Applied Digital Corp.

Applied Digital Corp. is a U.S. designer, developer, and operator of next-generation data center infrastructure across North America. The company provides data center infrastructure solutions to the high-performance computing (HPC) and artificial intelligence (AI) industries. It operates in two business segments: blockchain data center hosting and HPC data center hosting. During the fiscal year 2025, the Cloud Services Business was classified as "held for sale" and its results are presented in discontinued operations. The Data Center Hosting Business provides energized infrastructure services to crypto mining customers, allowing them to rent space based on power requirements. This segment currently serves one crypto mining customer with a remaining contractual term of two and a half years and accounted for all revenue from continuing operations for the fiscal year ended May 31, 2025. The company operates sites in Jamestown and Ellendale, North Dakota, with a total hosting capacity of approximately 286 MW, comprising a 106 MW facility in Jamestown and a 180 MW facility in Ellendale. The HPC Hosting Business designs, constructs, and operates data centers for high power density applications like HPC and AI. The company is currently building an HPC-focused campus in Ellendale, North Dakota, which includes the first AI-focused facilities in its Polaris Forge portfolio. Construction is underway on the first two buildings, a 100 MW and a 150 MW data center.