Applied Digital (APLD) secures $7.5B, 15-year hyperscaler AI lease and tops $23B backlog
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Applied Digital has signed a major 15-year lease with a new U.S.-based high investment-grade hyperscaler at its 430 MW Delta Forge 1 AI Factory campus. The agreement covers 300 MW of critical IT load and carries approximately $7.5 billion in total contracted value, purpose-built for the tenant’s AI and high-performance computing infrastructure.
With this lease, Applied Digital now has three hyperscale tenants across three AI Factory campuses and more than $23 billion in total contracted lease revenue, over half of which is backed by investment-grade customers. Initial operations at Delta Forge 1 are anticipated to begin in mid-2027.
The company also highlights plans to enter an up to $300 million senior secured bridge facility to support development of the 150 MW Building 3 at Polaris Forge 1 and an up to $300 million senior secured revolving credit facility to fund development across its platform and working capital needs.
Positive
- $7.5 billion, 15-year lease with high investment-grade hyperscaler at Delta Forge 1 covering 300 MW of AI-focused critical IT load, materially expanding long-term contracted revenue.
- Total contracted lease revenue exceeds $23 billion across three AI Factory campuses, with more than 50% backed by investment-grade customers, improving revenue visibility and perceived credit quality.
Negative
- Expansion relies on additional debt financing, including an up to $300 million bridge facility for Polaris Forge 1 Building 3 and an up to $300 million revolving credit facility, increasing dependence on capital markets and execution of new credit lines.
Insights
Large, long-term AI lease sharply boosts contracted revenue but depends on execution and financing.
Applied Digital adds a 15-year lease with a U.S.-based high investment-grade hyperscaler at Delta Forge 1, covering 300 MW of critical IT load with about $7.5 billion in contracted value. This raises total contracted lease revenue to over $23 billion and brings the hyperscale tenant count to three, with more than 50% of contracted revenue backed by investment-grade customers.
The deal underpins the 430 MW Delta Forge 1 campus, where initial operations are anticipated to commence in mid-2027. To fund ongoing build-out, the company expects to enter an up to $300 million senior secured bridge facility for the 150 MW Building 3 at Polaris Forge 1 and an up to $300 million senior secured revolving credit facility for development across its platform and working capital. These facilities, described as expected to be on customary market terms and provided by a bank syndicate, would increase leverage but support the rapid expansion needed to deliver on the large contracted backlog.
Overall, locking in multi-year, investment-grade hyperscale demand is strategically favorable, but the actual benefit depends on timely campus construction, the closing of anticipated credit facilities, and reliable power and infrastructure delivery across Delta Forge 1 and the Polaris Forge campuses.
8-K Event Classification
2 items: 7.01, 9.01
2 items
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Delta Forge 1 lease value: $7.5 billion contracted
Lease term: 15 years
Critical IT load leased: 300 MW
+5 more
8 metrics
Delta Forge 1 lease value
$7.5 billion contracted
Total contracted value over estimated 15-year lease term for 300 MW critical IT load
Lease term
15 years
Base lease term for new U.S.-based high investment-grade hyperscaler at Delta Forge 1
Critical IT load leased
300 MW
AI and high-performance computing capacity under the new Delta Forge 1 lease
Total contracted lease revenue
Over $23 billion
Aggregate contracted lease revenue across Applied Digital’s AI Factory campuses
Bridge facility size
Up to $300 million
Planned senior secured bridge facility for Polaris Forge 1 Building 3 development
Revolving credit facility size
Up to $300 million
Planned senior secured revolving credit facility for development and working capital
Delta Forge 1 campus scale
430 MW
Total AI Factory campus capacity where the new lease is located
Delta Forge 1 initial operations
Mid-2027
Anticipated commencement of initial operations at the AI Factory campus
Key Terms
hyperscaler, critical IT load, senior secured bridge facility, senior secured revolving credit facility, +2 more
6 terms
hyperscaler financial
"entered into a lease agreement with a new U.S. based high investment-grade hyperscaler at its 430 MW AI Factory campus"
A hyperscaler is a very large provider of cloud computing and data-center services that owns and operates vast amounts of servers, storage and network capacity to host other companies’ applications and data. Think of them as the electric utility for digital services: their scale cuts unit costs, enables rapid growth for customers, and creates high barriers to entry, so investors watch their market share, margins and capital spending closely.
critical IT load technical
"covers 300 megawatts (MW) of critical IT load, purpose-built to support the hyperscaler’s artificial intelligence"
senior secured bridge facility financial
"expects to enter into an up to $300 million senior secured bridge facility to fund continued development"
A senior secured bridge facility is a short-term loan that has first priority for repayment and is backed by the borrower’s assets as collateral. It acts like a temporary financial bridge that keeps a company running or completes a transaction until longer-term funding or a sale is arranged, and it matters to investors because it changes who gets paid first, affects short-term cash risk and interest costs, and can signal urgency about the company’s funding needs.
senior secured revolving credit facility financial
"and an up to $300 million senior secured revolving credit facility to fund pre-lease and post-lease development activities"
A senior secured revolving credit facility is a multi‑use bank lending line that a company can draw, repay and redraw as needed, backed by specific assets and ranked first in repayment order if the company defaults. Think of it like a collateralized credit card that gives flexible short‑term cash while lenders hold priority to recover their money; investors watch it because it affects a company’s liquidity, borrowing cost, and who gets paid first in financial distress.
Net Operating Income (NOI) financial
"Net Operating Income (NOI) and NOI Margin are non-GAAP financial measures that the Company defines as follows"
Net operating income (NOI) is the money a property or business generates from its regular operations after paying direct operating costs (like maintenance, utilities, and staff) but before paying financing costs, taxes, or accounting write‑downs. Investors use NOI to judge how well an asset produces cash from its core activity—think of it as the profit from running a store before paying the mortgage and taxes—so it helps compare properties and value income-producing investments.
