Applied Digital (APLD) is shifting from crypto hosting to AI-focused data centers in North Dakota, financed with asset-level capital. The company secured funding for Polaris Forge projects and targets completion in the second quarter of fiscal 2026, transitioning to rental cash flows as leases begin.

CoreWeave (CRWV) fully leased 400 MW at Polaris Forge 1 in Ellendale, with 15-year terms and $11 billion in anticipated lease revenues. Polaris Forge 2 in Harwood has a lease with a U.S. investment-grade hyperscaler for 200 MW, with $5 billion in contracted revenues. Both projects aim for quick build timelines and innovative design features.

Applied Digital’s financial outlook includes a Zacks Consensus Estimate of $75.95 million in second-quarter fiscal 2026 revenues, with a projected loss of 10 cents per share. The company reported a 66-cent loss in the year-ago quarter, with revenues expected to grow by 18.91%. APLD shares have surged 186.4% in the past year.

Competition for APLD comes from data center giants like Equinix (EQIX) and Riot Platforms (RIOT), expanding into AI-grade infrastructure. APLD’s speed and liquid-cooling design are key differentiators in a crowded field. The company holds a Zacks Rank #3 (Hold) and is navigating the competitive landscape to drive growth and profitability.

Read more at Nasdaq: APLD’s AI Pivot Explained: What the 2025-2027 Ramp Means for the Stock