Website: [applieddigital.com](https://www.applieddigital.com) ### Introduction Applied Digital Corporation, founded in 2001, is headquartered in Dallas, Texas. Initially focused on digital infrastructure for blockchain and cryptocurrency mining, the company has pivoted in recent years to become a leader in purpose-built data centers for artificial intelligence (AI) and high-performance computing (HPC). While exact employee counts are not publicly disclosed in the latest records, Applied Digital operates as a publicly traded company under the ticker symbol APLD on the Nasdaq. The company's mission centers on revolutionizing accelerated computing through state-of-the-art, power-centric data center facilities designed to meet the extreme demands of AI and HPC workloads. Applied Digital has positioned itself at the forefront of the AI infrastructure boom, leveraging strategic locations with access to low-cost energy and natural cooling to optimize operational efficiency. With a focus on scalability and sustainability, the company aims to support hyperscalers and other tech giants driving the AI revolution. This report compiles the latest available data from web sources, news articles, SEC filings, and social media to provide a comprehensive overview of Applied Digital's operations and future potential. ### Key Products and Technology Applied Digital's portfolio is centered on advanced data center infrastructure tailored for AI and HPC applications. Below are the key offerings: - **Polaris Forge Campuses (AI/HPC Data Centers)** - **Type**: Purpose-built data centers for AI and HPC workloads. - **Technical Specifications**: Designed for extreme power density with racks supporting GPU clusters, advanced cooling (direct-to-chip liquid cooling), and scalability up to gigawatt (GW) levels. The Ellendale HPC Campus (Polaris Forge 1) targets 1 GW capacity, with initial phases at 400 MW. - **Energy Source**: Leverages low-cost, often renewable energy sources in North Dakota, benefiting from cool climates for natural cooling efficiency. - **Key Differentiators**: High-density design for GPU-intensive workloads, sustainability focus with renewable energy integration, and cost advantages from strategic location selection. - **Development Stage**: Under construction. Polaris Forge 1’s first 100 MW facility is expected to be operational by late 2025, while Polaris Forge 2 (280 MW) broke ground in September 2025. - **Target Customers**: Hyperscalers (e.g., [[CoreWeave]]), AI and cloud computing firms, and blockchain operations. - **Colocation Services** - **Type**: Data center colocation for diverse workloads. - **Technical Specifications**: High-performance, sustainably engineered facilities supporting AI, cloud, networking, and blockchain applications. - **Energy Source**: Similar to Polaris Forge, utilizing low-cost and renewable energy where possible. - **Key Differentiators**: Customizable infrastructure with a focus on energy efficiency and sustainability. - **Development Stage**: Operational, offered across existing facilities. - **Target Customers**: Broad range including tech companies, blockchain miners, and networking providers. ### Regulatory and Licensing Status As a data center infrastructure provider focused on AI and HPC, Applied Digital does not fall under the purview of nuclear regulatory bodies like the Nuclear Regulatory Commission (NRC). Instead, its regulatory considerations primarily involve energy usage approvals, environmental compliance, and local zoning for data center construction. The company must adhere to state and [[Federal|federal]] energy regulations, particularly in North Dakota, where its major campuses are located. There are no specific licensing milestones akin to nuclear projects; however, securing power agreements and grid connectivity approvals are critical steps. Recent reports indicate that Applied Digital has successfully navigated local regulatory frameworks to break ground on projects like Polaris Forge 2 in September 2025. Upcoming regulatory focuses include ensuring compliance with energy efficiency standards and potential environmental impact assessments as data center energy demands grow. There is no estimated timeline for "first commercial deployment" in the nuclear sense, but commercial operations for new facilities like Polaris Forge 1 are slated for late 2025 [Source: markets.financialcontent.com](https://markets.financialcontent.com/wral/article/marketminute-2025-10-3-applied-digital-fuels-ai-ambitions-with-strategic-capital-infusion-and-gigawatt-scale-infrastructure-build-out). ### Team and Leadership Applied Digital's leadership team comprises experienced executives in technology and infrastructure. Key figures include: - **Wes Cummins - CEO & Chairman**: Cummins has led Applied Digital through its transition from blockchain-focused operations to AI and HPC infrastructure. With a background in technology investments, he drives the company’s strategic vision. - **David Rench - CFO**: Rench oversees financial strategy and capital allocation, critical for funding large-scale data center projects. His expertise supports the company’s aggressive expansion plans. Social media handles for leadership are not publicly verified or widely available in the context of this report, and thus are omitted. ### Funding and Financial Position Applied Digital has secured significant capital to fuel its AI infrastructure ambitions. On December 18, 2025, the company announced a development loan facility with Macquarie Group through its subsidiary APLD DevCo LLC to support new AI Factory Campuses [Source: ir.applieddigital.com](https://ir.applieddigital.com/news-events/press-releases/detail/139/applied-digital-completes-development-loan-facility-with). Specific