Applied Digital Corporation designs, develops, and operates digital infrastructure solutions to high-performance computing (HPC) and artificial intelligence industries in North America. It ...
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Applied Digital Corporation is a technology company headquartered in Dallas, Texas, that designs, builds, and operates next-generation data centers and digital infrastructure solutions for high-performance computing (HPC) and artificial intelligence (AI) workloads. Founded in 2001 by Wes Cummins (Chairman and CEO) and Jason Zhang, the company was formerly known as Applied Blockchain, Inc. and rebranded to Applied Digital Corporation in November 2022. The company initially focused on blockchain infrastructure but pivoted to serve the growing HPC and AI markets, leveraging its expertise in data center design, construction, and operation.
Applied Digital operates through two primary business segments: Data Center Hosting and HPC Hosting. It provides infrastructure services to crypto mining customers and GPU computing solutions for critical AI, machine learning, and other HPC tasks. The company offers full-service data center solutions, including design, construction, and management, with a focus on rapid deployment and proprietary waterless cooling technologies.
Financially, as of the latest data, Applied Digital has a market capitalization of approximately $8.4 billion, with a stock price of $29.22 (as of the provided data). The company's revenue per share is $2.017, but it is currently not profitable, with a negative net profit margin (-42.3%) and negative EBITDA margin. The company has substantial debt (debt-to-equity ratio of 2.865) but maintains a healthy current ratio of 4.01 and a cash ratio of 1.369. Cash per share is $5.573, indicating a strong liquidity position.
Key recent developments include a lease agreement with CoreWeave for an additional 150MW at its Polaris Forge 1 Campus in Ellendale, North Dakota, signaling expansion to meet rising AI infrastructure demand. The company is actively investing in capital expenditures (capex-to-revenue ratio of 4.974) to build out data center capacity, which has led to negative free cash flow despite positive operating cash flow.
With 256 full-time employees, the company is relatively lean but is scaling up (employee count increased by ~25% year-over-year). The leadership team, including Wes Cummins, is focused on capturing opportunities in the AI infrastructure boom. The company's long-term viability depends on converting its heavy investments into profitable operations as new data centers come online and utilization increases. With strong market position and strategic partnerships, Applied Digital aims to be a leading provider in the HPC and AI infrastructure space.
