Applied Digital Corporation’s APLD stock is back in the spotlight today, surging after the company hit a key build‑out milestone at its flagship AI data center campus in North Dakota. The move caps a frenetic stretch of news that includes a multi‑billion‑dollar AI lease, large-scale project financing, and blowout earnings growth.
All figures in this article refer to November 24, 2025, unless otherwise noted and may change as markets continue trading.
APLD Stock Today: Big Move in a High‑Beta AI Name
As of late morning U.S. trading on November 24, 2025, APLD stock is trading around $23.48, up roughly 11% on the day, after opening at $21.60. The intraday range has stretched from about $21.05 to $23.58, with volume already above 14 million shares. [1]
Key snapshot for APLD stock today: [2]
- Price: ~$23.48
- Daily move: +$2.39 (+11.3%)
- Market cap: ≈ $6.7 billion
- 52‑week range:$3.31 – $40.20
- Beta: ~7.0 (extremely volatile)
- TTM revenue: about $173.6 million with a TTM net loss of ~$248 million
After running from roughly $5 to $40 earlier this year, APLD has already delivered a gain of more than 300% in 2025, according to year‑to‑date coverage of the name. [3] Today’s jump shows traders are still quick to react to new execution milestones.
What’s Driving Today’s APLD Rally?
The main catalyst: Applied Digital just completed Phase II at Polaris Forge 1, its flagship AI “Factory” campus in Ellendale, North Dakota.
In a press release this morning, the company announced that: [4]
- It has delivered the second 50 MW “Ready for Service” (RFS) phase at the first building on the Polaris Forge 1 campus.
- Building 1 now runs at its full 100 MW critical IT load.
- This marks completion of the first of three contracted buildings at Polaris Forge 1.
- The Polaris Forge 1 campus totals 400 MW, fully contracted to AI cloud provider CoreWeave under long‑term leases.
Financial media and trading desks quickly flagged the milestone, noting that APLD stock spiked in pre‑market and pushed higher through the morning as investors digested the news. [5]
Management framed the achievement as evidence of the company’s ability to deliver high‑density, AI‑optimized data center capacity on time, a critical differentiator in a market where power, cooling, and construction delays can easily derail big AI infrastructure plans. [6]
Multi‑Billion‑Dollar AI Leases Underpin the APLD Story
Today’s construction milestone sits on top of a rapidly expanding, long‑dated revenue base:
- In late October, Applied Digital signed an approximate $5 billion AI infrastructure lease with a U.S. investment‑grade hyperscaler at its Polaris Forge 2 campus near Harwood, North Dakota. [7]
- The deal covers 200 MW of critical IT load over roughly 15 years and gives the customer a first right of refusal on another 800 MW at the 1‑gigawatt campus. [8]
- With this hyperscaler agreement plus existing CoreWeave leases at Polaris Forge 1, Applied Digital’s total leased capacity in North Dakota is now about 600 MW across two large hyperscaler customers. [9]
In today’s Polaris Forge 1 release, management also reiterated that after the new 50 MW phase, total contracted revenue across the Polaris Forge 1 and 2 campuses is now roughly $16 billion, tying together the CoreWeave contracts and the newer hyperscaler lease. [10]
For investors following AI infrastructure, those numbers are significant: they effectively lock in multi‑decade, utility‑style revenue streams, but in a hyper‑growth part of the cloud stack—GPU‑heavy AI compute.
APLD’s Business Model: From Crypto Hosting to AI Factories
Applied Digital has spent the last few years reshaping itself from a crypto‑focused hosting provider into an AI‑first data center platform.
According to company filings and its latest earnings release: [11]
- The Data Center Hosting Business still operates facilities that provide energized space primarily to Bitcoin and crypto‑mining customers (including sites in Jamestown and Ellendale, North Dakota, operating at full capacity).
- The HPC Hosting Business focuses on GPU‑driven, high‑performance computing (HPC) and AI workloads, including the Polaris Forge campuses.
- A smaller cloud services segment is under strategic review and may be restructured or sold.
