# Applied Digital Corp.

Summary updated: 2026-10-02T16:06:50.213562Z
Canonical: https://finbar.com/research/companies/applied-digital-corp

## Overview

Applied Digital Corp. is a U.S. digital-infrastructure company that designs, develops, owns and operates data centers for high-performance computing (HPC), artificial intelligence, networking and blockchain workloads. Its core activities include data-center hosting and HPC data-center hosting, with capacity and colocation services provided to customers operating compute-intensive workloads. [1](https://app.finbar.com/go?id=P144418148)[2](https://app.finbar.com/go?id=P144418615)

The company describes its mission as building sustainable, high-performance digital infrastructure to power innovation and deliver lasting economic and community benefits. Its FY2026 filing reported operations in North Dakota, with campuses under development in other states; the filing lists Dallas, Texas, as its principal executive office. For the fiscal year ended May 31, 2026, Applied Digital reported revenue of $611.3 million and approximately 256 full-time employees as of that date. [3](https://ir.applieddigital.com/news-events/press-releases/detail/127/applied-digital-to-break-ground-on-3-billion-polaris-forge)[4](https://app.finbar.com/go?id=P144418382)[5](https://app.finbar.com/go?id=T16526070)[6](https://app.finbar.com/go?id=T16526086)[7](https://www.sec.gov/Archives/edgar/data/1144879/000114487926000048/apld-20260531.htm)
[1](https://app.finbar.com/go?id=P144418148)[2](https://app.finbar.com/go?id=P144418615)[3](https://ir.applieddigital.com/news-events/press-releases/detail/127/applied-digital-to-break-ground-on-3-billion-polaris-forge)[4](https://app.finbar.com/go?id=P144418382)[5](https://app.finbar.com/go?id=T16526070)[6](https://app.finbar.com/go?id=T16526086)[7](https://www.sec.gov/Archives/edgar/data/1144879/000114487926000048/apld-20260531.htm)[3](https://ir.applieddigital.com/news-events/press-releases/detail/127/applied-digital-to-break-ground-on-3-billion-polaris-forge)[7](https://www.sec.gov/Archives/edgar/data/1144879/000114487926000048/apld-20260531.htm)

## Products & services

Applied Digital’s HPC data-center hosting offering provides colocation and infrastructure for AI, networking, blockchain, and other high-performance computing workloads. Its facilities are designed for high-density GPU systems and workloads such as artificial intelligence, natural-language processing, and machine learning; the company describes its cooling approach as proprietary and waterless. [2](https://app.finbar.com/go?id=P144418615)[8](https://app.finbar.com/go?id=P31069596) At Polaris Forge 1, a 100-MW facility was operating, with two additional 150-MW facilities under construction. [9](https://app.finbar.com/go?id=P144418623) The company disclosed leases to CoreWeave for up to 250 MW at Polaris Forge 1. [10](https://app.finbar.com/go?id=P64610536)

Its Data Center Hosting business serves blockchain workloads. [2](https://app.finbar.com/go?id=P144418615) In FY2026, the HPC segment reported $385.3 million in revenue, including $270.6 million of services revenue, principally tenant fit-out, and $114.7 million of data-center rental and other revenue; Data Center Hosting reported $154.4 million in revenue. [11](https://app.finbar.com/go?id=T16526135) Applied Digital also previously offered managed cloud infrastructure for AI and machine-learning developers through third-party colocation sites; cloud services were classified as discontinued operations in FY2025 and were no longer an operating or reportable segment in FY2026. [12](https://app.finbar.com/go?id=P23870164)[13](https://app.finbar.com/go?id=P121470126)[14](https://app.finbar.com/go?id=P144418150) The FY2026 disclosures provide segment revenue amounts but do not state these offerings as percentages of total company performance. [11](https://app.finbar.com/go?id=T16526135)
[2](https://app.finbar.com/go?id=P144418615)[8](https://app.finbar.com/go?id=P31069596)[9](https://app.finbar.com/go?id=P144418623)[10](https://app.finbar.com/go?id=P64610536)[11](https://app.finbar.com/go?id=T16526135)[12](https://app.finbar.com/go?id=P23870164)[13](https://app.finbar.com/go?id=P121470126)[14](https://app.finbar.com/go?id=P144418150)

## Geographic presence

As of May 31, 2026, Applied Digital’s operating footprint was in North Dakota; the company reported that its North Dakota facilities generated the majority of revenue in FY2024–FY2026, but did not disclose a geographic revenue percentage. Its named Data Center Hosting facilities were in Jamestown (106 MW) and Ellendale (180 MW). [4](https://app.finbar.com/go?id=P144418382)[15](https://app.finbar.com/go?id=P144418634)

