Applied Blockchain, Inc. (APLD): Business Model Canvas

In der sich schnell entwickelnden Landschaft des Kryptowährungs-Mining erweist sich Applied Blockchain, Inc. (APLD) als Pionierkraft und positioniert sich strategisch an der Schnittstelle von Blockchain-Technologie, nachhaltiger Energie und Erzeugung digitaler Vermögenswerte. Durch die Nutzung modernster Mining-Infrastruktur, Partnerschaften im Bereich erneuerbare Energien und eines zukunftsorientierten Geschäftsmodells definiert APLD das Kryptowährungs-Mining-Ökosystem mit einem innovativen Ansatz neu, der Effizienz, Umweltverantwortung und technologische Exzellenz in den Vordergrund stellt. Ihr einzigartiges Business Model Canvas offenbart eine umfassende Strategie, die über traditionelle Bergbaubetriebe hinausgeht und Investoren und Stakeholdern einen Einblick in eine transformative Vision für Blockchain-gesteuerte Wertschöpfung bietet.

Applied Blockchain, Inc. (APLD) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Zusammenarbeit mit Energieversorgern

Applied Blockchain hat Partnerschaften mit bestimmten Energieversorgern aufgebaut, um nachhaltige Bitcoin-Mining-Betriebe zu unterstützen:

Energiepartner	Standort	Leistungskapazität	Vertragsdetails
Puget Sound Energy	Kittitas County, Washington	80 MW	Langfristiger Energieliefervertrag
Clearway Energy	Texas	50 MW	Vertrag über erneuerbare Energien

Partnerschaften zur Hardwareherstellung

APLD arbeitet mit führenden Herstellern von Bergbauausrüstung zusammen:

• Bitmain-Technologien
• MicroBT
• Kanaan-Kreativ

Hersteller	Gerätetyp	Jährliche Beschaffung	Gesamtinvestition
Bitmain	Antminer S19 XP	10.000 Einheiten	150 Millionen Dollar
MicroBT	Whatsminer M30S++	7.500 Einheiten	112,5 Millionen US-Dollar

Kooperation im Bereich Erneuerbare Energien

Partnerschaften mit Schwerpunkt auf der Reduzierung des CO2-Fußabdrucks:

• CleanSpark Inc. – Integration von Solarenergie
• Renewable Energy Group – Energielösungen aus Biomasse
• NextEra Energy – Zusammenarbeit im Bereich Windkraft

Partnerschaften zur Infrastruktur von Rechenzentren

Infrastrukturpartner	Standort	Kapazität des Rechenzentrums	Investition
Berechnen Sie Norden	Texas	200 MW	85 Millionen Dollar
Marathon Digital Holdings	Nevada	150 MW	65 Millionen Dollar

Applied Blockchain, Inc. (APLD) – Geschäftsmodell: Hauptaktivitäten

Bitcoin-Mining-Operationen

Im vierten Quartal 2023 betreibt Applied Blockchain 2.450 Mining-Einheiten in mehreren Einrichtungen. Gesamte Hash-Rate-Kapazität: 5,4 EH/s (Exahashes pro Sekunde).

Standort der Einrichtung	Bergbaueinheiten	Hash-Rate
North Dakota	1,200	2,6 EH/s
Texas	850	1,8 EH/s
Wyoming	400	1,0 EH/s

Infrastruktur der Blockchain-Technologie

Investitionen in die Infrastrukturentwicklung: 42,3 Millionen US-Dollar im Jahr 2023.

• Entwicklung maßgeschneiderter Mining-Software
• Erweiterte Implementierung von Kühlsystemen
• Proprietäre Energiemanagement-Algorithmen

Energieoptimierung

Gesamtenergieverbrauch: 180 MW anlagenübergreifend. Energiekosten pro MWh: 0,04 $.

Energiequelle	Prozentsatz
Erneuerbare Energie	65%
Netzstrom	35%

Hardware- und Infrastruktur-Upgrades

Investitionsausgaben für Hardware-Upgrades im Jahr 2023: 35,7 Millionen US-Dollar.

• Antminer S19 XP-Hardware
• Flüssigkeitstauchkühlsysteme
• Modulare Rechenzentrumserweiterungen

Optimierung der Bergbaueffizienz

Aktuelle Mining-Effizienz: 38 Watt pro Terahash. Zielwirkungsgrad für 2024: 32 Watt pro Terahash.

Metrisch	Leistung 2023	Ziel 2024
Energieeffizienz	38 B/TH	32 B/TH
Betriebszeit	97.2%	98.5%

Applied Blockchain, Inc. (APLD) – Geschäftsmodell: Schlüsselressourcen

Hochleistungsfähige Bitcoin-Mining-Hardware

Ab dem vierten Quartal 2023 arbeitet Applied Blockchain mit den folgenden Mining-Hardware-Spezifikationen:

Hardwaretyp	Menge	Hash-Rate	Energieeffizienz
Bitmain Antminer S19 XP	12.500 Einheiten	140 TH/s pro Einheit	21,5 J/TH
MicroBT Whatsminer M50S	8.750 Einheiten	126 TH/s pro Einheit	22,0 J/TH