Today’s news is firmly in the HPC bucket. Management frequently pitches Polaris Forge as an “AI Factory” model: large, highly efficient, liquid‑cooled campuses built in low‑cost power regions with design PUE targets around 1.18 and near‑zero water usage. [12]
Earnings Check: Fast Growth, but Still Losing Money
Fundamentally, APLD is still a high‑growth, loss‑making infrastructure play.
In its fiscal Q1 2026 results (quarter ended August 31, 2025), Applied Digital reported: [13]
- Revenue:$64.2 million, up about 84% year‑over‑year (from $34.8 million).
- Adjusted EPS:‑$0.03, beating Wall Street’s consensus of ‑$0.11 by $0.08.
- GAAP EPS:‑$0.11.
- Adjusted net loss: around $7.6 million, versus roughly $0.8 million a year ago.
The growth was driven primarily by:
- Roughly $26 million in “tenant fit‑out” revenue tied to installing equipment for its HPC customer at Polaris Forge 1, which management describes as low‑margin but an important indicator of progress. [14]
- Higher revenue from its existing Data Center Hosting Business as more capacity came online and efficiency improved. [15]
Despite the strong top‑line growth, cost of revenue, SG&A, and interest expense all climbed sharply, and the company reported a GAAP net loss of about $27.8 million for the quarter. [16]
For investors, the earnings story is clear:
- Growth is exploding as AI facilities ramp.
- Profitability is still out of reach, at least until lease revenue from fully built‑out campuses outweighs construction, financing, and stock‑based compensation costs.
Funding the Buildout: Big Projects, Big Debt
The scale of Applied Digital’s ambitions requires equally large financing. Over just the last few weeks, the company has stacked up significant capital:
- $2.35 billion in senior secured notes: On November 13, APLD priced $2.35 billion of 9.25% senior secured notes due 2030, issued by subsidiary APLD ComputeCo at 97% of face value. Proceeds will help fund construction of its 100 MW and 150 MW data centers (ELN‑02 and ELN‑03) at Polaris Forge 1, refinance an existing credit facility, fund reserves, and cover transaction costs. [17]
- Up to $787.5 million from Macquarie Asset Management: On November 12, the company announced that Macquarie Asset Management expects to provide an additional $787.5 million in perpetual preferred equity, part of a larger $5.0 billion financing facility, to accelerate the build‑out at both Polaris Forge campuses. Roughly $450 million is earmarked for Polaris Forge 2, and $337.5 million for Polaris Forge 1 (subject to the notes offering closing). [18]
- $65 million revolving credit facility: Also disclosed in that release, Applied Digital entered into a $65 million secured revolving loan and letter‑of‑credit facility with First National Bank of Omaha at SOFR + 2.75%, secured by the company’s assets (excluding subsidiaries). [19]
From its Q1 report, as of August 31, 2025, the company held about $114 million in cash and restricted cash against roughly $687 million in debt—figures that do not include the subsequent note offering and Macquarie funding. [20]
The takeaway:
- APLD now has significant firepower to complete its North Dakota AI campuses.
- But it is also layering on substantial leverage and interest obligations, which could magnify both upside and downside as the cycle plays out.
Analyst Views and Valuation Snapshot
Wall Street remains broadly bullish on APLD stock, although opinions vary on how much of the growth story is already priced in.
According to StockAnalysis’ consolidation of analyst data: [21]
- Average rating:“Strong Buy” from about 11 analysts.
- Average 12‑month price target:$29.36, implying roughly 25% upside from today’s ~$23.50 level.
