Applied Digital (APLD) is expanding its AI data center capabilities across five campuses, including Polaris Forge 1 and 2, and Delta Forge 1 and 2. As of July 1, 2026, the second building at Polaris Forge 1 added 75 megawatts, bringing the facility’s total live capacity to 175 megawatts. However, this is significantly lower than the 400 megawatts leased to CoreWeave, suggesting that over half of their capacity has not yet generated recurring revenue.
To fund these expansions, APLD has raised $1.59 billion through senior secured notes due in 2031, alongside a $300 million bridge facility and a $2.15 billion offering for Polaris Forge 2. The company’s total debt stands at approximately $2.7 billion, with an adjusted EBITDA of $44.1 million for the third fiscal quarter. APLD’s expansion strategy heavily depends on external financing as new capacity comes online.
Year-to-date, APLD’s share price has surged by 34.8%, contrasting with the broader Zacks Finance sector, which has seen a 9% decline. The fiscal 2026 loss estimate per share is currently pegged at 70 cents, unchanged from the previous month, following an 80-cent loss per share last year. APLD carries a Zacks Rank #5 (Strong Sell).
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