amounts for this facility were not disclosed in available sources. As a public company (Nasdaq: APLD), Applied Digital’s market cap and stock performance are notable. As of December 8, 2025, the stock had risen nearly 22% over the prior five trading days and was up approximately 4x year-to-date, reflecting strong investor confidence in its AI infrastructure play [Source: forbes.com](https://www.forbes.com/sites/greatspeculations/2025/12/08/applied-digital-stock-valuing-the-ai-infrastructure-play/). On September 24, 2025, the company issued 81,600 Series G shares, converting to approximately 4.6 million common shares, as part of its capital-raising efforts. Key institutional investors or specific revenue figures for Q4 2025 are not detailed in the latest public data, but the company’s operations span pre-revenue new facilities and revenue-generating segments like colocation and crypto mining hosting. The HPC Hosting segment is expected to be the dominant growth driver moving forward [Source: markets.financialcontent.com](https://markets.financialcontent.com/wral/article/predictstreet-2025-12-16-applied-digital-corporation-apld-powering-the-ai-revolution-with-purpose-built-infrastructure). ### Recent News and Developments | Date | Event | Details | |-----------------|--------------------------------------------|---------------------------------------------------------------------------------------------------| | Dec 18, 2025 | Development Loan Facility Announced | Completed a loan facility with Macquarie Group to fund new AI Factory Campuses. | | Dec 16, 2025 | AI Revolution Feature | Highlighted as a key player in powering AI with purpose-built infrastructure in industry reports. | | Oct 3, 2025 | Capital Infusion and Expansion Update | Issued Series G shares and detailed gigawatt-scale infrastructure plans in North Dakota. | | Sep 24, 2025 | Share Conversion | Converted 81,600 Series G shares into approximately 4.6 million common shares. | | Aug 18, 2025 | Polaris Forge 2 Groundbreaking Announced | Broke ground on a $3 billion, 280 MW AI Factory near Harwood, North Dakota, in September 2025. | ### Partnerships and Collaborations - **[[CoreWeave]] (Hyperscaler Partnership)**: Applied Digital secured an expanded 15-year lease agreement with CoreWeave for 400 MW of critical IT load at the Ellendale HPC Campus (Polaris Forge 1). This deal is projected to generate approximately $11 billion in revenue over the lease term, underscoring the strategic value of partnering with leading AI hyperscalers [Source: markets.financialcontent.com](https://markets.financialcontent.com/wral/article/marketminute-2025-10-3-applied-digital-fuels-ai-ambitions-with-strategic-capital-infusion-and-gigawatt-scale-infrastructure-build-out). - **Macquarie Group (Financial Partnership)**: The recent development loan facility with Macquarie Group provides critical capital for campus expansions, highlighting Applied Digital’s ability to attract major financial backers for its infrastructure projects. ### New Hampshire Relevance Applied Digital’s focus on AI and HPC data centers could have potential relevance for [[New Hampshire]], though no direct connections or expressed interest in the Northeast US are evident in current data. New Hampshire’s proximity to the ISO-NE grid and existing infrastructure like [[Seabrook Station]] (a nuclear power plant) could theoretically support energy-intensive data centers if low-cost, reliable power is secured. The state’s growing tech sector and data center presence might align with Applied Digital’s target markets, particularly for colocation services or smaller-scale AI workloads. However, the company’s current projects are concentrated in North Dakota, leveraging that region’s low energy costs and natural cooling advantages. Technology readiness for NH deployment would depend on energy pricing and grid capacity, areas where NH faces challenges compared to Midwest locations. There is no specific alignment with NH legislative initiatives like HB 710 or SMR provisions, as Applied Digital does not operate in the nuclear space. Potential applications in NH could include supporting data center loads for regional tech hubs or industrial applications, but significant infrastructure investment would be required. At present, Applied Digital’s geographic focus remains outside the Northeast. ### Competitive Position Applied Digital competes in the AI and HPC data center space with companies like [[Equinix]], [[[[Digital Realty]]]], and CoreSite, which also provide colocation and high-density computing infrastructure. Compared to [[Equinix]], a global leader with a vast network of data centers, Applied Digital differentiates itself through a specialized focus on purpose-built AI facilities with extreme power density and cooling innovations. Digital Realty offers broad geographic coverage, whereas Applied Digital’s concentrated North Dakota strategy leverages cost and energy advantages, though it limits geographic diversity—a potential risk. A key advantage for Applied Digital is its early-mover status in tailoring infrastructure specifically for AI hyperscalers like CoreWeave, securing long-term, high-value contracts. However, risks include dependency on a few large customers and the escalating energy demands of AI workloads, which could strain grid resources or face regulatory pushback, as noted in broader industry discussions on platforms like X. Overall, Applied Digital holds a niche but promising position in a rapidly growing market. ### Closing Note Applied Digital is at an expansion stage, with significant infrastructure projects underway and a positive outlook driven by the AI boom and strategic hyperscaler partnerships. *Report generated December 24, 2025*