Applied Digital Corp. designs, develops, and operates next-generation data center infrastructure in North America, with a focus on high-power computing workloads. The company currently runs two operating businesses: blockchain data center hosting for crypto mining customers and HPC data center hosting for AI and high-performance computing customers. It is also exiting its Cloud Services Business, which has been classified as held for sale and reported as discontinued operations. The business is concentrated in North Dakota today, where it is building large-scale, power-dense campuses intended to support GPU-intensive AI workloads and other demanding compute applications.
−27,7 %
35,1 %
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+167,5 %
4.01
2.38
| % | |
|---|---|
| Data Center Hosting | 70% Energized infrastructure and leased capacity for crypto mining and compute customers. |
| HPC Hosting | 25% Purpose-built facilities and services for AI and high-performance computing workloads. |
| Tenant Fit-Out and Build Services | 5% Construction-related services and build-out work tied to new HPC facilities. |
The company sells primarily to a very small number of large customers rather than a broad base of end users...
Buy energized hosting space and power capacity for mining equipment; this is the current revenue base of the blockchain hosting business.
Buy purpose-built data center capacity and fit-out services for GPU-intensive workloads; this is the company’s main growth platform.
Potential tenants for interconnection-rich or compute-heavy facilities that need scalable infrastructure and reliability.
Use data center ecosystems for connectivity and colocation adjacency, helping improve facility density and attractiveness.
Broader set of technology-enabled customers that may lease space or services as the company expands its HPC footprint.
Applied Digital is a U.S.-based operator with its current continuing operations concentrated in North Dakota...
The company is shifting its center of gravity from blockchain hosting toward HPC and AI infrastructure, where it...
The company expects meaningful revenue only after the first building becomes operational, making execution on construction and energization central to growth.
HPC and AI are the intended long-term growth engines and should diversify the business away from crypto mining exposure.
Power is a major cost driver in data center hosting, so owning or controlling power assets could improve margins and resilience.
The company has ongoing losses and heavy capital needs, so access to debt and equity funding is necessary to complete projects and sustain operations.
Applied Digital faces high customer concentration risk because a small number of customers account for most of its...
The company currently serves one crypto mining customer in the blockchain business and one customer in HPC, so the loss or downsizing of either customer would materially affect revenue and cash flow.
The company is funding large construction projects while still reporting losses, so it depends on debt, equity, and capital market access to continue expansion.
Revenue growth depends on completing and energizing Polaris Forge 1 on schedule and at acceptable cost.
Data center economics are highly sensitive to electricity pricing and access to reliable power, which directly affects hosting margins.
The business relies on complex information systems and customer-facing infrastructure, making outages or breaches potentially costly and reputationally damaging.
The company competes with larger operators such as Digital Realty, Equinix, and NTT that have broader scale, stronger balance sheets, and more market reach.
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: 11/08/2026