New York, Jan 25, 2026, 09:01 (EST) — Market closed.
Applied Digital Corporation’s shares surged 8.5% to $37.69 on Friday, pushing further gains after a strong January. The Nasdaq-listed data center developer has climbed roughly 54% this month, valuing the company near $10.5 billion. Market trackers continue to classify it with crypto-infrastructure peers like Riot Platforms, Cipher Mining, and Hut 8. (MarketScreener)
This shift matters now as investors zero in on who holds the limited power and cooling resources, with AI computing demand pushing data center capacity to its limits. Companies linked to fresh megawatt capacity can see their stocks swing sharply on even minor news.
Applied Digital finds itself caught in that crosscurrent. The company is pitching itself as a creator of “AI factories”—data centers optimized for dense AI chips—instead of just a straightforward crypto-hosting operation.
On Jan. 22, the Dallas-based firm announced it had broken ground on Delta Forge 1, an “AI factory” campus in a southern U.S. market. Applied Digital said the site will offer 430 megawatts (MW) of total utility power and up to 300 MW of “critical IT load” — the portion available for servers — with initial operations slated for mid-2027. The company is moving the project forward while in talks with a prospective investment-grade hyperscale customer, a large cloud buyer that typically acquires capacity in bulk. (GlobeNewswire)
Applied Digital hasn’t revealed which state it’s targeting and has met resistance in previous local projects, The Register reported. CEO Wes Cummins told the outlet, “We’re not trying to hide anything,” adding, “The public is going to find out everything about it.” He also said the company plans to announce the site in February. (The Register)
U.S. markets are closed over the weekend, so the key question is if buyers return once trading kicks off Monday. Applied Digital’s investor relations calendar shows no scheduled events, leaving traders to wait for any new news on the campus, a client, or funding. (Applied Digital Corporation)
More hints might emerge from upcoming filings. The firm’s investor page shows its latest Form 10-Q filed on Jan. 8 and a Form 8-K from Jan. 16. Investors will be watching closely for any fresh details on funding or leasing tied to the buildout. (Applied Digital Corporation)
That said, the trade goes both ways. In its Delta Forge release, Applied Digital warned that construction schedules, customers’ leasing choices, and financing availability might all impact outcomes. The company also highlighted the possibility it could need additional capital to cover data center building and operating costs. (Applied Digital Corporation)
Bigger data center players like Digital Realty and Equinix offer more stable exposure to AI infrastructure spending. Applied Digital, by comparison, is a smaller, more execution-driven story, with shares prone to sharp moves on project updates, delays, or dilution concerns.
Monday’s open on Jan. 26 is the market’s immediate focus after Friday’s jump. Updates on the campus location, expected from Cummins in February, or any news on customer discussions about Delta Forge 1, might drive the next move.
