Applied Digital Corporation
appliedblockchaininc.comWhat Do They Do?
Builds and operates purpose-built data centers for artificial intelligence and other high-performance computing workloads, serving large cloud providers and other computing customers; also provides energized hosting facilities for crypto-mining customers.
10-K for FY2026, filed Jul 29, 2026We are a U.S.-based designer, developer, owner, and operator of large-scale, purpose-built data centers engineered to support…View ↗
Our HPC Hosting Business designs, constructs, owns, and operates next-generation data centers purpose-built to host high-density GPU and…View ↗
Our Data Center Hosting Business provides energized infrastructure allowing the customer to deploy equipment based on its power…View ↗
How Do They Make Money?
Large cloud providers and other computing customers pay to lease data-center space over time; crypto-mining customers pay a fixed hosting rate over the contract term. High-performance computing customers also pay for equipment procurement and installation as that work is performed.
10-K for FY2026, filed Jul 29, 2026The Company generates HPC hosting revenue by leasing its properties to customers under operating lease agreements, which are accounted for…View ↗
Company in exchange for a managed hosting environment supported by customer-provided equipment. Revenue is recognized based on the…View ↗
The Company also generates HPC hosting revenue by providing tenant fit-out services including the procurement and installation of customer…View ↗
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10-K for FY2026, filed Jul 29, 2026
FY2026 revenue by reportable segment ↗
$611.3M
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10-K for FY2026, filed Jul 29, 2026
$611.3M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Data Center Hosting Business
Recurring
10-K for FY2026, filed Jul 29, 2026 |
25%
FY2023: 100%
|
Data Center Hosting Business, FY2026
$154.4M Sources
|
Recurring |
|
HPC Hosting Business
Recurring
10-K for FY2026, filed Jul 29, 2026 |
63%
FY2023: 0.0%
|
HPC Hosting Business, FY2026
$385.3M Sources
|
Recurring |
Who Are Their Customers?
High-performance computing customers lease data-center capacity directly; a crypto-mining customer uses the legacy hosting facilities.
10-K for FY2026, filed Jul 29, 2026As of May 31, 2026, we had executed long-term leases representing approximately 1,410 MW of contracted critical IT load across five…View ↗
Our Data Center Hosting Business provides energized infrastructure allowing the customer to deploy equipment based on its power…View ↗
We have material customer concentration in our Data Center Hosting Business. We currently serve one crypto mining customer with a remaining…View ↗
10-K for FY2026, filed Jul 29, 2026
May 31, 2026 May 31, 2025 May 31, 2024 Customer A 59 % — % — % Customer B 25 % 59 % 62 % Customer C 12 % 28 % — % Customer D — % — % 12 %View ↗
Do Revenues Turn Into Profits?
No. It lost $184.3M in FY2026.
10-K for FY2026, filed Jul 29, 2026
−$236.5MView ↗
10-K for FY2026, filed Jul 29, 2026
−$184.3MView ↗
10-K for FY2026, filed Jul 29, 2026
−$2.8BView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q1 FY2027, filed Oct 7, 2026
−$184.1MView ↗
- ▲ +987% (Loss)
- vs −$16.9M in Q1 FY2026
10-Q for Q1 FY2027, filed Oct 7, 2026
Open tableView ↗
Growing. Revenue grew 71.5x in 4 years, from $8.5M in FY2022 to $611.3M in FY2026, about 191% a year.
From cloud services to leased data centers
The older report described cloud services built around rented computing equipment alongside data-center hosting for high-performance computing and crypto mining. The latest focuses on building and leasing purpose-built artificial-intelligence data centers, and the cloud business is no longer an operating segment.
10-K for FY2023, filed Aug 2, 2023 10-K for FY2026, filed Jul 29, 2026Our AI Cloud service operates through our Sai Computing brand and provides cloud services applicable to artificial intelligence.View ↗
To support our AI Cloud Services business, we have placed orders for over 26,000 Graphics Processing Units ("GPUs"). We have also entered…View ↗
Our HPC datacenter business designs, builds, and operates Next-Gen datacenters which are designed to provide massive computing power and…View ↗
Our crypto datacenter hosting business provides infrastructure and colocation services to crypto mining customers. With expert advisors in…View ↗
Who Do They Compete With?
Competes with Digital Realty Trust, Equinix, IREN, Cipher Digital, TeraWulf, Hut 8, Riot Platforms, CleanSpark, HIVE Digital Technologies, Core Scientific, Bitdeer Technologies Group, Galaxy Digital, Fermi, Keel Infrastructure, and MARA Holdings
10-K for FY2026, filed Jul 29, 2026We compete with established data center owners and operators, including Digital Realty Trust, Inc. and Equinix, Inc., as well as…View ↗
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