Applied Digital Rallies 8.7% After Completing 100 MW Polaris Forge Phase 2

Overview

• APLD shares rose 8.66% to $27.10 on Dec. 1, marking a second straight daily gain.
• Applied Digital announced completion of Polaris Forge 1 Phase 2, adding capacity for 100 MW of critical IT load.
• The facility is part of a 400 MW, 15-year leasing relationship with CoreWeave, which the company has said could generate about $11 billion over the term.
• Market sentiment improved as economists pointed to a possible 25-basis-point cut at the Federal Reserve’s Dec. 9–10 meeting, with JPMorgan now expecting a move on Dec. 10.
• The expansion follows mid-November funding actions that included $2.35 billion of 9.25% senior secured notes due 2030 and a preferred-equity commitment from Macquarie Asset Management.