintis strengthens Applied Digital’s alignment with innovators advancing high-density compute environments and positions both companies to drive meaningful progress in how data centers operate at scale.

“Applied Digital’s investment highlights the critical role of advanced cooling in unlocking the next wave of high-performance computing,” said Remco van Erp, Co-founder and Chief Executive Officer of Corintis. “Optimization of AI infrastructure requires a holistic approach from silicon to infrastructure. Our technology is designed to meet the thermal challenges of today’s most powerful chips and enable the next generation of high-density, energy-efficient computing in a sustainable way by supporting higher coolant temperatures and reducing fresh water consumption. Partnering with Applied Digital strengthens Corintis’ role as a bridge between these critical domains and accelerates the adoption of our microfluidic cooling technology at scale.”

This new investment brings Corintis’ total funding to $58M. The new funds will be used to expand Corintis’ U.S. presence, ramp up its global footprint for manufacturing microfluidic cooling at scale, and accelerate customer rollouts, having signed multiple new tech giants since its recently announced Series A.

Applied Digital’s investment in Corintis builds on a period of significant expansion and continued execution. The company recently signed a long-term lease with a U.S. Based Investment Grade Hyperscaler at its Polaris Forge 2 Campus, following its 400 MW lease agreements with CoreWeave at Polaris Forge 1. Together with its $5 billion partnership with Macquarie Asset Management, these milestones demonstrate Applied Digital’s sustained growth, technological leadership, and focus on delivering scalable, high-performance infrastructure for the world’s most demanding compute workloads.

About Applied Digital

Applied Digital (Nasdaq: APLD) named Best Data Center in the Americas 2025 by Datacloud — designs, builds, and operates high-performance, sustainably engineered data centers and colocation services for artificial intelligence, cloud, networking, and blockchain workloads. Headquartered in Dallas, TX, and founded in 2021, the company combines hyperscale expertise, proprietary waterless cooling, and rapid deployment capabilities to deliver secure, scalable compute at industry-leading speed and efficiency, while creating economic opportunities in underserved communities through its award-winning Polaris Forge AI Factory model.

Learn more at applieddigital.com or follow @APLDdigital on X and LinkedIn.

CAUTION ABOUT FORWARD-LOOKING STATEMENTS

This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things, future operating and financial performance, product development, market position, business strategy and objectives and future financing plans. These statements use words, and variations of words, such as “will,” “continue,” “build,” “future,” “increase,” “drive,” “believe,” “look,” “ahead,” “confident,” “deliver,” “outlook,” “demonstrates,” “expect,” “project” and “predict.” Other examples of forward-looking statements may include, but are not limited to, (i) statements that reflect perspectives and expectations regarding the lease agreements and current and future campus development, (ii) statements about the HPC industry, (iii) statements of Company plans and objectives, including our evolving business model, or estimates or predictions of actions by suppliers and current and potential customers, (iv) statements of future economic performance, and (v) statements of assumptions underlying other statements and statements about the Company or its business. You are cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events and thus are inherently subject to uncertainty. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the Company’s expectations and projections. These risks, uncertainties, and other factors include: our ability to complete construction of the Polaris Forge 1 and Polaris Forge 2 data centers; changes to AI and HPC infrastructure needs and their impact on future plans; risks associated with the leasing business, including those associated with counterparties; costs related to the HPC operations and strategy; our ability to timely deliver any services required in connection with completion of installation under our lease agreements; our ability to raise additional capital to fund ongoing and future data center construction and operations; our ability to obtain financing of the lease agreements on acceptable financing terms, or at all; our dependence on principal customers, including our ability to execute and perform our obligations under our leases with key customers, including without limitation, the lease agreements; our ability to timely and successfully build hosting facilities with the appropriate contractual margins and efficiencies; power or other supply disruptions and equipment failures; the inability to comply with regulations, developments and changes in regulations; cash flow and access to capital; availability of project and other financing to continue to grow our business; decline in demand for our products and services; maintenance of third party relationships; and conditions in the debt and equity capital markets. A further list and description of these risks, uncertainties and other factors can be found in the company’s most recently filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q, including in the sections captioned “Forward-Looking Statements” and “Risk Factors,” and in the company’s subsequent filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov, on the Company’s website (www.applieddigital.com) under “Investors,” or on request from the Company. Information in this release is as of the dates and time periods indicated herein, and the Company does not undertake to update any of the information contained in these materials, except as required by law.

Media Contact
JSA (Jaymie Scotto & Associates)
(856) 264-7827
jsa_applied@jsa.net

Investor Relations Contacts
Matt Glover or Ralf Esper
Gateway Group, Inc.
(949) 574-3860
APLD@gateway-grp.com

FAQ

What did Applied Digital (APLD) announce on December 2, 2025 about Corintis?

Applied Digital led a $25 million funding round in Corintis to back its microfluidic direct-to-chip liquid-cooling technology.

How much total funding does Corintis have after the APLD-led round?

Corintis’ total funding increased to $58 million following the new round.

What technical benefit does Corintis’ cooling claim for AI data centers?

Corintis’ microfluidic design claims up to 3x lower chip temperatures versus standard cold plates, improving power density and efficiency.

How will Corintis use the funds from the December 2025 round?

Funds will expand Corintis’ U.S. presence, scale global manufacturing of microfluidic cooling, and accelerate customer rollouts.

What related commercial milestones did Applied Digital cite alongside the investment?

Applied Digital referenced a long-term hyperscaler lease at Polaris Forge 2, 400 MW of CoreWeave leases, and a $5 billion partnership with Macquarie.