MarketBeat
12 Jun 2026, 12:30 UTC · 2h ago
Applied Digital Is Building a $36 Billion AI Real Estate Empire
NewsImpactScreener rates every claim in this story for market impact and maps it to the tickers most exposed.
MarketBeat
12 Jun 2026, 12:30 UTC · 2h ago
NewsImpactScreener rates every claim in this story for market impact and maps it to the tickers most exposed.
What the story claims
5 claims · each scored for market impact
Applied Digital has secured $36 billion in total contracted base-term lease revenue, with 70% backed by U.S. investment-grade hyperscalers. — High-quality, long-term contracted revenue from creditworthy tenants significantly reduces business risk and validates the company's pivot to infrastructure.
+0.80Applied Digital finalized a 15-year, 210-megawatt lease at its Delta Forge 2 campus, utilizing proprietary waterless cooling technology. — Secures long-term cash flow and provides a competitive moat via sustainable cooling tech as environmental regulations tighten.
+0.50The company's current valuation is based on extreme growth expectations, with a price-to-sales ratio of 35 and a trailing 12-month EPS loss of 74 cents. — High multiples and lack of current profitability make the stock vulnerable to volatility and sensitive to interest rate or execution misses.
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The company issued $1.59 billion in 7.000% senior secured notes to fund the construction of the ELN-04 building and retire a high-interest Goldman Sachs bridge loan. — While adding debt, the purpose is growth-oriented (CAPEX) and optimizes the balance sheet by replacing expensive bridge financing.
+0.30Operations for Delta Forge 2 are targeted to commence in Q1 2028, marking the date when these specific multi-billion-dollar contracts begin generating yield. — Sets a concrete timeline for revenue realization, though the distant date means no immediate impact on current cash flows.
+0.20Which stocks this story touches
Strong growth outlook due to massive lease revenue, strategic pivot to infrastructure landlord, and bullish analyst targets.
Characterized as a legacy miner attempting a pivot but lacking the capital backing to execute at scale.
Mentioned as bearing more direct hardware depreciation risk compared to Applied Digital's real estate model.
Mentioned as bearing more direct hardware depreciation risk compared to Applied Digital's real estate model.
[mutual] Core Scientific is described as a legacy miner attempting a similar pivot to infrastructure as Applied Digital.
[mutual] Both companies are described as peers in the AI infrastructure and digital infrastructure space.
[mutual] Both companies are described as peers in the AI infrastructure and digital infrastructure space.
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