Loan to Cost (LTC) financial
"The remaining amount will be financed (assumes 80% Loan to Cost - LTC)"
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
(Date of earliest event reported)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
| Item 7.01 | Regulation FD Disclosure | ||||
On April 23, 2026, Applied Digital Corporation (the “Company”) issued a press release announcing it has entered into a lease agreement at its state-of-the-art, purpose-built Delta Forge 1 Campus currently under construction. A copy of the Company’s press release relating to such is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated into this Item 7.01 by reference.
Also on April 23, 2026, the Company posted an updated investor presentation to its website at https://ir.applieddigital.com/news-events/presentations. A copy of the Company’s updated investor presentation is attached as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated into this Item 7.01 by reference.
The information contained in this Item 7.01, including the related information set forth in Exhibit 99.1 and Exhibit 99.2, is being “furnished” and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (“Exchange Act”) or otherwise. The information in this Item 7.01 shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, or into any filing or other document pursuant to the Exchange Act, except as otherwise expressly stated in any such filing.
| Item 9.01 | Financial Statements and Exhibits | ||||
(d) Exhibits.
| Exhibit No. | Description | |||||||
| 99.1 | Press Release dated April 23, 2026 | |||||||
| 99.2 | Investor Presentation | |||||||
2
SIGNATURE
Pursuant to the requirements of Section 13 or 15 (d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Dated: April 23, 2026 | By: | /s/ Saidal L. Mohmand | |||||||||
| Name: | Saidal L. Mohmand | ||||||||||
| Title: | Chief Financial Officer | ||||||||||
3
Applied Digital Announces New U.S. Based High Investment-Grade Hyperscaler Tenant at Delta Forge 1, a 430 MW AI Factory Campus
New 15-Year Lease Expands Total Contracted Revenue to Over $23 Billion
DALLAS, April 23, 2026 (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, today announced it has entered into a lease agreement with a new U.S. based high investment-grade hyperscaler at its 430 MW AI Factory campus, Delta Forge 1.
This lease represents approximately $7.5 billion in total contracted value over an estimated 15-year lease term and covers 300 megawatts (MW) of critical IT load, purpose-built to support the hyperscaler’s artificial intelligence (AI) and high-performance compute (HPC) infrastructure.
With this agreement, the tenant becomes Applied Digital’s second U.S. based investment-grade hyperscaler across three AI Factory campuses. This addition expands total contracted lease revenue to over $23 billion and further diversifies the company’s customer base with a third hyperscale tenant. More than 50% of total contracted revenue is now backed by investment-grade customers.
"We remain focused on delivering operational AI capacity at scale,” said Wes Cummins, Chairman and Chief Executive Officer of Applied Digital. “With this agreement, we now have two U.S. based investment-grade hyperscalers across our portfolio, marking an important step in the continued diversification of our customer base and strengthening the overall quality and visibility of our contracted revenue. Our priority remains execution –– bringing capacity online on schedule and operating it with discipline over the long term.”
Delta Forge 1 is Applied Digital’s newest AI Factory campus, spanning more than 500 acres and designed from the ground up to support large-scale AI workloads. The campus integrates high-density power delivery, advanced cooling architecture, and disciplined operational design to enable consistent performance at scale.
Built on Applied Digital’s repeatable AI Factory model, Delta Forge 1 is engineered to support both training and inference workloads in high-density environments. Initial operations at Delta Forge 1 are anticipated to commence in mid-2027.
In other development-related activity, Applied Digital expects to enter into an up to $300 million senior secured bridge facility to fund continued development of the 150 MW Building 3 data center located on its Polaris Forge 1 campus, and an up to $300 million senior secured revolving credit facility to fund pre-lease and post-lease development activities across Applied Digital’s platform, as well as general working capital needs and transaction expenses. These
credit facilities are expected to be on customary market terms for facilities of this type, to close promptly, and be provided by a syndicate of bank lenders.
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.
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,” “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 lease agreements and any current or prospective data center campus development; (ii) statements about the high-performance computing (HPC) industry; (iii) statements of company plans and objectives, including the company’s evolving business model, or estimates or predictions of actions by suppliers; (iv) statements of future economic performance; (v) statements of assumptions underlying other statements and statements about the company or its business; and (vi) the company’s plans to obtain future project financing. 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, among others: our ability to complete construction of our data center campuses as planned; the lead time of customer acquisition and leasing decisions and related internal approval processes; changes to artificial intelligence and HPC infrastructure needs and their impact on future plans; costs related to the HPC operations and strategy; our ability to timely deliver any services required in connection with completion of installation under lease agreements; our ability to raise additional capital to fund the ongoing datacenter construction and operations; our ability to obtain financing of datacenter leases and more broadly for our development and general corporate activities, including our ability to close the two anticipated $300 million senior secured credit facilities, 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; our ability to timely and successfully build new 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 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 Reports 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 press 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
