Strategic Intelligence Report
Generated July 29, 2026
Cloud Computing
Applied Digital
Strategic importance is our editorial rating of how central this entity is to the technology landscape we track; confidence reflects how well-sourced and current the underlying evidence is.
0
Chokepoint Score
no direct dependencies recorded in the graph
Steady
Momentum
insider filing activity unchanged since last check
Headquarters
Dallas, Texas, USA
Website
Employees
200 (2025, approximate)
Founded
2001
Listing
APLD · NASDAQ
Market Cap
$7.54B
Revenue (TTM)
$319.26M
Price
USD26.38 (-5.30%)
Market data as of Jul 28, 2026, 11:21 AM · Source: Yahoo Finance (delayed). Not investment advice.
Overview
An AI infrastructure and data center company providing high-performance computing capacity, part of the same emerging 'neocloud' category as CoreWeave, IREN, and Nebius that has grown rapidly to meet AI compute demand outside the traditional hyperscalers. Applied Digital reported fiscal Q3 2026 revenue of $126.6 million (up 139% year-over-year, beating consensus of $75-78 million), with its Polaris Forge 1 campus reaching full operating capacity at 286 MW of HPC hosting, prompting a new 200 MW hyperscaler lease for Polaris Forge 2.
Dependency Map
One hop in each direction — see Strategic Connections below for the full, sourced breakdown of every relationship.
Strategic Connections
Supply Chain
- AI Data Centers: Applied Digital operates data center facilities being converted to host AI and high-performance computing infrastructure.
Competition / Other
- CoreWeave: Applied Digital competes with CoreWeave, IREN, and Nebius in the emerging neocloud category providing AI compute capacity outside traditional hyperscalers.
Strategic Risks
- Neocloud business models carry significant capital intensity and customer concentration risk
Future Outlook
- Continued build-out of AI data center capacity to meet compute demand
Sources
- U.S. Securities and Exchange Commission (EDGAR) (Jul 2025) — Applied Digital Corp. FY2025 Annual Report (Form 10-K), filed with the SEC
- Applied Digital investor relations / Q3 FY2026 earnings release (Apr 2026) — Applied Digital Q3 FY2026 revenue surges 139% to $126.6M on AI hosting demand
- Alpha Spread (Applied Digital Q3 FY2026 earnings recap) (Apr 2026) — Applied Digital signs 200MW hyperscaler lease for Polaris Forge 2 as first campus hits full capacity
Generated by InsightNodes — Technology Intelligence Platform. This report reflects sourced, evidence-backed information as of the dates cited above and is not investment advice.
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