Applied Digital still looks cheap on its buildout, though it needs momentum and cooperative bond markets. Its CY26 deliveries may miss expectations by ~50MW, with a catch-up in early 2027; it plans 600MW in service over 12 months. Two expansion leases totaling 250MW are expected by year end at >15% higher pricing, later than first signaled. Macquarie is owed shares and ~25% of NOI on partnered North American deals; Finland's first 100MW is expected in 2028. x.com 

Applied Digital's market value lags a contracted backlog about twice its size, a gap that is rare for a project actually delivering on time. Per @CKCapitalxx, it has $16 billion of signed 15-year leases with CoreWeave and an investment-grade US hyperscaler against a $7.5 billion market cap, with Q2 revenue up 250%. Its first 100MW Polaris Forge 1 building came in on time, on budget and fully energized; people see the $27 price and assume something is broken without checking those milestones. … Show more

Galaxy Digital and Core Scientific should outperform Applied Digital over the next five years; buying Applied Digital now because it has surged looks foolish. A year ago it was a near-bankrupt bitcoin miner; it has since signed 900MW of colocation deals, a levered, lower-quality business rallying on an industry trend, like Intel versus Nvidia. Galaxy's profitable digital-assets arm and Core Scientific's earlier deals meant no bankruptcy risk was priced in, so they lagged. This could be wrong. … Show more

Contracted AI compute demand makes four AI infrastructure stocks worth buying at 52-week lows. Applied Digital has a $36B backlog and expects 600+ MW online within 12 months; Cipher Mining has $8.5B+ in AI leases with payments ramping; CleanSpark has a 20-year $6.6B lease and 1.8+ GW power portfolio; CoreWeave has a $104B backlog and raised its year-end ARR target to $18.5-19.5B. x.com  x.com 

Applied Digital is seeing relentless AI demand, now locked in by a massive 15-year take-or-pay lease for 210 MW. The lease adds roughly $5.2 billion of contracted revenue, bringing its total contracted portfolio to 1.4 GW and $36 billion. x.com  x.com 

Applied Digital's new hyperscaler lease is a catalyst worth buying on shakeouts. @epictrades1 notes the same US hyperscaler that signed at Delta Forge 1 has agreed to a long-term lease for its fourth AI Factory campus, Polaris Forge 3, designed for 300 MW of IT load backed by about 430 MW of grid power. x.com 

Applied Digital is set to benefit as hyperscaler capex commitments jumped from about $400 billion to nearly $700 billion in 90 days. It holds about $16 billion in contracted lease revenue, has three sites in exclusivity and expects new leases soon. Q3 revenue rose 139% to $126.6 million, crushing the $75.5 million consensus. CoreWeave upgraded its lease terms, which should lower refinancing costs, and management bonuses are tied to a goal of $1 billion in annual profit. x.com 

Applied Digital's contracted AI data-center backlog should bring a dramatic shift in cash inflows as campuses come online through 2027 and beyond. Fiscal Q4 2026 revenue rose 407% to $258.7 million. Leases of 210 MW at Delta Forge 2 and 300 MW at Delta Forge 1 bring contracted load to 1.4 GW, about $36 billion of 15-year take-or-pay revenue, funded by over $3.7 billion of senior secured notes. After a trendline breakout, a retest should precede a major move toward the mid-30s. x.com 

Applied Digital's weekly chart looks promising, and the company has a $7.5B lease deal behind it. x.com 

Applied Digital keeps signing hyperscale compute deals almost every month. Its latest is a 15-year lease worth $5.2B, and up to $12.7B, with the same investment-grade hyperscaler for 210 MW of IT load. CEO Wes Cummins said that two years ago the company deliberately chose to build a business that scales, not just to build data centers. x.com