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1h ago

Applied Digital Soars After Earnings Beat and $11 Billion CoreWeave Expansion

A revenue beat paired with a fully contracted 400 MW CoreWeave lease strengthens the company’s case as an AI data‑center landlord.

A deal with CoreWeave has been good news for Applied Digital shares.
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Overview

  • Fiscal Q1 revenue rose 84% to $64.2 million with an adjusted loss of $0.03 per share, beating estimates as tenant fit‑out services contributed $26.3 million and data‑center performance improved.
  • An additional 150 MW lease at Polaris Forge 1 brings the campus to 400 MW under contract with CoreWeave, representing roughly $11 billion in prospective revenue over 15 years.
  • The company reports about 700 MW under construction, has shortened build cycles to 12–14 months, and projects Polaris Forge 2 to start delivering 200 MW in 2026 and reach full capacity in 2027.
  • Post‑quarter financings totaled roughly $362.5 million, while quarter‑end cash stood at about $114.1 million against total debt of roughly $687.3 million.
  • Shares jumped more than 20% after the release as analysts raised price targets, including Needham to $41, HC Wainwright to $40, and Craig‑Hallum to $37.