Only 2 of 4 factors can be computed from what this company has published, covering 50% of the score's weight. A composite below 60% coverage is withheld rather than shown with the gaps treated as passes.
Promise deliveryNot availableNo guided milestone has been reached yet, so there is nothing to score.35%
Evidence quality17 of 19 confirmed30%
Timeline stability1 held20%
FinancingNot availableFinancing is not disclosed as a project milestone.15%
A stage is marked complete when any of Applied Digital's
5 tracked projects has reached it —
this is the furthest the company has got anywhere, not the state of every site.
Open a stage to see which sites evidence it.
Capacity truthFour different measurements
⌁2.15 GWSecuredGross
§1.41 GWContractedCritical IT
▣100 MWEnergisedCritical IT
$100 MWBillingCritical IT
These are four separate disclosures on different bases, not four stages of one
funnel. Secured power is measured at the utility connection; the rest are critical IT. They are
never subtracted from one another.
Revenue calculatorWhat billing capacity implies, and what it would be worth
The megawatts and the revenue rate come from what Applied Digital has published.
The multiple does not — it is an opinion, and it is the input that moves the answer most.
Nothing here is a price target.
Every option above is measured as critical IT, the same basis the
revenue rate is derived on. Secured power is deliberately absent: it is gross power at the
utility connection, and applying a per-MW contract rate to it would price megawatts that cannot
be sold as compute.
MW
Disclosed by the company
$m
Derived from APLD’s own contracts
capacity-weighted mean of 5 disclosed contracts (1410 MW total) = $1.71m per MW per year
×
An opinion — not a disclosure
m
Fetching from the provider…
Run-rate revenue—
Implied enterprise value—
Enterprise value per share—
Against the live price—
How much of that is the multiple
EV / revenue
Enterprise value
Per share
vs price
Applied Digital at a glance
Every figure below is sourced
Applied Digital builds large data-centre campuses and leases them to hyperscale customers on long initial terms, with the tenant supplying its own compute hardware.
◇Powered shell●Reached: Invoicing%5% of controlled power switched on
How far it has actually got
Select a step for its evidence
Company-wide disclosure · 2026-05-31
Polaris Forge 1
No evidence recorded yet
Polaris Forge 1
No evidence recorded yet
Polaris Forge 1
Where the power goes
Each bar is drawn to the same scale. A dashed row means the company has not published
that figure — it is not zero. Where the dashed line appears, the measurement itself changes from
power at the utility connection to usable capacity inside the hall, so the step down is a change
of definition rather than capacity going missing.
What it owns, and what the customer brings
The company owns grid power, the building and the racks. The tenant supplies its own accelerators and sells its own compute.
Where it operates
5 recorded sites
🇺🇸5
A filled dot is a site with a published capacity figure; an outlined dot is a
site named in filings without one. Positions are schematic, not geographic.
Capacity record
Every value with its evidence
Measure
Value and evidence
Secured powerPower capacity controlled through executed utility, interconnection, energy-service, lease or comparable arrangements. It may include capacity already operating as well as capacity awaiting development. Secured power indicates supply control, not customer demand or completed compute capacity.
2.15 GW●ConfirmedGross↗ sec.govas of 31 May 2026Evidence · 1 source
Approximately 2.15 GW of gross grid-connected utility power. Gross basis — not comparable with the 1,410 MW critical IT figure.
1,410 MW of contracted critical IT capacity across five campuses, approximately $36.2bn of contracted revenue over initial base terms, approximately 2.15 GW of gross grid-connected utility power, approximately 100 MW operational and revenue-generating, and approximately 1.5 GW operating or under construction.
Development pipelineIdentified development opportunity that is not yet secured — sites under study, options, and applications lodged. Reported separately from secured power and never added to it.
Not disclosed—Not disclosed
Customer-contractedCompute or capacity a paying customer has committed to under a signed contract. Demand, not supply. Frequently disclosed only for individual named contracts, in which case the site total is a disclosed minimum rather than an exhaustive figure.
1.41 GW●ConfirmedCritical IT↗ sec.govas of 31 May 2026Evidence · 1 source
Contracted critical IT across five campuses, with approximately $36.2bn of contracted revenue over the initial base terms. Replaces the stale 600 MW record.
1,410 MW of contracted critical IT capacity across five campuses, approximately $36.2bn of contracted revenue over initial base terms, approximately 2.15 GW of gross grid-connected utility power, approximately 100 MW operational and revenue-generating, and approximately 1.5 GW operating or under construction.
Under constructionCapacity with physical construction under way. Capital committed, no revenue from it yet.
1.50 GW●ConfirmedCritical IT↗ sec.govas of 31 May 2026Evidence · 1 source
Approximately 1.5 GW operating OR under construction across the five campuses — the company reports the two together, so this is not a pure construction figure and includes the 100 MW already operational.
1,410 MW of contracted critical IT capacity across five campuses, approximately $36.2bn of contracted revenue over initial base terms, approximately 2.15 GW of gross grid-connected utility power, approximately 100 MW operational and revenue-generating, and approximately 1.5 GW operating or under construction.