The company was also developing data-center campuses in North Dakota, including Polaris Forge 1 in Ellendale and Polaris Forge 2 near Harwood. At the reporting date, Polaris Forge 2 was under construction, with initial capacity expected in calendar 2026. [16](https://app.finbar.com/go?id=P144418165)[17](https://app.finbar.com/go?id=P144418168) Applied Digital’s principal executive office is in Dallas, Texas. [18](https://app.finbar.com/go?id=P144418105)
[4](https://app.finbar.com/go?id=P144418382)[15](https://app.finbar.com/go?id=P144418634)[16](https://app.finbar.com/go?id=P144418165)[17](https://app.finbar.com/go?id=P144418168)[18](https://app.finbar.com/go?id=P144418105)

## Business segments

For FY2026, Applied Digital reported two segments. **Data Center Hosting Business** provides energized infrastructure to crypto-mining customers, who rent space according to their power needs; it generated $154.4 million, or approximately **28.6%** of the two segments’ combined revenue. [15](https://app.finbar.com/go?id=P144418634)[11](https://app.finbar.com/go?id=T16526135) **HPC Hosting Business** designs, constructs, and operates data centers for high-compute-power applications, including GPU-based AI, natural-language processing, and machine-learning workloads; it generated $385.3 million, or approximately **71.4%** of combined segment revenue. [19](https://app.finbar.com/go?id=P144418622)[9](https://app.finbar.com/go?id=P144418623)[11](https://app.finbar.com/go?id=T16526135) Percentages are calculated from the FY2026 segment revenue totals and are not shares of consolidated revenue.

Cloud Services was a separate business in earlier reporting, but the company stated it was no longer an operating or reportable segment following the May 2026 transaction. [14](https://app.finbar.com/go?id=P144418150)
[15](https://app.finbar.com/go?id=P144418634)[11](https://app.finbar.com/go?id=T16526135)[19](https://app.finbar.com/go?id=P144418622)[9](https://app.finbar.com/go?id=P144418623)[11](https://app.finbar.com/go?id=T16526135)[14](https://app.finbar.com/go?id=P144418150)

## Company history

Applied Digital’s corporate predecessor was incorporated in Nevada in 2001 as Reel Staff, Inc., a staffing business for film and television productions. After a merger and several name changes, the entity ceased operations in 2014 and remained a shell until 2021. The modern business dates to 2021, when the company entered crypto-mining hosting; Wes Cummins and Jason Zhang are identified as its co-founders. [20](https://app.finbar.com/go?id=P164727059)[21](https://www.applieddigital.com/)[22](https://www.applieddigital.com/leadership)

The company began trading on Nasdaq in April 2022, and changed its name from Applied Blockchain to Applied Digital Corporation in November that year. It opened its Jamestown, North Dakota, hosting facility in 2022 and began operations at its Ellendale facility in 2023. [23](https://app.finbar.com/go?id=P164715702)[24](https://ir.applieddigital.com/news-events/press-releases/detail/14/applied-blockchain-inc-announces-closing-of-initial)[25](https://ir.applieddigital.com/news-events/press-releases/detail/12/applied-blockchain-inc-expands-its-blockchain-industry)[26](https://ir.applieddigital.com/news-events/press-releases/detail/50/applied-digital-announces-energizing-of-facility-in)

From late 2022, Applied Digital expanded into high-performance computing and AI infrastructure, announcing an HPC site at Jamestown, launching an AI cloud service in 2023, and breaking ground on an HPC facility at Ellendale. In 2025, it announced long-term data-center leases with CoreWeave at its Polaris Forge campuses. In May 2026, it separated its cloud-services business into ChronoScale, retaining an approximately 97% ownership interest at closing. [27](https://app.finbar.com/go?id=P164715717)[28](https://app.finbar.com/go?id=P144419775)[29](https://app.finbar.com/go?id=T16526150)[30](https://app.finbar.com/go?id=P52689097)[31](https://app.finbar.com/go?id=P144418617)[32](https://ir.applieddigital.com/news-events/press-releases/detail/46/applied-digital-announces-groundbreaking-of-high)[33](https://ir.applieddigital.com/news-events/press-releases/detail/55/applied-digital-launches-cloud-service-to-empower)[34](https://ir.applieddigital.com/news-events/press-releases/detail/75/applied-digital-announces-groundbreaking-of)[35](https://ir.applieddigital.com/news-events/press-releases/detail/151/applied-digital-completes-separation-of-cloud-business)
[20](https://app.finbar.com/go?id=P164727059)[23](https://app.finbar.com/go?id=P164715702)[27](https://app.finbar.com/go?id=P164715717)[28](https://app.finbar.com/go?id=P144419775)[29](https://app.finbar.com/go?id=T16526150)[30](https://app.finbar.com/go?id=P52689097)[31](https://app.finbar.com/go?id=P144418617)[21](https://www.applieddigital.com/)[22](https://www.applieddigital.com/leadership)[24](https://ir.applieddigital.com/news-events/press-releases/detail/14/applied-blockchain-inc-announces-closing-of-initial)[25](https://ir.applieddigital.com/news-events/press-releases/detail/12/applied-blockchain-inc-expands-its-blockchain-industry)[26](https://ir.applieddigital.com/news-events/press-releases/detail/50/applied-digital-announces-energizing-of-facility-in)[32](https://ir.applieddigital.com/news-events/press-releases/detail/46/applied-digital-announces-groundbreaking-of-high)[33](https://ir.applieddigital.com/news-events/press-releases/detail/55/applied-digital-launches-cloud-service-to-empower)[34](https://ir.applieddigital.com/news-events/press-releases/detail/75/applied-digital-announces-groundbreaking-of)[35](https://ir.applieddigital.com/news-events/press-releases/detail/151/applied-digital-completes-separation-of-cloud-business)