Investor Presentation APPLIED DIGITAL APRIL 2026
This presentation has been designed to provide general information about Applied Digital Corporation (“Applied Digital” or th e “Company”). Any information contained or referenced herein issuitable only as an introduction to the Company. The information contained in this presentation is for informational purposes only. The information contained herein does not constitute or form a part of, and should not be construed as, anyoffer for sale or subscription of, or any invitation to offer, buy or subscribe for, any securities, nor shall there be any offer, solicitation or sale in any jurisdiction in which such offer, solicitation or salewould be unlawful. This document is not a prospectus. The information contained in this presentation is not investment or financial product advice and is not intended to be used as the basis formaking an investment decision. Neither the Company, nor any of its respective affiliates make any representation or warranty, express or implied as to, and no reliance should be placed on, thefairness, accuracy, completeness or correctness of any of the information or opinions contained in this presentation. This presentation has been prepared without taking into account theinvestment objectives, financial situation particular needs of any particular person. The trademarks included herein are the property of the owners thereof and are used for reference purposes only. Such use should not be construed as an endorsement of the platform andsolutions of Applied Digital. Forward-Looking Statements This presentation contains forward-looking statements that reflect the Company’s current expectations and projections with respect to, among other things, its financial condition, results ofoperations, plans, objectives, future performance and business. When used in this presentation, the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project” and similarexpressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Forward-looking statements include all statements that are not historical facts. Forward-looking statements are based on information available at the time those statements are made and/ormanagement’s good faith beliefs and assumptions as of that time with respect to future events. Such forward-looking statements are subject to various risks and uncertainties. Accordingly,there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Forward-looking statements may include statements about the Company’s future financial performance, including statements that reflect perspectives and expectations regarding leaseagreements and any current or prospective data center campus development; the Company’s expectations regarding net revenue, operating expenses, and its ability to achieve and maintainfuture profitability; the Company’s business plan and ability to effectively manage growth; anticipated trends, growth rates, and ch allenges in the Company’s business, particularly in the fields ofHigh-Performance Computing (HPC) and Artificial Intelligence (AI); further development and market acceptance of technologies relat ed to HPC and AI; further development of the Company’sfacilities and customer base for related services; beliefs and objectives for future operations; trends in revenue, cost of revenue, and gross margin; trends in operating expenses, includingtechnology and development expenses, sales and marketing expenses, and general and administrative expenses, and expectations regarding t hese expenses as a percentage of revenue;statements regarding the closing of any transaction involving the Company's Cloud Services Business; and other statements regarding the Company’s future operations, financial condition, andprospects and business strategies. There is no assurance that any forward-looking statements will materialize. You are cautioned not to place undue reliance on forward-looking statements, which reflect expectations only as ofthis date. Applied Digital does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments orotherwise. Market and Industry Data This presentation includes information concerning economic conditions, the Company’s industry, the Company’s markets and the Company’s competitive position that is based on a variety ofsources, including information from independent industry analysts and publications, as well as Applied Digital’s own estimates and research. Applied Digital’s estimates are derived from publiclyavailable information released by third party sources, as well as data from its internal research, and are based on such data and the Company’s knowledge of its industry, which the Companybelieves to be reasonable. Any independent industry publications used in this presentation were not prepared on the Company’s behalf. This information involves many assumptions andlimitations, and you are cautioned not to give undue weight to these estimates. The Company has not independently verified the accuracy or completeness of the data contained in theseindustry publications and other publicly available information. Accordingly, we make no representations as to the accuracy or completeness of that data nor do we undertake to update suchdata after the date of this presentation. An investment in the Company entails a high degree of risk and no assurance can be given that the Company’s objective will be achieved or that investorswill receive a return on their investment. Recipients of this presentation should make their own investigations and evaluations of any information referenced herein. achieved or that investors will receive a return on their investment. Recipients of this presentation should make their own investigations and evaluations of any information referenced herein. AppliedDigital.comInvestor Presentation 2026 2 / 48