- Key metrics:
- Market cap: ≈ $6.7 billion
- TTM revenue: ≈ $173.6 million
- TTM net income: about ‑$247.9 million
- TTM EPS: roughly ‑$1.09
- No dividend
That puts APLD at roughly 39x trailing 12‑month revenue, based on the latest market cap and revenue figures—very rich for a company that still generates net losses, but somewhat typical for early‑stage, high‑growth infrastructure names in hot AI adjacency trades. [22]
Key Risks Around APLD Stock
For traders and long‑term investors looking at APLD, several risk factors stand out:
- Execution & construction risk
- The entire bull case hinges on delivering multiple gigawatts of AI‑optimized capacity on time and on budget. Any delays, cost overruns, or technical issues at Polaris Forge 1 or 2 could hit both revenue timing and investor confidence. [23]
- Customer concentration
- A large chunk of future revenue comes from just a few hyperscale tenants, including CoreWeave and an unnamed U.S. investment‑grade hyperscaler. If those customers slow deployments, renegotiate, or walk away from options, the growth curve could flatten quickly. [24]
- Leverage & interest rates
- The 9.25% coupon on the new senior notes is not cheap, and it sits on top of existing debt. If AI demand slows or facilities ramp more slowly than expected, debt service could pressure cash flow. [25]
- Macro & AI demand cycles
- APLD is a high‑beta way to bet on AI infrastructure capex. That cuts both ways: strong AI spending can create outsized gains, but any slowdown in hyperscaler GPU build‑outs could compress valuations sharply, as the stock’s wide 52‑week range already hints. [26]
- Regulatory and power‑market risk
- Large, power‑dense AI data centers depend on favorable local energy economics, grid stability, and supportive regulation. Changes in energy policy or community pushback around power usage could affect expansion plans in North Dakota and beyond. [27]
How Traders and Long‑Term Investors May View APLD Today
Without making any recommendation to buy or sell, here’s how today’s move might look through different lenses:
- Short‑term traders may see today’s news‑driven surge as another opportunity in a high‑volatility AI momentum stock, with the Polaris Forge news acting as a near‑term catalyst. The same volatility cuts both ways, so risk management is critical.
- Growth‑oriented investors watching AI infrastructure might focus on:
- The $16 billion plus in contracted revenue across Polaris Forge 1 and 2.
- The 600 MW of leased capacity with two major hyperscalers.
- The company’s ambition to eventually evolve into an AI‑focused data center REIT‑like platform as its campuses stabilize and leases ramp. [28]
- Risk‑aware fundamental investors will likely weigh those positives against:
- Negative earnings
- Heavy leverage
- High valuation multiples
- And the possibility that sentiment around AI infrastructure cools faster than contracts can be monetized.
What to Watch Next for APLD Stock
Looking beyond today, several catalysts could sway APLD stock:
- Ramp‑up progress at Polaris Forge 1’s second and third buildings and first stages of Polaris Forge 2. [29]
- Updates on Macquarie funding closings and how the company deploys that equity capital. [30]
- Debt market reactions once the $2.35 billion note offering closes and the impact on interest costs and leverage. [31]
- The next earnings report, currently estimated for mid‑January 2026, where investors will look for signs that lease revenue is ramping and losses are narrowing. [32]
For now, November 24, 2025, underscores why APLD has become one of the most closely watched AI data center stocks: it combines large, long‑term contracts and rapid execution with meaningful financial and execution risk.
This article is for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Always do your own research and consider consulting a qualified financial professional before making investment decisions.
References
1. stockanalysis.com, 2. stockanalysis.com, 3. 247wallst.com, 4. ir.applieddigital.com, 5. www.investing.com, 6. ir.applieddigital.com, 7. www.globenewswire.com, 8. www.globenewswire.com, 9. www.globenewswire.com, 10. ir.applieddigital.com, 11. ir.applieddigital.com, 12. ir.applieddigital.com, 13. ir.applieddigital.com, 14. ir.applieddigital.com, 15. ir.applieddigital.com, 16. ir.applieddigital.com, 17. www.globenewswire.com, 18. www.globenewswire.com, 19. www.globenewswire.com, 20. ir.applieddigital.com, 21. stockanalysis.com, 22. stockanalysis.com, 23. ir.applieddigital.com, 24. www.globenewswire.com, 25. www.globenewswire.com, 26. stockanalysis.com, 27. www.globenewswire.com, 28. ir.applieddigital.com, 29. ir.applieddigital.com, 30. www.globenewswire.com, 31. www.globenewswire.com, 32. www.marketbeat.com
