Overview
- Shares jumped more than 25% on Feb. 6 after the company announced $50 million in senior secured financing to advance the Polaris Forge 2 facility, according to Forbes.
- Applied Digital reports roughly $16 billion in long-term lease commitments tied to about 600 MW at North Dakota campuses, with initial lease revenue recognized and a ramp expected next quarter.
- Management says it is in advanced negotiations with a new investment‑grade hyperscaler for three potential sites totaling 900 MW, while construction has begun on a separate 430 MW campus in the southern U.S.
- Debt has climbed to about $2.6 billion as of Nov. 30, much of it carrying roughly 9.25% interest, alongside approximately $125 million in losses over the last 12 months.
- Customer concentration remains elevated, including about $11 billion of commitments linked to CoreWeave, and some leases allow tenants to walk away without penalty if construction falls behind schedule.