Five GPU infrastructure leases bring Applied Digital's initial-term contracted revenue to $7.1 billion.

Fiscal Year 2026 marked an inflection point for Applied Digital Corporation, defined by several critical milestones. The company reached its first "ready for service" delivery date on time and on budget, accomplished a five-fold increase in total contracted revenue, and achieved total contracted capacity of 1.41 gigawatts of critical IT load with approximately $36 billion in total contracted revenue before lease renewals and further expansions.

Much of this growth came from investment-grade hyperscaler customers. Beyond expanding its Polaris Forge 1 campus in Ellendale, North Dakota—where CoreWeave took an additional 150 megawatts—Applied Digital signed a lease with an investment-grade hyperscaler at its Polaris Forge 2 campus in Harwood, North Dakota, for 200 megawatts of critical IT load. The company also signed leases with a high investment-grade hyperscaler across two separate regions for a combined 810 megawatts.

The company operates AI factories across five campuses in two distinct geographic regions, with significant expansion opportunity at each site. During the fiscal year, Applied Digital completed over $5 billion in senior secured financings, including fixed-rate notes offerings, bridge facilities, and an up to $550 million revolving credit facility.

Applied Digital completed the previously announced separation of its cloud business through a contribution and exchange transaction, resulting in the creation of ChronoScale Holdings Corporation (Nasdaq: CHRN), a platform providing accelerated-compute hardware and software for GPU-optimized AI workloads. The company presently retains approximately 96 percent equity ownership of ChronoScale, reflecting its commitment to focus on its core business of building AI factories.

Moving forward, Applied Digital aims to achieve $2 billion in annual Net Operating Income within the coming years. The company's campuses now employ thousands of staff and contractors while fostering local partnerships and workforce development. Its AI factory design features closed-loop, waterless, direct-to-chip cooling systems and achieves an annual projected Power Usage Effectiveness of 1.18 with best-in-class water consumption.