TABLE OF CONTENTS AppliedDigital.comInvestor Presentation 2026 01 — Company Overview 02 — Artificial intelligence Data Centers 03 — Polaris Forge 1 04 — Polaris Forge 2 05 — Delta Forge 1 06 — Blockchain Data Centers 07 — Macquarie Transaction +Convertible Bond 08 —Appendix 3 / 46
APPLIED DIGITAL Where Intelligence Is Forged AppliedDigital.comInvestor Presentation 2026 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. Applied Digital’s 150 MW Data Center Standard Build 4 / 46
Executive Leadership AppliedDigital.comInvestor Presentation 2026 Wes Cummins Jason Zhang Applied Digital’s President and co-founder, and a seasoned tech investor (Harvard BA). He founded Valuefinder and previously invested at Sequoia Capital and MSD Capital, focusing on Artificial intelligence and digital infrastructure. Saidal Mohmand Laura Laltrello Todd Gale Erin Kraxberger Mark Chavez Rich Todaro Chairman and CEO of Applied Digital, which he co-founded, and a veteran technology investor with 20+ years in capital markets. He previously led technology investing at Nokomis Capital, held roles in investment banking and institutional asset management, and founded 272 Capital LP, where he serves as CEO. Wes also serves on the board of Sequans Communications. Applied Digital’s Chief Financial Officer, previously EVP of Finance leading the company’s financial and capital markets strategy. He also serves as Director of Research at 272 Capital (ex- GrizzlyRock) and holds a BBA in Finance & Accountancy from Western Michigan University. Applied Digital’s Chief Operating Officer with ~20 years in data center operations and large-scale infrastructure. Former VP/GM at Honeywell (Building Automation Services) and Lenovo (Data Center Services), known for execution and P&L leadership. Applied Digital’s Chief Development Officer with 45+ years building hyperscaler-grade, mission- critical data centers. Former VP Engineering at Flexential and SVP at Terremark, he designed North America’s first Tier IV Design Certified colocation facility and pioneered efficient cooling. Applied Digital’s CMO, aligning marketing with business goals to grow enterprise demand and investor visibility. She brings ~20 years across finance and tech marketing; COO of 272 Capital and former Head of Marketing & IR at SCW Capital (ex-investment banking/FP&A). Applied Digital’s Chief Compliance Officer and General Counsel with 22+ years across energy, tech, and renewables. He leads legal strategy, compliance, and risk; previously served as in- house counsel handling litigation, regulatory actions, M&A, financings, and governance. VP of Corporate Development and Director of Investor Relations at Applied Digital, a Finance leader with nearly three decades of experience; former board member at WidePoint, Telenav, and B. Riley, and former VP & Portfolio Manager at Kennedy Capital Management. Chief Executive Officer & Chairman President & Co Founder Chief Operating Officer Chief Financial Officer Chief Marketing Officer Corp Dev. & Investor Relations Chief Compliance Officer & GC Chief Development Officer 5 / 46
Company Timeline AppliedDigital.comInvestor Presentation 2026 Blockchain Genesis 2021 - 2022 Launched 106 MW Blockchain Data Center in Jamestown, ND Launched 180 MW Blockchain Data Center in Ellendale, ND Launched 200 MW Blockchain Data Center, in Garden City, TX Completed IPO and uplisted to NASDAQ Launched Cloud Business, Applied Digital Cloud 9 MW HPC Data Center in Jamestown, ND Initiated construction on a 100 MW AI Data Center in Ellendale, ND — with expansion capacity up to 1 GW Sold 200 MW Garden City location in Texas (non-core strategic asset) Secured $160m in funding from inst. accredited Investors, & NVIDIA Issued $450m in convertible notes at a 2.75% interest rate Strategic Shift - HPC 2023 Positioning for Growth 2024 6 / 46
Company Timeline AppliedDigital.comInvestor Presentation 2026 7 / 46 AI Data Center Expansion 2025 AI Data Center Expansion 2026 CoreWeave - Signed three 15-year leases with three 5-year options for 3 buildings at Polaris Forge 1, utilizing 400 MW of IT load U.S. Based Investment-Grade Hyperscaler - Signed two 15-year leases with two 5-year options for 2 buildings at Polaris Forge 2, utilizing 200 MW of IT load Worked with Macquarie Asset Management for funding of up to $5.0 billion that can support over 2 GW of AI Data Center development U.S. Based High Investment-Grade Hyperscaler - Signed two 15-year leases with three 5-year options for 2 buildings at Delta Forge 1, utilizing 300 MW of IT load Plan to spin out the Applied Digital Cloud as a separate company
Business Overview AppliedDigital.comInvestor Presentation 2026 Customers: Hyperscale organizations requiring high-capacity data centers to meet the power needs of AI and GPU driven applications Key Segment Stat: 1 GW of Critical IT load under construction, out of which 900 MW is fully contracted on long term leases. Executed seven long-term leases across three data center campuses with three Hyperscalers, representing approximately $23 billion in anticipated aggregate rental revenue Customers: Bitcoin miners – largest customer Marathon Digital, Stock Symbol MARA Key Segment Stat: 286 MW’s operating today. Applied Digital’s current focus remains to prioritize the build-out of AI Factories to support demand 8 / 46 Artificial Intelligence Data Centers Blockchain Data Centers
ARTIFICIAL INTELLIGENCE ARTIFICIAL INTELLIGENCE AppliedDigital.comInvestor Presentation 2026 9 / 46 02 Rising Power Demand from AI and the Impact on Data Centers
AppliedDigital.comInvestor Presentation 2026 Google Request: 0.3 watt-hours vs ChatGPT request: 3.5. watt-hours AI Queries Require 15x the Electricity of Traditional Queries (2) ChatGPT Surpassed 1 Billion Monthly Visits by 2023(1) Source: OpenAI, Nvidia and Melius Research Estimates Chatgpt Usage Surprises Hyperscalers, Data Centers, And Utilities (1) DemandSage, ChatGPT Statis tics (2025) (2) Medium, Is ChatGPT the Next Energy Guzz ler? 10 / 46