Energised critical ITCritical IT load live and drawing power. Often described by companies as "active" or "operational" capacity. It does not by itself mean a customer is paying for it.
100 MW●ConfirmedCritical IT↗ sec.govas of 31 May 2026Evidence · 1 source
Approximately 100 MW operational and revenue-generating.
1,410 MW of contracted critical IT capacity across five campuses, approximately $36.2bn of contracted revenue over initial base terms, approximately 2.15 GW of gross grid-connected utility power, approximately 100 MW operational and revenue-generating, and approximately 1.5 GW operating or under construction.
Customer-acceptedCapacity formally accepted under the relevant customer agreement. Acceptance may trigger billing or revenue recognition, but the commercial effect is contract-specific and must be separately evidenced.
Not disclosed—Not disclosed
Revenue liveCapacity for which the company has explicitly disclosed that billing, rent commencement or revenue generation has begun. Billing, GAAP revenue recognition and cash receipt are not assumed to occur simultaneously.
100 MW●ConfirmedCritical IT↗ sec.govas of 31 May 2026Evidence · 1 source
Explicitly described as operational and revenue-generating.
1,410 MW of contracted critical IT capacity across five campuses, approximately $36.2bn of contracted revenue over initial base terms, approximately 2.15 GW of gross grid-connected utility power, approximately 100 MW operational and revenue-generating, and approximately 1.5 GW operating or under construction.
Projects and gates
5 recorded
Gates advance independently. Zoning can be granted while environmental approval,
financing and interconnection all remain outstanding — a single stage label would hide that.
Polaris Forge 1
United States
400 MWCritical IT●Confirmed
400 MW leased to CoreWeave, approximately $11bn over a 15-year initial term.
210 MW leased to a high investment-grade hyperscaler, approximately $5.2bn over a 15-year initial term. Under construction, with initial operations anticipated in Q1 2028.
—Site controlNot disclosed
—Utility agreementNot disclosed
—Interconnection approvedNot disclosed
—Zoning approvedNot disclosed
—Regulatory approvalNot disclosed
—Environmental approvalNot disclosed
—Building permitsNot disclosed
—Financing committedNot disclosed
—Long-lead equipment orderedNot disclosed
●Construction startedComplete · 1 source
—Utility energisedNot disclosed
○Critical IT energisedNot started
●Customer contractedComplete · 1 source5 Aug 2026
○Customer acceptedNot started
—Billing / revenue commencedNot disclosed
Critical IT energised
Target Q1 2028ActualNot disclosed
○Not yet reached
"Initial operations are anticipated to commence in Q1 2028." The release is more precise than the H1 2028 previously recorded here.
Committed value and conditional maximum are shown apart and never added. Where a
company discloses a ceiling — "up to" — the difference depends on events that have not happened.
1,410 MW of contracted critical IT across five campuses, approximately $36.2bn of contracted revenue.
The largest disclosed customer-contracted figure of any tracked company, and an exhaustive one — unlike IREN's and TeraWulf's, which are minimums. Replaces a stale 600 MW record.
Write down what you expect Applied Digital to deliver, and by when. T2C scores it
later against the same evidenced gates it uses everywhere else — not against the share price.
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never receives it — there is nowhere for it to be sent.
About Applied Digital
Last verified 15 Aug 2026
Applied Digital builds large data-centre campuses and leases them to hyperscale customers on long initial terms, with the tenant supplying its own compute hardware.
Applied Digital develops purpose-built AI data centres across five named campuses and leases them under long initial terms. It has the largest disclosed customer-contracted critical IT figure of any company tracked here, and unlike several peers it publishes an exhaustive total rather than a set of individual deals.
Company facts
Legal name
Applied Digital Corporation
Ticker / exchange
APLD · NASDAQ
Founded
Not disclosed
Headquarters
Dallas, Texas, United States
Business model
Powered shell
Last verified
15 Aug 2026
Who leads it
Wes Cummins
Chairman and Chief Executive Officer
Chairman and Chief Executive Officer of Applied Digital, with a background as a technology investor.
Long-term data-centre leases to hyperscale customers
Purpose-built AI campuses developed and operated in-house
Cloud services from earlier operations
How it makes money
Leases powered, cooled space; the tenant supplies its own accelerators where the lease says so. Earns a few million per megawatt per year rather than tens, with correspondingly lower capital cost.
Where it operates
United States (North Dakota, Texas)
Operating presence as disclosed. This is not the same as future pipeline —
a named location may hold nothing but secured power.
Publicly disclosed customers
CoreWeave
Only customers the company has named publicly. Several tracked companies
describe counterparties only as "investment-grade hyperscaler", and those are not guessed at here.
210 MW lease with a high investment-grade hyperscaler, approximately $5.2bn over a 15-year initial term, under construction with expected delivery in H1 2028.
1,410 MW of contracted critical IT capacity across five campuses, approximately $36.2bn of contracted revenue over initial base terms, approximately 2.15 GW of gross grid-connected utility power, approximately 100 MW operational and revenue-generating, and approximately 1.5 GW operating or under construction.
