Applied Digital
APLDMarket price data through October 22, 2026.
Performance
Apr 2022 – Oct 2026
Track record
How this pick has done since Benson first called it.
- Benson Return
- -45%
- How much this stock is up since Benson first picked it — measured from the price at the time of that first pick, not from today.
- First pick price
- ~$34
- Roughly what one share cost when Benson first picked this stock. This is the starting line for the Benson Return.
- Tracking since
- October 2025
- The month this stock first became a Benson pick.
- Tracking duration
- 11 months
- How long Benson has been tracking this pick.
About Applied Digital
Applied Digital builds giant buildings packed with power and cooling, then rents them to tech companies that fill them with AI computers. Think of it as a landlord for the brains behind chatbots, with tenants signing 15-year leases. It also runs two North Dakota sites that host bitcoin mining machines for steady rent.
The case for and against
Both sides of the story, in plain English.
- Revenue Rocket
Sales hit $258.7 million this quarter, up 407% from a year ago, as the first big AI building in North Dakota ran at full speed. About $203 million came from AI buildings and $37.3 million from bitcoin hosting. For the full year, revenue reached $611.3 million, up 167%, as tech giants race to build out AI.
- Twenty Billion Handshake
In recent months, one top-tier tech giant signed three separate 15-year leases worth about $20 billion combined, at campuses in three different states. That brings Applied Digital's total signed rent to about $36 billion, or $86 billion if every renewal option is used. It also means the company no longer leans on CoreWeave as its only big tenant.
- Still Losing Money
Even with record sales, Applied Digital lost $110.6 million this quarter and $249.2 million for the full year. About $152.4 million of this quarter's revenue was one-time setup work for tenants, while actual rent was just $44.1 million. So the headline growth looks bigger than the steady income underneath it.
- Borrowed Billions
Building AI campuses costs a fortune, so the company raised about $3.7 billion in new bonds in recent months at roughly 7% interest. All five campuses depend on just three tenants, so if one stumbles, that debt gets heavy fast. The stock also swings far more than the overall market, so expect a bumpy ride.
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How to read this page
This automated research summary uses Financial Modeling Prep market data through 2026-10-22. Model signals, scores, and risk labels can change and may be incomplete or wrong.
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