New York, Jan 11, 2026, 05:57 (EST) — Market closed.
- Applied Digital shares closed up roughly 18%, backed by heavy volume following analyst target upgrades.
- Wall Street is focusing on the timing of hyperscaler leases and power delivery milestones at Polaris Forge.
- Up next: updates on new contract details and the earnings report due in April.
Applied Digital Corporation shares jumped roughly 18% to close Friday at $37.68. With U.S. markets shut on Sunday, investors will be watching closely to see if the momentum carries into Monday’s session.
The magnitude of the jump is crucial since traders see Applied Digital as a leveraged play on how fast major cloud clients secure power and space for AI tasks. Following a steep rally, the opening hour on Monday might determine if this marks a new baseline or merely a short squeeze.
B. Riley raised its price target to $53 from $47 and maintained a Buy rating. The firm said the company is “poised to sign incremental hyperscaler agreements” as it pushes forward with Polaris Forge 1 and develops Polaris Forge 2. Hyperscalers, the largest cloud operators, typically lock in contracts spanning years that link revenue to megawatt power capacity. (TipRanks)
Roth Capital’s Darren Aftahi raised his price target to $58 from $56 while maintaining a Buy rating. He highlighted “advanced talks for 900MW” of potential capacity at several hyperscale sites. (TipRanks)
Applied Digital reported on Jan. 7 that fiscal second-quarter revenue rose to $126.6 million, with adjusted EBITDA climbing to $20.2 million, boosted by tenant fit-out work and early lease revenue at Polaris Forge 1 in North Dakota. The company said CoreWeave has 400 MW under contract at Polaris Forge 1, while a U.S.-based investment-grade hyperscaler holds 200 MW at Polaris Forge 2, bringing total leased capacity to 600 MW. CEO Wes Cummins noted they’re in advanced talks with another hyperscaler but cautioned there’s “no assurance” any contracts will be finalized. Applied Digital posted a net loss of $31.2 million and finished the quarter with $2.3 billion in cash versus $2.6 billion in debt. (Applied Digital Corporation)
Friday’s trading volume reached roughly 85.5 million shares, significantly surpassing recent averages, as the S&P 500 and Nasdaq climbed. Data-center stocks followed the upward trend. Equinix and Digital Realty both posted gains, underscoring that investors continue to treat AI infrastructure as a broader theme, not just a single stock. (Nasdaq)
This remains a build-first story, with a hefty price tag. If energization delays, financing costs climb, or a major customer holds off, the stock could easily shed gains — especially following a sharp rally.
Applied Digital revealed plans to spin off its cloud division through a proposed merger with EKSO Bionics, forming a new entity named ChronoScale. The transaction still requires final documentation and regulatory green lights, adding another layer of complexity for investors assessing cash requirements.
On Monday, traders will be monitoring if APLD can stay above last Friday’s highs and whether Wall Street analysts continue raising price targets. Updates on lease timing or how quickly megawatts come online could drive the next move.
The company’s investor-relations calendar lists no scheduled events, making filings, customer updates, or broker reports the next probable sources of news. (Applied Digital Corporation)
The next major milestone is the earnings report, with data provider Public.com pinpointing April 13, 2026 as the expected release date. Investors will be on the lookout for evidence that talks with hyperscalers have progressed into signed, financed leases. (Public)