## Sources

1. [Applied Digital Corp. — Full financial report (2026 Y)](https://app.finbar.com/go?id=P144418148)
2. [Applied Digital Corp. — Full financial report (2026 Y)](https://app.finbar.com/go?id=P144418615)
3. [ir.applieddigital.com](https://ir.applieddigital.com/news-events/press-releases/detail/127/applied-digital-to-break-ground-on-3-billion-polaris-forge)
4. [Applied Digital Corp. — Full financial report (2026 Y)](https://app.finbar.com/go?id=P144418382)
5. [Applied Digital Corp. — Full financial report (2026 Y)](https://app.finbar.com/go?id=T16526070)
6. [Applied Digital Corp. — Full financial report (2026 Y)](https://app.finbar.com/go?id=T16526086)
7. [www.sec.gov](https://www.sec.gov/Archives/edgar/data/1144879/000114487926000048/apld-20260531.htm)
8. [Applied Digital Corp. — Full financial report (2026 Q 3)](https://app.finbar.com/go?id=P31069596)
9. [Applied Digital Corp. — Full financial report (2026 Y)](https://app.finbar.com/go?id=P144418623)
10. [Applied Digital Corp. — Full financial report (2026 Q 3)](https://app.finbar.com/go?id=P64610536)
11. [Applied Digital Corp. — Full financial report (2026 Y)](https://app.finbar.com/go?id=T16526135)
12. [Applied Digital Corp. — Full financial report (2026 Q 3)](https://app.finbar.com/go?id=P23870164)
13. [Applied Digital Corp. — Full financial report (2026 Q 3)](https://app.finbar.com/go?id=P121470126)
14. [Applied Digital Corp. — Full financial report (2026 Y)](https://app.finbar.com/go?id=P144418150)
15. [Applied Digital Corp. — Full financial report (2026 Y)](https://app.finbar.com/go?id=P144418634)
16. [Applied Digital Corp. — Full financial report (2026 Y)](https://app.finbar.com/go?id=P144418165)
17. [Applied Digital Corp. — Full financial report (2026 Y)](https://app.finbar.com/go?id=P144418168)
18. [Applied Digital Corp. — Full financial report (2026 Y)](https://app.finbar.com/go?id=P144418105)
19. [Applied Digital Corp. — Full financial report (2026 Y)](https://app.finbar.com/go?id=P144418622)
20. [Applied Digital Corp. — Ipo (2022 O)](https://app.finbar.com/go?id=P164727059)
21. [www.applieddigital.com](https://www.applieddigital.com/)
22. [www.applieddigital.com](https://www.applieddigital.com/leadership)
23. [Applied Digital Corp. — Ipo (2024 O)](https://app.finbar.com/go?id=P164715702)
24. [ir.applieddigital.com](https://ir.applieddigital.com/news-events/press-releases/detail/14/applied-blockchain-inc-announces-closing-of-initial)
25. [ir.applieddigital.com](https://ir.applieddigital.com/news-events/press-releases/detail/12/applied-blockchain-inc-expands-its-blockchain-industry)
26. [ir.applieddigital.com](https://ir.applieddigital.com/news-events/press-releases/detail/50/applied-digital-announces-energizing-of-facility-in)
27. [Applied Digital Corp. — Ipo (2024 O)](https://app.finbar.com/go?id=P164715717)
28. [Applied Digital Corp. — Full financial report (2026 Y)](https://app.finbar.com/go?id=P144419775)
29. [Applied Digital Corp. — Full financial report (2026 Y)](https://app.finbar.com/go?id=T16526150)
30. [Applied Digital Corp. — Full financial report (2025 Y)](https://app.finbar.com/go?id=P52689097)
31. [Applied Digital Corp. — Full financial report (2026 Y)](https://app.finbar.com/go?id=P144418617)
32. [ir.applieddigital.com](https://ir.applieddigital.com/news-events/press-releases/detail/46/applied-digital-announces-groundbreaking-of-high)
33. [ir.applieddigital.com](https://ir.applieddigital.com/news-events/press-releases/detail/55/applied-digital-launches-cloud-service-to-empower)
34. [ir.applieddigital.com](https://ir.applieddigital.com/news-events/press-releases/detail/75/applied-digital-announces-groundbreaking-of)
35. [ir.applieddigital.com](https://ir.applieddigital.com/news-events/press-releases/detail/151/applied-digital-completes-separation-of-cloud-business)

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