NASDAQ:CGON 11 January 2026 - 12 January 2026

July 3, 2026, 2:16 PM EDT. Applied Digital (APLD) is adding to its AI data center network, now up to five campuses like Polaris Forge 1 and 2. The company brought on 75 megawatts in new capacity, but over half of its 400 megawatts leased out to CoreWeave haven't started bringing in revenue. To keep building, APLD sold $1.59 billion in senior secured notes, raising its debt load above $2.7 billion at the end of Q3. Adjusted EBITDA came in at $44.1 million, but capital spending continues to outpace cash flow from operations, so outside funding stays important. Rivals IREN and TeraWulf are also investing in AI infrastructure, but APLD's multi-campus model means bigger up-front costs. APLD stock has gained 34.8% this year, beating its sector, with shares priced at 12.06 times forward sales, compared to 2.81 times for peers.