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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.
Montana-Dakota Utilities, a subsidiary of MDU Resources (NYSE: MDU), signed an electric service agreement with Applied Digital (NASDAQ: APLD) to supply power to the proposed Polaris Forge 3 AI Factory near Center, North Dakota.
The campus could require 430 MW at full capacity, with Applied Digital paying energy purchase costs. Applied Digital targets initial operations in August 2027 and expects about 200 full-time jobs. Montana-Dakota Utilities already serves Applied Digital’s Polaris Forge 1 site, which has enabled $38.4 million in credits to North Dakota customers over three years. The agreement requires approval from the North Dakota Public Service Commission.
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.