Applied Digital's contracted backlog is more than twice its market value, so the market is giving the backlog away for free. It has $16 billion of signed 15-year leases with CoreWeave and an investment-grade US hyperscaler against a $7.5 billion market value. Revenue rose 250% to $126.6 million in fiscal Q2, its first 100 MW Polaris Forge 1 building was delivered on time and budget, and Polaris Forge 2 has a 200 MW lease signed. Yet the stock fell from $41 to $27 while nothing broke. x.com 

Applied Digital's roughly $23 billion contracted revenue backlog against a market cap near $9.5 billion is a gap that could close rapidly. It has three signed hyperscaler leases: CoreWeave at Polaris Forge 1 ($11 billion), an investment-grade hyperscaler at Polaris Forge 2 ($5 billion) and a third at Delta Forge 1 ($7.5 billion). Borrowing against future rent instead of diluting shareholders is a solid approach, and Roth Capital raised its target to $65. The case depends on execution. x.com 

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

Applied Digital's landlord model is finally showing in results, while cheaper capital and a removed tail risk strengthen the case. Base rent of $44.1M produced $39.9M of NOI at a 91% margin. New debt of $2.15B at 6.75% and $1.59B at 7.0% came 225 basis points inside its first financing, after CoreWeave won an investment-grade rating and backed the leases. The 10-K shows the roughly $2.4B Base Electron guarantee, the single biggest concern, was ended on May 29 for a $37M payment. x.com 

Applied Digital's average analyst price target of $74.23 implies more than 200% upside, yet few people seem to be buying the stock. x.com 

Applied Digital looks cheap against its sales, with fair value estimated at $67.11 to $85.41, leaving the stock 54% below the low end of that range. It carries a $9.0B market cap, 23.9x EV/sales and forward EPS of -$0.25. The read is levels only, based on reported earnings and revenue estimates, with no fundamental work. 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 data-center buildout is paying off, with $73B of potential contracted revenue now signed with investment-grade hyperscalers. Earlier, with ground broken on Polaris Forge 2 and another deal in the works, the company already had a clear path to $1B+ in annual recurring revenue. x.com