| Segment | Value | % of Price | Type |
|---|---|---|---|
| AI Data Center Leasing (Polaris Forge) | $18 | 69% | anchored |
| HPC/Legacy Compute Hosting | $5 | 19% | anchored |
Anchored: $23/sh (88%) · Speculative: $0/sh (0%)
Applied Digital has transformed from a 286MW crypto hosting company into a purpose-built AI data center developer with $16B in contracted lease revenue across 600MW with two hyperscaler customers on ~15-year terms. Polaris Forge 1 ($11B for 400MW with CoreWeave) and Polaris Forge 2 ($5B for 200MW...
APLD's legacy data center hosting business generates stable revenue. The ChronoScale cloud spin-out (APLD retains >80%) provides GPU cloud optionality.