APLD · US
APLD.US: Applied Digital — AI campus landlord
Applied Digital FY26 rev $611M; 1.41GW contracted; ~$36B base leases; ~175MW live. See CRWV.
Cite a section with a deep link, e.g. /en/r/apld-us-research#thesis
Market snapshot
- Price (~2026-08-12)
- USD 31.2
- Market cap (approx)
- USD 8.0B
- Q4 FY26 net loss
- USD -110.6M
- FY26 revenue (YE 2026-05-31)
- USD 611.3M
As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)
Thesis
Applied Digital — FY26 revenue $611M; 1.41GW contracted critical IT load; ~$36B base lease value; live ~175MW at Polaris Forge 1. Tenant mix CoreWeave + IG hyperscalers. Equity value = delivery + cost of capital, not headline lease notional. See CRWV.
Business
See Chinese pack for full operating detail; model is NeoCloud / AI infrastructure as described in §thesis. Flagship, competitiveness, 12–24m strategy, and entity boundary are mirrored in content/zh-CN.md.
Strategy
| Pillar / phase | Detail |
|---|---|
| 0–12m: 交付已签约 MW | KPI: RFS · live MW · 状态: 执行 |
| 融资: 降低资本成本 | KPI: 票息 · IG 租约占比 · 状态: 进行中 |
| 扩张: 营销 +1.7GW | KPI: 新签 GW · 状态: pipeline |
Value chain
Midstream GPU cloud or AI campus landlord (APLD). Upstream: NVIDIA GPUs, power, shells. Downstream: frontier labs / hyperscalers. Customer concentration and ≥2 supply risks detailed in ZH and tables.
Customers
| Customer | Concentration/role | Note |
|---|---|---|
| CoreWeave | Polaris Forge 1 等 | 信用增强安排 |
| IG Hyperscaler A/B | ~70%+ 租约目标 | 多园区 |
Corporate events
Material 24–36m events (IPO/financing/major contracts/campus RFS) — see table_corporate_events and ZH narrative.
Corporate events
| Date | Phase | Event | Meaning |
|---|---|---|---|
| 2025 | 公司行动 | CoreWeave 租赁落地 | 第一大锚点客户 |
| 2025–2026 | 公司行动 | IG hyperscaler 多园区签约 | 信用结构改善 |
| 2026-06/07 | 公司行动 | Building 2 RFS；FY26 财报 | 执行验证 |
Valuation
Prices ~2026-08-12. Loss-making PE N/A; prefer backlog/ARR/GW and financing lenses.
Valuation snapshot
| Metric | Value | Read |
|---|---|---|
| 市值 / 签约 GW | ~$8B / 1.41GW | 看建设折扣 |
| 名义租金 / 市值 | $36B / ~$8B | 勿直接等价；需折现与造价 |
| PE | N/A | 仍亏损 |
| 股息 | 0 | 再投资 |
Valuation & returns · ~3y
Interactive chart available in the reader.
Share price · ~3y
Interactive chart available in the reader.
Financial trend (~24m)
Revenue · last 8 quarters
Interactive chart available in the reader.
Margin · last 8 quarters
Interactive chart available in the reader.
Financial health (§A.7)
Financial health (§A.7)
| Item | Value | Note |
|---|---|---|
| 经营现金 | 项目建设期波动 | 依赖项目融资 |
| 有息债 vs 现金 | 多笔高级抵押债 | 如 $2.15B / $1.59B notes |
| 流动性 | revolving + 项目债 | 关注契约与弹簧担保 |
| 审计 | 以 10-K 为准 | 关注持续经营披露 |
Net income · last 8Q
Interactive chart available in the reader.
Operations
Volume (MW/GPUs), price ($/GPU-hour or lease), cost (depreciation/interest/power). Segment snapshot:
Key financial / operating points
| Item | Value | YoY/chg | Note |
|---|---|---|---|
| FY26 营收 | $611M | +167% | 截至 2026-05-31 |
| Q4 FY26 营收 | $259M | +407% | 含 fit-out |
| 签约关键 IT 负载 | 1.41GW | — | 五园区 |
| 名义长租价值 | ~$36B base | — | 非折现现金流 |
| Polaris Forge 1 live | ~175MW | — | 2026-06-30 |
Competition
Peer comparison
| Company | Positioning | Margin profile | Strength | Weakness |
|---|---|---|---|---|
| EQIX/DLR | 传统 IDC | 稳定 | 资产负债表 | AI 高密弹性不如纯 AI factory |
| CRWV | 租户/运营 | 云 | 需求方 | 杠杆传导至房东风险 |
| IREN | 自有电力运营 | 云转型 | 垂直整合 | 与房东模式不同 |
Management
Key management (~24m)
| Role | Name | Since | 24m change |
|---|---|---|---|
| Chairman & CEO | Wes Cummins | — | 持续 |
| CFO | Saidal Mohmand | — | 公开电话会 |
| 董事会 | — | — | 以代理声明为准 |
Outlook
Track next print: delivery MW, contract conversion, interest/financing, customer concentration.
Scenarios
| Scenario | Condition | Implication |
|---|---|---|
| Bull | On-time delivery, financing OK | Multiple expansion |
| Base | Guide roughly met | Theme volatility |
| Bear | Delays / cuts / refinancing stress | Dilution + de-rate |
Risks
Risks
| Risk | Severity | Mitigation |
|---|---|---|
| 建设延期与造价超支 | 高 | 分期交付；供应链预锁 |
| 租户信用（含 NeoCloud 杠杆） | 高 | IG 租约占比提升；担保结构 |
| 再融资与利率 | 中高 | 长期票据锁定 |
| 电力/燃气发电配套不及预期 | 中 | 多州布局 |
| 主题波动 | 中 | 仓位 |
Tracking
- Contracted backlog / ARR / GW vs live capacity
- Power and RFS milestones
- Debt, interest, prepayments
- Guide vs actual revenue
- Confirm: delivery slope; Falsify: major customer cancel or failed refinance
References
Primary IR/SEC links listed in content/zh-CN.md #references. Also NeoCloud universe.
Not investment advice. Figures from public disclosures; some series reconstructed.
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