Applied Digital Stock On Track To Hit Over 21-Year Highs

Applied Digital Corp. (APLD) stock is on track to hit over 21-year highs after better-than-expected first-quarter results and updates regarding its data campus, Polaris Forge 2. 

The company’s first quarter (Q1) revenue of $64.2 million and adjusted loss per share of $0.03, both exceeded the analysts’ consensus estimate of $45.46 million and a loss of $0.13, respectively, according to Fiscal AI data. 

In the earnings call, Applied Digital Chairman and CEO Wesley Cummins said the company is actively building its second major data campus, Polaris Forge 2, and anticipates significant expansion driven by increasing power availability and demand from hyperscale clients.

“Initial funding for Polaris Forge 2 has been secured by our financial partner, Macquarie Equipment Capital, and construction is underway. We expect the first building to start coming online in late 2026 and reach full capacity in 2027,” said Cummins.

Applied Digital stock traded over 24% higher in Friday’s premarket and was the top trending equity ticker on Stocktwits. Retail sentiment around the stock jumped to ‘extremely bullish’ from ‘neutral’ territory the previous day. Message volume improved to ‘extremely high’ from ‘normal’ levels in 24 hours. 

The stock saw a 615% surge in user message count in 24 hours. A Stocktwits user called Applied Digital the “Best AI datacenter company out there.”

Another user called the company “the quiet AI infrastructure giant”.

Applied Digital began construction on Polaris Forge 2, near Harwood, North Dakota, in September. With a $3 billion investment, this campus will deliver 200 MW of critical IT load initially, with room to grow. Macquarie Equipment Capital is providing the initial capital needed to fund Polaris Forge 2, allowing construction to proceed. 

Applied Digital said it is already engaging in early conversations with multiple stakeholders to facilitate the site’s long-term expansion. 

“We remain in finance discussions with an investment-grade hyperscaler regarding lease for this campus. We have also entered negotiations with 2 additional hyperscalers for 2 new locations,” Cummins added.  

Applied Digital stock has gained over 283% year-to-date and over 352% in the last 12 months. 

Also See: SoftBank Nearing $5B Term Loan Backed By Arm Shares To Fund Investment In OpenAI: Report

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