Applied Digital Corporation

APLD-🇺🇸 USA

Price: $15.50; as of Nov 6, 2026
Market cap: $4.7B; as of Nov 6, 2026

Sites & Capacity

Total active power (IT load)332 MW**

In build capacity (IT load)1,260 MW

Owned capacity share100%capacity-weighted, vs colocation

Unsited 2030 pipeline (gross)770 MWguided for 2030, no site named yet · 550 MW IT load · Earnings Q2 2026 · as of Sep 23, 2026

Projected AI capacity (IT load)*

ContractedUncontracted

Active & in build (6)

Image	Site	CapacityIT load · theoretical gross	Est. capacityend of year, IT load	Commentaries
Nov 2, 2026	Polaris Forge 1 Ellendale, ND · USAUpdated Oct 2, 2026	Active 250 MW In build 150 MW Theoretical 400 MWIT	2028 400 MW 2030 400 MW	—
	Jamestown Jamestown, ND · USAUpdated Aug 31, 2026	Active 82 MW** In build 0 MW Theoretical 106 MW	2028 82 MW 2030 82 MW	—
Nov 2, 2026	Polaris Forge 2 Harwood, ND · USAUpdated Oct 7, 2026	Active — In build 300 MW Theoretical —	2028 300 MW 2030 728 MW	—
Nov 2, 2026	Polaris Forge 3 Center, ND · USAUpdated Oct 7, 2026	Active — In build 300 MW Theoretical —	2028 300 MW 2030 300 MW	—
	Delta Forge 1 Boyce, LA · USAUpdated Oct 7, 2026	Active — In build 300 MW Theoretical —	2028 300 MW 2030 300 MW	—
	Delta Forge 2 Alabama · USAUpdated Oct 7, 2026	Active — In build 210 MW Theoretical —	2028 210 MW 2030 210 MW	—

Pipeline portfolio (announced) (1)

Site	Planned capacity		Est. capacityend of year, IT load	Commentaries
Finland Finland · FinlandUpdated Oct 6, 2026	1,000 MWtheoretical	2028	2028 — 2030 200 MW	—

Bitcoin mining (1)

Site	Active power	Est. capacityend of year, AI, IT load	Commentaries
Jamestown Jamestown, ND · USAUpdated Aug 31, 2026	106 MW	2028 — 2030 —	—

*Projected AI capacity, bitcoin-mining sites excluded: the fleet online today, plus each block's remaining capacity once its scheduled delivery falls before that year end (the delivery end date; failing that the delivery start date; failing that the energization target plus one year), plus each pipeline site's planned capacity (the sum of its block targets, or its theoretical capacity when no block states one) one year after its first energization target. A bitcoin-mining site contributes only the AI capacity a block explicitly estimates for EoY 2028 — a conversion someone has assessed — counted in full, since what runs there today is mining. Past its last scheduled date, in 2027 and 2028 a site is assumed to keep adding its current in-build amount each year, up to its theoretical capacity in IT load. Blocks without a signed customer count in full (no haircut set in the common metrics).

** Estimated: the source reported this figure on a gross basis. It is shown in IT load by dividing by the PUE common metric, currently 1.3.