Quick Read – APLD holds $16 billion in signed hyperscaler leases, posted 139% revenue growth last quarter, and analysts unanimously target 155% upside. – Peer IREN posted 0% quarterly revenue growth year over year, while APLD returned 175% over the last year versus IREN’s 122%….
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Applied Digital (NASDAQ:APLD) is a rare AI infrastructure story that behaves like a landlord, benefiting from long-duration, contracted revenue streams while masquerading as a growth stock. The company develops and operates specialized data centers, making money by leasing computing capacity to AI and high-performance computing customers. With $16 billion in aggregate prospective lease revenue already signed and 15-year hyperscaler leases underwriting the buildout, the buy case rests on the simple premise that buildings will open on schedule, which they are. $16 Billion in Signed Lease Backlog Makes the Bull Case Polaris Forge 1 is 400 MW fully contracted to CoreWeave for roughly $11 billion in contracted revenue, and Polaris Forge 2 added a 200 MW lease with a U.S. investment-grade hyperscaler worth approximately $5 billion over its term.
Management has reiterated a target of $1 billion in NOI within five years. That is REIT-grade cash flow visibility attached to a pipeline of roughly 1 GW across four development sites. Applied Digital’s Earnings Inflection Has Arrived Q3 FY2026 revenue hit $126.64 million, up 139.3% year over year, while adjusted EBITDA jumped to $44.14 million from $6.26 million a year earlier.