AI Data-Center Gold Rush: Applied Digital Rockets on $11B Contracts and Blows Past Q1 Forecasts
Applied Digital reported Q1 FY2026 revenue of $64.2 million, up 84% year-over-year and well above analyst estimates. The company fully leased its 400 MW Polaris Forge 1 campus to CoreWeave in a 15-year deal worth about $11 billion. Shares surged over 200% year-to-date, trading near $35 after recent news. Applied Digital broke ground on a $3 billion, 280–300 MW Polaris Forge 2 data center in North Dakota.