Applied Digital (APLD) enters fiscal Q1 with a formidable AI infrastructure business and one of the largest contracted data center pipelines among smaller publicly traded infrastructure developers. With Polaris Forge 1’s recently ramped capacity, the focus has been on whether it is transforming revenue-generating contracts and improving the company’s net operating income.

Applied Digital has transformed its investment case in record time. The company is no longer a former crypto hoster, trying to convince the market of an AI transition. The company now has 1.4 GW of contracted critical IT load across five AI campuses, and approximately $36 billion of base-term contracted lease revenue, and 250 MW of Polaris Forge 1 operational.