Applied Digital Raises $2.15 Billion to Scale AI Data Centers

Overview

• The company completed a $2.15 billion private placement to fund a 200 megawatt IT load at its Polaris Forge AI factory.
• In fiscal third quarter 2026, revenue reached $126.6 million, the net loss narrowed to $100.9 million, and adjusted net income was $33.2 million, or $0.09 per share.
• Management says one 100 megawatt direct-to-chip liquid-cooled data center is online, a setup built to cool dense AI chips that run hot.
• The hosting arm that runs 286 megawatts of Bitcoin mining capacity produced a $14 million operating profit, providing cash flow for the buildout.
• Arete Research set a Street-high $99 price target while H.C. Wainwright kept a Buy at $40 after the quarter, as shares swung sharply with a market value near $9 billion and a 52-week gain of about 486%.