Applied Digital Revenue Surges 407% on AI Infrastructure Shift

Applied Digital Corp reported fiscal fourth quarter 2026 revenue of $258.7 million, marking a 407% increase year-over-year and significantly exceeding analyst estimates of $94.8 million. Full-year revenue for the company rose 167% to $611.3 million.

This financial growth follows a strategic shift in operations, as the company transitioned from cryptocurrency mining and data-center hosting to providing AI and high-performance computing infrastructure. The company now holds approximately 1.4 GW in contracted critical IT capacity and $36 billion in contracted base-term lease revenues across five AI factory campuses.

Key drivers of this revenue include massive long-term hyperscaler leases. Specifically, the company secured a $7.5 billion deal at the Delta Forge 1 campus and a lease worth approximately $7 billion with CoreWeave for the Polaris Forge campus.