AppliedDigital.comInvestor Presentation 2026 Compute Curve is Steeping due to heavier workloads 1X 10X 100X 1,000X 10,000X 100,000X 1,000,000X COMPUTE MULTIPLE VS. BASELINE(3) Compute needsby task vs single shot chatbots SINGLE-SHOT CHATBOT IMAGE GENERATION REASONING (CHAIN-OF-THOUGHT) VIDEO GENERATION (10 SECONDS) DEEP RESEARCH 1X ~10X ~100X ~1,000,000X+ ~3,000X (3) OpenAI, Nvidia and Melius Re search Estimates 11 / 46
AppliedDigital.comInvestor Presentation 2026 GPU’s Demand More Power CHIPS RELEASE YEAR POWER PER RACK(4) EST.TDP CPU (10-20 kW per Rack) NA 10-20 kW 300 W A100/A800 (Ampere) 2020 / 2022 14.4 kW 350 W H100 /200 (Hopper) 2023/2024 50 kW 1,000 W GB200/GB300 (Blackwell) 2024/2025 130 kW 1,200 W VR200/VR300 (Vera Rubin) 2026 150+ kW 2,520 W RU200/RU300 (Rubin Ultra) 2027E ~600 kW 3,600 W F200/F300 (Feynman) 2028E ~900 kW 5,800 W FU200/FU300 (Feynman Ultra) 2029E ~1,100 kW 6,000 W PF200/PF300 (Post-Feynman) 2030E ~1,200 kW 6,000+ W **Less than 10% of facilities can support 50KW density(5) (4) Demand Jefferies – presentation – AI to Drive Increasing D emand for Data Cente rs & Power (5) Spear Inve stments & company reports 12 / 46
AppliedDigital.comInvestor Presentation 2026 50 45 40 35 30 25 20 15 10 5 0 Ja n- 1 4 Ju n- 1 4 N o v- 1 4 A p r- 1 5 S e p- 1 5 F e b -1 6 Ju l-1 6 D e c- 1 6 M a y- 1 7 O c t- 1 7 M a r- 1 8 A u g- 1 8 Ja n- 1 9 Ju n- 1 9 N o v- 1 9 A p r- 2 0 S ep -2 0 F e b -2 1 Ju l-2 1 D e c- 2 1 M a y- 2 2 O c t- 2 2 M a r- 2 3 A u g- 2 3 Ja n- 2 4 Ju n- 2 4 N o v- 2 4 A p r- 2 5 Data Center Construction Spending Has Tripled Since 2022 (6) TrendBefore Nov 2022 ($B)DataCenter Spending ($B,SAAR) TrendAfter Nov 2022 ($B) 30000 20000 10000 0 80000 70000 60000 50000 40000 J a n -2 0 M a y -2 0 S e p -2 0 J a n -2 1 M a y -2 1 S e p -2 1 J a n -2 2 M a y -2 2 S e p -2 2 J a n -2 3 M a y -2 3 S e p -2 3 J a n -2 4 M a y -2 4 S e p -2 4 J a n -2 5 M a y -2 5 Data Center Construct ion Soon to Surpass General Off ice Construction(7) General Office ($mn SAAR) Data Centers ($mn SAAR) Value of data centersunderconstruction is on track to surpassoffice buildingsassoon as this year Construction is Exploding AI Infrastructure Demand Is Reshaping Global Construction Markets (6) U.S. Census Bureau | Chart: American Gas Association (7) Haver Analytics, G oldman Sachs Global Investment Research 13 / 46
AppliedDigital.comInvestor Presentation 2026 Hyperscalers Capex Estimates >$700B in 2027(8) (8) "Approximate calendar-year basis . Base d on company guidance + analyst consensus (Feb 2026). Projections subje ct to change. Source XAI" 14 / 46 0 100 200 300 400 500 600 700 800 900 2027 ($B) 2026 ($B) 2025 ($B) 2024 ($B) 2023 ($B) AMAZON ALPHABET META MICROSOFT ORACLE COREWEAVE 2027 2026 2025 2024 2023 CAPEX TOTAL
AppliedDigital.comInvestor Presentation 2026 0 200 400 600 800 1000 1200 1400 1600 1800 2000 1930s Public Works Manhattan Project (1944) Electricity Expansion (1949) Apollo Project (1964) Interstate Highway System (1966) Broadband Capex (2000) Total Largest Infrastructure Projects (U.S.) 2023 Hyperscalers CapEx 2024 Hyperscalers CapEx 2025 Hyperscalers CapEx 2026 Hyperscalers CapEx Estimate 2027 Hyperscalers CapEx Estimate Total AI CapEx Since ChatGPT Launch (2023– 2027) Infrastructure ($B) AI CapEx ($B) **10 Years** **5 Years** **20 Years** **13 Years** **25 Years** **5 Years** **5 Years** AI CapEx Is Outpacing a Century of U.S. Infrastructure Inflation-Adjusted Estimated Total ($ Billion) (9) Manhattan District History, BEA, P lanetary Society, Eno Cente r for Transportation, San Francisco Fed, H oover archives, Baruch , GoldenG ate. org, Ne w York Times, JPMAM, 2 025 15 / 46 (9)
AppliedDigital.comInvestor Presentation 2026 Power Availability Constraining AI Data Center Market and AI Rollout • Global demand for data center capacity is projected to triple by 2030(10) • Boston Consulting Group estimate that the U.S. data center power shortage could exceed 45 GW is projected by 2030(10) • The U.S. Department of Energy (DOE) projects the grid will need 100 GW of new capacity by 2030, with ~50 GW driven by data centers(11) • 1 GW+ is equivalent to the power output of one nuclear power plant ENERGY SOURCE ~BUILD TIME Natural Gas ~2-4 Years Solar + Wind + Batteries (Combo) ~2–4 Years Total Nuclear (Typical) ~10-15 Years Total (10) Boston Consulting Group’ s Ja nuary 2025 report, title d “Brea king Barriers to Data Ce nter Growth” (11) Risk of pow er outages increa se 100x by 2030, w arns D OE 16 / 46
AppliedDigital.comInvestor Presentation 2026 From Population to Power Hyperscalers Pivot Inland in Search for Power • Traditional Data Centers • Hyperscale Data Centers • Applied Digital Data Centers Legend DF1 PF1 PF2 APPLIED AI FACTORIES PF1- Polaris Forge 1 - CoreWeave Ellendale, North Dakota • 400 MW Contracted • 100 MW Energized • 300 MW Under Construction 400 MW PF2- Polaris Forge 2 – Investment Grade Hyperscaler Harwood, North Dakota • 200 MW Contracted • 300 MW Under Construction 300 MW DF1- Delta Forge 1 – High Investment Grade Hyperscaler Alexandria, Louisiana • 300 MW Contracted • 300 MW Under Construction 300 MW Region *Critical IT Load *Cri ti cal Load: Critical IT Loa d refers to the amount of el ectrical power dedicated sole ly to the computing equipme nt (such as servers , storage , and netw orking ge ar) w ithin a data cente r. It exclude s supporting infrastructure like cooling, ** Pipe line include s power agreements and options on l and - includes expansion at current sites as well as near-term new sites undergoing active development and permitting 17 / 46
AppliedDigital.comInvestor Presentation 2026 *The described power pipeline, including sites under control/executed agreements and projected expansions/greenfield developments, constitutes forward-looking information; actual outcomes may differ due to risks in permitting, infrastructure needs (e.g., generation, transmission, substations), regulatory approvals, and market conditions Power & Site Pipeline I. TOTAL OF CURRENT SITES (1 GW *CRITICAL IT) P F 1 P F 2 D F 1 III. EXTENDED PIPELINE (>5 GW *UTILITY POWER) Power and land in early stages of discussion or due diligence. Under Construction (900 MW Critical IT) Polaris Forge 1: 300 MW Polaris Forge 2: 300 MW Delta Forge 1: 300 MW Polaris Forge 1 – Building 1: 100 MW Operating Capacity (100 MW Critical IT) In-Negotiation: 100 MW Contracted (900 MW Critical IT) II. ACTIVE PIPELINE SITES (~3.5 GW *UTILITY POWER) Includes: • Multiple near-term greenfield / new sites in active development in multiple states • Expansions at existing sites – many with scalable capacity up to 1 GW each Power pipeline includes sites with land under control and/or executed utility agreements for power delivery. This encompasses expansions at existing facilities as well as near-term greenfield/new sites actively progressing through development and permitting processes. Expansions at existing sites may necessitate new generation capacity, transmission lines, transformers, substations, or other infrastructure enhancements. 18 / 46
