Applied Digital
GPU neoclouds · US
Applied Digital had a market capitalisation of $5.46B on 16 October 2026 (listed as APLD; updated every weekday from the market price).
A landlord to the AI build-out rather than a GPU operator: it develops data-centre campuses and leases the shells, and the tenant installs the silicon.
- Valuation
- $5.46B
- Confidence
- verified
- As of
- 16 October 2026
- Layer
- GPU neoclouds
- Ticker
- APLD
- Signal
- CoreWeave's landlord
- Website
- applieddigital.com
Relationships (1)
Valuation history on the map
| Date | Mark | Change |
|---|---|---|
| 15 October 2026 | $6.17B | -9.1% |
| 14 October 2026 | $6.79B | -3.5% |
| 13 October 2026 | $7.03B | -1.0% |
| 12 October 2026 | $7.1B |
Daily snapshots began 27 July 2026. Public companies move with the market every weekday.
Notes
A landlord to the AI build-out rather than a GPU operator: it develops data-centre campuses and leases the shells, and the tenant installs the silicon. CoreWeave holds 400 MW under contract at the Polaris Forge 1 campus in Ellendale, North Dakota across three roughly 15-year leases - 250 MW signed 2025-05-28 through the APLD ELN-02 and ELN-03 subsidiaries and a further 150 MW on 2025-08-28 - representing about $11B of prospective lease revenue over the term. The first of the campus's three contracted buildings reached Ready-for-Service in 2026. A separate 200 MW lease at Polaris Forge 2 goes to a US-based investment-grade hyperscaler the company does not name, taking total leased capacity to 600 MW and aggregate prospective lease revenue to roughly $16B before any renewal options are exercised. A bitcoin miner before it pivoted to leasing AI capacity, and the contract value is a claim on counterparty credit rather than recognised revenue.
Sources
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Last updated 16 October 2026. Follow Applied Digital in any feed reader to hear when its valuation moves.
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