New York, Jan 24, 2026, 05:33 EST — Market closed
- Applied Digital shares jumped 8.5% Friday following news of the company breaking ground on a new AI data center campus
- The Delta Forge 1 site is planned to deliver 430 megawatts of utility power, with operations slated to begin by mid-2027
- Investors are gearing up for next week, eyeing a signed hyperscale tenant and additional financing details.
Applied Digital Corporation shares closed Friday 8.5% higher at $37.69, beating the wider U.S. market. Investors responded positively to the company’s recent update on its data center expansion.
This shift is crucial as the AI infrastructure trade has grown cutthroat: investors favor builders who secure both power and clients, while setbacks hit valuations hard. Applied Digital’s case is straightforward — transform limited electricity into functional AI server capacity — yet it’s the delivery that drives the stock’s volatility.
The rally highlights just how fast sentiment can swing in smaller, high-beta stocks linked to data center demand. A construction milestone doesn’t equal revenue, but it can reshape the short-term narrative by suggesting a more visible pipeline of leased capacity.
On Thursday, the Dallas-based firm announced it has started construction on Delta Forge 1, an “AI Factory” campus designed as a data center to handle intensive AI workloads. The facility will initially support 430 megawatts (MW) of utility power — a unit measuring electrical capacity — with up to 300 MW dedicated to critical IT load, the power available for running servers. (Applied Digital Corporation)
“Delta Forge 1 marks the next phase in Applied Digital’s expansion,” said Chairman and CEO Wes Cummins in the statement. (Yahoo Finance)
APLD’s shares moved from $33.22 to $39.00 on Friday, with trading volume hitting around 48.1 million shares—up from about 29.1 million the previous session. (Yahoo Finance)
Core Scientific edged up 3.8%, and IREN jumped 8.4%. Meanwhile, data center real estate stocks showed a mixed picture.
Next week, the key question is whether this story moves beyond just a headline. The company revealed that Delta Forge 1 is progressing in talks with a potential investment-grade hyperscale client — a term usually reserved for massive cloud or internet companies that purchase computing capacity in bulk. Investors will be looking closely to see if these discussions lead to a signed lease.
Applied Digital is operating a 100-MW high-performance computing data center at Polaris Forge 1 and is building more capacity in North Dakota, the company revealed in its latest quarterly report. It also held $2.3 billion in cash, cash equivalents, and restricted cash, alongside $2.6 billion in debt as of Nov. 30, 2025. (Applied Digital Corporation)
Delta Forge 1 remains in its early stages and hasn’t altered the core risk picture: these projects carry high costs, schedules often stretch out, and leasing deals can drag on even amid solid demand. If the upcoming customer news or financing update falls short, Friday’s stock jump could evaporate fast.
Applied Digital’s investor calendar shows no upcoming events, pushing traders to look out for new filings, customer disclosures, or updates on project financing once markets open. (Applied Digital Corporation)
Monday’s U.S. market open on Jan. 26 is the next key moment — investors will watch for momentum in APLD shares and updates on tenant discussions for Delta Forge 1.
