Applied Digital (APLD)
Builds and leases power-dense AI data centers while operating legacy blockchain hosting.
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Develops and operates AI-ready data center campuses, earning rent and fit-out revenue through long-term hyperscaler leases while maintaining a smaller blockchain-hosting operation. A standardized, power-secured construction model supports expansion, but revenue and execution depend on a concentrated tenant base, large project financing, and timely utility connections.
Designs, builds, owns, and operates power-dense data centers for artificial intelligence and other high-performance computing workloads. The HPC Hosting Business earns rent, tenant fit-out fees, and reimbursed power and facility costs from long-term hyperscaler leases; the smaller Data Center Hosting Business supplies energized colocation space to a single bitcoin-mining customer.
Uses a standardized campus model spanning power-secured site selection, air- and liquid-cooled design, construction, and operations. Operating sites remain in North Dakota, while contracted AI campuses are being built there and in a southern US market.
Retains a majority stake in separately listed ChronoScale, which houses the former cloud-services operation outside the core operating segments. Revenue depends on a small group of hyperscale tenants, construction financing, power interconnections and permits, with current operations concentrated in North Dakota.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 21, 2026 | Redburn Partners | Target | Target: — | Target: $22 |
| Sep 17, 2026 | Wells Fargo | Initiate | Rating: —Target: — | Target: $50 |
| Aug 6, 2026 | Morgan Stanley | Reiterate | Rating: —Target: $36.50 | Target: $37.50 |
| Jul 23, 2026 | Morgan Stanley | Initiate | Rating: —Target: — | Target: $36.50 |
| Jun 17, 2026 | Northland Securities | Target | Target: $56 | Target: $82 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, May 31, 2026Cash & short-term investments $1.59B · Total debt $5.10B · Total assets $9.93B · Shareholders' equity $1.78B
- Revenue
- $258.7M
- Operating income
- −$117.0M
- Net income
- −$110.0M
No dividends on record.
| Institutions | ≈ 72.55% | 211.45M shares | |
|---|---|---|---|
| 632 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 11.59% | 33.78M shares | |
| 13 holders · as of Sep 14, 2026 | |||
| Other | ≈ 15.86% | 46.25M shares | |
| remainder | |||
291.47M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Hood River Capital Management LLCInstitution | 7.73% | 22.52M | as of Jun 30, 2026 |
Wesley CumminsInsider | 7.56% | 22.04M | filed Jul 8, 2026 |
Situational Awareness LPInstitution | 5.28% | 15.38M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 4.71% | 13.73M | as of Jun 30, 2026 |
BlackRock, Inc.Institution | 4.59% | 13.38M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 4, 2026 | Richard N. Nottenburg | director | −75,000 | $31.15 |
| Apr 30, 2026 | Richard N. Nottenburg | director | −12,500 | $34.59 |
| Apr 28, 2026 | Richard N. Nottenburg | director | −12,500 | $32.00 |
| Apr 27, 2026 | Douglas S. Miller | director | −10,000 | $34.98 |
| Jan 29, 2026 | Chuck Hastings | director | −45,987 | $38.57 |
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Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Applied Digital | $28.83 | +2.25% | $8.12B | — | — | 14.1 | +580.7% |
| IREN | $48.63 | +2.96% | $16.85B | — | — | 23.8 | −26.8% |
| Cipher Digital | $19.25 | +1.84% | $7.73B | — | — | 40.5 | −43.0% |
| Hut 8 | $106.25 | +2.74% | $11.64B | — | — | — | +81.4% |
| Core Scientific | $18.77 | +2.21% | $5.90B | — | 816.1 | 13.4 | +108.8% |
| Digital Realty | $186.19 | −0.08% | $68.94B | 90.0 | 79.7 | 10.1 | +28.9% |
| Equinix | $1,063.01 | +0.54% | $104.32B | 68.1 | 61.1 | 10.6 | +16.4% |
| Bitdeer | $13.09 | −0.38% | $3.07B | — | — | 3.8 | +47.1% |
| Median | 79.0 | 79.7 | 12.0 | +28.9% |