AppliedDigital.comInvestor Presentation 2026 Supply Chain Applied Secured hundreds of MW of Supply Chain before the Market Tightened (14) Worl Wide Te chnology - AI day presentation. 19 / 46 20 1 9 20 2 3 20 2 5/ 2 6 GENERATORS UPS SWITCHGEAR PDUS 24-40 WEEKS 40-64 WEEKS 72-96 WEEKS 24-40 WEEKS 64-80 WEEKS 45-50 WEEKS 52-78 WEEKS 32-48 WEEKS 12-20 WEEKS 8-12 WEEKS 4-28 WEEKS 32-40 WEEKS DC Equipment Lead Time (14)
AppliedDigital.comInvestor Presentation 2026 North Dakota Strategic Advantages (15) U.S. Energy I nformation Administration (EI A), Electricity Data – North Dakota (www.eia.gov/ele ctricity/state/northdakota) (16) North Dakota Commerce Department & Electricity Local(www.commerce .nd.gov & electricitylocal.com) (17) Applie d Digital White Paper - https ://www.applieddigital.com/white-papers/ai-factory-a-case-study-for-total-cost-of-ownership 1 Low Build and Operation Cost North Dakota offers some of the lowest electricity costs, about 24% below the national average(16) 2 Favorable Climate North Dakota’s cold weather results in over 200 days a year of free cooling(17) 3Abundant Energy North Dakota generated 50% more electricity than it used in 2023, producing 42 million MWh vs 28 million MWh consumed (15) Economic Incentives State incentives reduce initial capital expenditures and ongoing operations cost 4 First Mover Advantage State locked in energy prior to the AI movement, ensuring ample resources amidst rising demand 5 20 / 46
AppliedDigital.comInvestor Presentation 2026 Structural Advantage Applied’s locations offer lower labor competition while still benefiting from the presence of major hyperscalers K E Y • P L A N N E D • O P E R A T I N G (18) https ://cle anview.co/public/data-ce nters/us 21 / 46
AppliedDigital.comInvestor Presentation 2026 Structural Advantage PF1 PF2 Midcontinent Independent System Operator (MISO) Pricing Map(19) APLD operates within MISO, one of the nation’s most reliable and lowest-cost power markets Note: This snapshot highlights pricing at a moment in time —rates vary based on market conditions (19) Midcontinent Independent System Ope rator (MISO), LMP Contour Map (api.misoe nergy.org/MI SORTWD/lmpcontourmap.html) (20) Ame ricans for a Clean Ene rgy Grid (ACEG), Transmission P lanning and De ve lopment Re gional Re port Card (20 23–2026 update s), cle anene rgygrid.org 22 / 46 DF1 Transmission Planning and Development Regional Report Card(20)
AppliedDigital.comInvestor Presentation 2026 Robust Connectivity These extensive fiber networks pass through our regions Fiber networks are critical for AI Data Centers performance 23 / 46
POLARIS FORGE 1 POLARIS FORGE 1 AppliedDigital.comInvestor Presentation 2026 24 / 46 03 400 MW AI CAMPUS OVERVIEW
AppliedDigital.comInvestor Presentation 2026 PF1 COREWEAVE RELATED LEASES (21) Presented on a calendar-year basis (22) Contracted revenue figures exclude any amounts attributable to pass-through power (23) See Appendix on manage ment sche dule on Non-GAAP Measures 400 MW Contracted Critical IT Load ~15 Year Base Term With Three 5-Year Options ~$11B Contracted Revenue for 400 MW Base Term(22) 88%+/- 3% Expected Site NOI Margins (23) $11M-$13M Anticipated CapEx Per MW PF1 BUI LDING 1 - 100 MW ✓ Calendar – 2H 2025 (21) PF1 BUI LDING 2 – 150 MW PF1 BUILDING 3 – 150 MW o Calendar – 2H 2026 (21) o Calendar – 1H 2027 (21) PF1 – 1 PF1 – 2 PF1 – 3 25 / 46
AppliedDigital.comInvestor Presentation 2026 PF1 BUILDING 1 – 100 MW 26 / 46 Our advantage comes from access to megawatts of affordable energy and a team capable of rapidly building high-quality data centers.
AppliedDigital.comInvestor Presentation 2026 PF1 BUILDING 2 – 150 MW Our advantage comes from access to megawatts of affordable energy and a team capable of rapidly building high-quality data centers. 27 / 46
AppliedDigital.comInvestor Presentation 2026 PF1 BUILDING 3 – 150 MW 28 / 46 Our advantage comes from access to megawatts of affordable energy and a team capable of rapidly building high-quality data centers.
AppliedDigital.comInvestor Presentation 2026 Polaris Forge 1 – CoreWeave - Secured 3 leases for a combined 400 MWs — unlocking ~$11B in anticipated aggregated contract value over a 15-year horizon. This marks a transformative milestone in our AI data center strategy. Estimated 2025 Cloud Market Revenue vs. NVIDIA GPU Share(24) (24) Bloomberg (data as of June 13, 2 025); Coatue analysis and estimate s (June 2025). (25) Visual Capitalis t, The World’s Most Powerful Compute Cluste rs (June 2023 ) PF1 COREWEAVE RELATED LEASES 29 / 46 (25)
POLARIS FORGE 2 POLARIS FORGE 2 AppliedDigital.comInvestor Presentation 2026 30 / 46 04 200 MW AI CAMPUS OVERVIEW
AppliedDigital.comInvestor Presentation 2026 PF2 INVESTMENT-GRADE HYPERSCALER LEASES 200 MW Contracted Critical IT Load ~15 Year Base Term With Two 5-Year Options ~$5B Contracted Revenue for 400 MW Base Term(22) 86%+/- 3% Expected Site NOI Margins (23) $11M-$13M Anticipated CapEx Per MW PF2 – 2 PF2 – 1 Secured 2 leases for a combined 200 MW at Polaris Forge 2 Unlocking ~$5B in anticipated aggregated contract value over a ~15-year horizon 2H26-1H27 Expected Delivery Dates(21) (21) Presented on a calendar-year basis (22) Contracted revenue figures exclude any amounts attributable to pass-through power (23) See Appendix on manage ment sche dule on Non-GAAP Measures 31 / 46
AppliedDigital.comInvestor Presentation 2026 PF2 BUILDING 1 – 150 MW 32 / 46 Our advantage comes from access to megawatts of affordable energy and a team capable of rapidly building high-quality data centers.
