Applied Digital Corp.

Applied Digital Corp. is a U.S.-based company that designs, develops, owns, and operates large-scale data centers specifically built to support high-performance computing (HPC) workloads. These workloads include artificial intelligence (AI), machine learning, and other accelerated-compute applications. The company designs, builds, and operates these high-performance, sustainably engineered data centers, which it refers to as AI factories. It provides this capacity to investment-grade hyperscalers and other leading compute customers through long-term lease and hosting arrangements. Applied Digital Corp. uses a standardized and repeatable design model covering site selection, design, construction, and operations. This model has been qualified by major hyperscalers, allowing for rapid and flexible deployment in both air-cooled and liquid-cooled configurations. The company has transitioned from a focus on blockchain hosting to a purpose-built HPC data center platform centered on its proprietary AI factory model. Its current growth, capital allocation, and operating focus are on developing and operating HPC data centers. Legacy blockchain hosting operations now represent a smaller, single-customer part of the business and are expected to decrease in relative importance over time. The company operates through two reportable segments: its HPC data center hosting business (the "HPC Hosting Business") and its blockchain data center hosting business (the "Data Center Hosting Business"). Its cloud services business is no longer an operating or reportable segment after a May 2026 transaction. Applied Digital Corp. controls power-advantaged sites with access to substantial, cost-competitive power and interconnection rights for high-density compute at scale. Its campuses are engineered for liquid-cooled, high-density graphics processing unit (GPU) deployments, featuring redundant electrical and mechanical systems designed for the uptime and performance requirements of mission-critical AI workloads.