AppliedDigital.comInvestor Presentation 2026 PF2 BUILDING 2 – 150 MW 33 / 46 Our advantage comes from access to megawatts of affordable energy and a team capable of rapidly building high-quality data centers.
DELTA FORGE 1 DELTA FORGE 1 AppliedDigital.comInvestor Presentation 2026 34 / 46 03 300 MW AI CAMPUS OVERVIEW
AppliedDigital.comInvestor Presentation 2026 300 MW Contracted Critical IT Load ~15 Year Base Term With Three 5-Year Options ~$7.5B Contracted Revenue for 300 MW Base Term(22) 85%+/- 3% Expected Site NOI Margins (23) $11M-$13M Anticipated CapEx Per MW 1H27-1H28 Expected Delivery Dates(21) (21) Presented on a calendar-year basis (22) Contracted revenue figures exclude any amounts attributable to pass-through power (23) See Appendix on manage ment sche dule on Non-GAAP Measures 35 / 46 DF1 HIGH INVESTMENT-GRADE HYPERSCALER LEASES Secured 2 leases for a combined for a combined 300 MW at Delta Forge 1 Unlocking ~$7.5B in anticipated aggregated contract value over a ~15-year horizon
BLOCKCHAIN BLOCKCHAIN AppliedDigital.comInvestor Presentation 2026 36 / 46 03 OPERATIONS OVERVIEW
AppliedDigital.comInvestor Presentation 2026 Blockchain Footprint The company focuses solely on infrastructure and supporting services, without owning any mining equipment Jamestown Ellendale N ORT H D AKOTA EL N0 1 ~ 1 0 6 M W ~ 1 8 0 M W Applied Digital operates two data centers with a combined capacity of ~286 MW, providing energized space for blockchain mining customers 37 / 46
MACQUARIE MACQUARIE AppliedDigital.comInvestor Presentation 2026 38 / 46 03 OVERVIEW
AppliedDigital.comInvestor Presentation 2026 Transaction Overview + Macquarie, #1 Infrastructure Investment Manager(25), has agreed to collaborate with Applied Digital, potentially committing up to $5B in capital, which could unlock $25B for Data Centers. “Applied Digital has a differentiated strategy with access to a unique near- term power portfolio across North America … The significant progress at the Ellendale HPC campus makes this a very compelling opportunity for us as well as for potential hyperscale customers … we see this as highly attractive opportunity to help build an industry-leading HPC data center company well positioned in these high growth segments of the market.” – Anton Moldan, Senior Managing Director of MAM 39 / 46
AppliedDigital.comInvestor Presentation 2026 Transaction Overview MACQUARIE ASSET MANAGEMENT (MAM) TRANSACTION FOR INVESTMENT GRADE HYPERSCALERS: APLD Subsidiary: HPC Holdings LLC (“APLDH”) 85% Applied Digital 15% MAM Example 100 MW ➢MAM Preferred Equity investment: $225 mm ➢APLD equity investment: ~$0-$35mm +/- ➢ The remaining amount will be financed (assumes 80% Loan to Cost - LTC) Ownership Structure: MAM will have the right to invest in future hyperscaler projects. At closing, Macquarie will receive a 15% common equity interest in APLD HPC Holdings, a subsidiary of APLD, which will hold the data centers MAM helps finance. Projects financed outside of MAM's investments will be owned and held separately by APLD. :Disclosures: **Subject to ne gotiation of additional definitive docume ntation . 40 / 46
AppliedDigital.comInvestor Presentation 2026 Transaction Overview EXAMPLE OF THE MACQUARIE TRANSACTION CAPITALIZATION TABLE: Macquarie expect to invest: $2.25 million for every 1 MW - Perpetual Preferred Equity -for Ellendale Campus & Future Campuses Applied Digital expect to invest: ~$0.75 million for every 1 MW - Future Campuses **This model is based on an 80% Loan to Cost (LTC) $MM $/MW % of Cap Economic Interest 100 MW Development Cost ~$1,000 - ~$1,300+ ~$10-~$13+ 100.0 % -- Capitalization Project Debt Financing ~$775 - $1,040 ~80% -- Macquarie Preferred Equity (12.75% PIK Interest) $225 ~17.3% - ~22.5% -- APLD Common Equity ~$0-~$35+ ~0%-~2.7%+ 85.0 % MAM Common Equity -- -- 15.0 % Total Capitalization of Cost $1,000-$1,300 100.0 % 100.0 % :Disclosures: **Subject to ne gotiation of additional definitive docume ntation . 41 / 46
AppliedDigital.comInvestor Presentation 2026 Transaction Overview MACQUARIE ASSET MANAGEMENT (MAM) TRANSACTION FOR POLARIS FORGE 1 / COREWEAVE CAMPUS: APLD Subsidiary: APLD HPC TopCo 2 LLC 85% Applied Digital 7.5% MAM Example 100 MW ➢MAM Preferred Equity investment: $112.5 mm ➢APLD equity investment: ~$277.5 mm +/- ➢ The remaining amount will be financed (assumes 70% Loan to Cost - LTC) with debt Ownership Structure: At closing, Macquarie will receive a 7.5% common equity interest in APLD HPC TopCo 2 LLC, a subsidiary of APLD, which will ho ld the data centers MAM helps finance. Additionally, MAM will have the right to invest in future hyperscaler projects. Projects MAM elects to invest in will be held by APLD HPC Holdings. Projects financed outside of MAM's investments will be owned and held separately by APLD. :Disclosures: **Subject to ne gotiation of additional definitive docume ntation . 42 / 46
AppliedDigital.comInvestor Presentation 2026 Transaction Overview SUMMARY OF THE MACQUARIE TRANSACTION CAPITALIZATION TABLE: Issuer ◼ APLD HPC TopCo 2 LLC (“APLDT”) , an indirect wholly-owned subsidiary of Applied Digital Initial Funding / Closing ◼ At least $225 million funded at Closing (availability of up to $2.25 million per 1MW capacity under lease) Facility ◼ Preferred Equity and attached Common Equity (representing 15% of common equity in APLDT) Maturity ◼ Perpetual Dividend ◼ 12.75% payable semi-annually in kind (PIK) or cash during years 0 – 5 ◼ One time increase +0.875% for year 6, payable in PIK or cash ◼ One-time additional increase +0.875% for years 7-10 ◼ Increases +2% per year beginning in year 11, subject to 16.75% cap, payable semi-annually in cash ◼ Rate step-up upon asset financing for amount above 8.75% Liquidation Preference ◼ For Preferred Equity and attached Common Equity, the greater of (i) Accreted Amounts plus FMV Common Equity and (ii) 1.8x MOIC on Preferred Equity Investment Redemption / Exit Provision ◼ APLDT may redeem all Preferred Equity and attached Common Equity anytime after the 5th anniversary for price equal to Liquidation Preference ◼ MAM has right to force redemption in connection with a sale of APLDT or to force a sale of APLDT if Preferred Equity remains outstanding after year 7 Other Terms ◼ MAM has a right to invest up to an additional $5 billion across Applied Digitial's future HPC data center pipeline ◼ Draw period of 30 months for additional hyperscaler leases executed prior to the 15-month anniversary of Closing ◼ Applied Digital to recover over an estimated $300 million of its equity investment in the Ellendale HPC Campus once RFS date for all Ellendale sites reached ◼ APLDT to be managed by a board of managers controlled by Applied Digital designees, subject to MAM's governance and step-in right :Disclosures: **Subject to ne gotiation of additional definitive docume ntation . 43 / 46
AppliedDigital.comInvestor Presentation 2026 Convertible Bond Overview ISSUED $450M IN CONVERTIBLE NOTES AT 2.75% INTEREST RATE 44 / 46
Find out more about us at www.applieddigital.com For inquiries, contact info@appliddigital.com Corporate HQ Applied Digital Corporation 3811 Turtle Creek Blvd. Suite 2100 Dallas, TX 75219 Investor Relations Contacts Matt Glover and Ralf Esper Gateway Group, Inc. (949) 574-3860 APLD@gateway-grp.com
Non-GAAP Financial Measures This Investor Presentation contains the following financial measures: Net Operating Income (NOI) and NOI Margin (as defined below), each of which is not calculated in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). Presentations of these non-GAAP financial measures are intended to aid investors in better understanding the factors and trends affecting the Company’s performance and liquidity. However, investors should not consider these non- GAAP financial measures as a substitute for financial measures determined in accordance with GAAP, including net income (loss), income (loss) from operations, net cash provided by (used in) operating activities, or revenue. The Company cannot reconcile itsexpected site NOI and NOI Margin without unreasonable effort because certain items that impactnet operating income and other reconciling metrics are out of the Company’s control and/or cannot be reasonably predicted at this time. Net Operating Income (NOI) and NOI Margin are non-GAAP financial measures that the Company defines as follows: NOI represents rental revenue less rental property operating expenses, property taxes and insurance expenses (as reflected in the statement of operations). NOI Margin is a ratio calculated by dividing NOI by aggregate rental revenue and is expressed as a percentage (“NOI margin”). NOI is commonly used by stockholders, a company’s management and industry analysts as a measurement of operating per formance of the company’s rental portfolio. However, because NOI excludes depreciation and amortization and captures neither the changes in the value of the Company’s data centers that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of the Company’s data centers, all of which have real economic effect and could materially impact the Company’s results of operations, the utility of NOI and NOI Margin as measures of the Company’s performance is limited. Other companies, including REITs, may calculate NOI and NOI Margin differently than we do and, accordingly, our NOI and NOI Margin may not be comparable to these companies’ NOI and NOI Margin. These non- GAAP financial measures should be considered only as supplemental to financial measures such as net income, computed in accordance with GAAP, as measures of Company’s performance. NOI reflects expected stabilized net operating income and is a non- GAAP financial measure. Actual results may differ materially due to lease-up timing, operating costs, and other factors. Appendix Management Statements on Non-GAAP Measures
FAQ
What major lease did Applied Digital (APLD) announce at Delta Forge 1?
Applied Digital entered a 15-year lease with a new U.S.-based high investment-grade hyperscaler at its 430 MW Delta Forge 1 AI Factory campus. The lease covers 300 MW of critical IT load and has an estimated total contracted value of about $7.5 billion.
How much total contracted revenue does Applied Digital (APLD) report after this new lease?
After signing the new Delta Forge 1 lease, Applied Digital states that total contracted lease revenue exceeds $23 billion. This total reflects seven long-term leases across three AI Factory campuses, spanning multiple hyperscale tenants and long-duration contracts.
When are operations expected to begin at Applied Digital’s Delta Forge 1 campus?
Initial operations at Delta Forge 1 are anticipated to commence in mid-2027. The campus is designed as a 430 MW AI Factory site supporting large-scale artificial intelligence and high-performance computing workloads with high-density power and advanced cooling.
What new credit facilities does Applied Digital (APLD) expect to secure for development?
Applied Digital expects to enter an up to $300 million senior secured bridge facility to fund development of the 150 MW Building 3 at Polaris Forge 1 and an up to $300 million senior secured revolving credit facility for pre-lease and post-lease development and working capital.
How many hyperscale tenants does Applied Digital (APLD) now serve across its AI campuses?
With the new Delta Forge 1 agreement, Applied Digital reports three hyperscale tenants across its AI Factory campuses. This includes two U.S.-based investment-grade hyperscalers, further diversifying the customer base and increasing the share of revenue from investment-grade counterparties.
What proportion of Applied Digital’s contracted revenue is backed by investment-grade customers?
Applied Digital states that more than 50% of its total contracted lease revenue is now backed by investment-grade customers. This reflects the growing role of large, creditworthy hyperscale tenants in its AI data center portfolio and long-term contracts.