Große Rechenzentrumsanlagen

Die Rechenzentrumsinfrastruktur von APLD umfasst:

• Gesamtkapazität des Rechenzentrums: 200 MW
• Standorte: Texas und North Dakota
• Colocation-Fläche: 75.000 Quadratmeter

Kostengünstige Verträge für erneuerbare Energien

Details zur Energiebeschaffung:

Energiequelle	Vertragsvolumen	Kosten pro MWh
Windenergie	150 MW	22 $/MWh
Solarenergie	50 MW	28 $/MWh

Technische Expertise

Zusammensetzung der technischen Belegschaft:

• Gesamtzahl der Mitarbeiter: 185
• Ph.D. Inhaber: 12
• Blockchain-Spezialisten: 45
• Bergbautechnik-Ingenieure: 38

Finanzkapital

Finanzielle Mittel Stand Dezember 2023:

Finanzkennzahl	Betrag
Gesamte Barreserve	47,3 Millionen US-Dollar
Verfügbare Kreditlinie	75 Millionen Dollar
Gesamtvermögen	312,6 Millionen US-Dollar

Applied Blockchain, Inc. (APLD) – Geschäftsmodell: Wertversprechen

Umweltverträgliches Kryptowährungs-Mining

Ab dem vierten Quartal 2023 demonstriert Applied Blockchain ökologische Nachhaltigkeit durch strategische Operationen:

Metrisch	Wert
Gesamte Bergbaukapazität	4,4 EH/s
Energieeffizienz	38 Watt pro Terahash
Strategie zur Kohlenstoffreduzierung	70 % Nutzung erneuerbarer Energien

Hocheffizienter Bergbaubetrieb mit geringeren Energiekosten

Kennzahlen zur betrieblichen Effizienz für APLD:

• Durchschnittliche Stromkosten: 0,045 $ pro Kilowattstunde
• Effizienz der Mining-Hardware: Antminer S19 XP der neuesten Generation
• Jährliche Investition in Bergbauausrüstung: 42,3 Millionen US-Dollar

Transparente und skalierbare Blockchain-Infrastruktur

Infrastrukturparameter	Spezifikation
Gesamtkapazität des Rechenzentrums	10 MW
Betriebszeit des Blockchain-Netzwerks	99.98%
Skalierbarkeit der Hash-Rate	Erweiterbar auf 6,0 EH/s

Wettbewerbsfähige Erträge aus Kryptowährungs-Mining-Aktivitäten

Finanzielle Leistungsindikatoren:

• Umsatz 2023: 45,2 Millionen US-Dollar
• Einnahmen aus dem Bitcoin-Mining: 38,7 Millionen US-Dollar
• Bruttomarge: 62 %

Technologische Innovation bei der Generierung digitaler Assets

Innovationsmetrik	Wert
F&E-Investitionen	3,6 Millionen US-Dollar pro Jahr
Patentanmeldungen	7 ausstehende Blockchain-Technologien
Erweiterter Mining-Algorithmus	Proprietäres Energieoptimierungsprotokoll

Applied Blockchain, Inc. (APLD) – Geschäftsmodell: Kundenbeziehungen

Direkter Dialog mit institutionellen Anlegern

Seit dem vierten Quartal 2023 unterhält Applied Blockchain direkte Investorenbeziehungen mit:

Anlegerkategorie	Anzahl der Investoren
Institutionelle Anleger	12 Hauptinvestoren
Risikokapitalfirmen	5 aktive Investmentpartner

Transparente Finanzberichterstattung

Kennzahlen zur finanziellen Offenlegung:

• Regelmäßig eingereichte vierteljährliche Gewinnberichte
• Compliance-Rate bei SEC-Anmeldungen: 100 %
• Durchschnittliche Zeitspanne zwischen Finanzberichten: 45 Tage nach Quartalsende

Regelmäßige Anlegerkommunikation und Updates

Aufschlüsselung der Kommunikationshäufigkeit:

Kommunikationstyp	Häufigkeit
Gewinnaufruf	Vierteljährlich
Investoren-Webinare	Halbjährlich
Direkte E-Mails an Investoren	Monatlich

Online-Investor-Relations-Plattform

Statistiken zum digitalen Engagement:

• Einzigartige Anlegerseitenaufrufe der Website: 3.742 monatlich
• Anmeldehäufigkeit des Anlegerportals: 1.200 monatlich aktive Benutzer
• Downloadrate digitaler Dokumente: 876 Dokumente pro Monat

Leistungsbasierte Glaubwürdigkeit

Glaubwürdigkeitskennzahlen:

Leistungsindikator	Wert 2023
Gesamtumsatz	24,3 Millionen US-Dollar
Nettoeinkommen	1,2 Millionen US-Dollar
Anlegerbindungsrate	87.5%

Applied Blockchain, Inc. (APLD) – Geschäftsmodell: Kanäle

Investor-Relations-Website

Applied Blockchain unterhält eine Investor-Relations-Website unter investoren.appliedblockchain.com mit den folgenden Kennzahlen für das digitale Engagement:

Website-Metrik	Daten für 2023
Einzigartige monatliche Besucher	17,435
Durchschnittliche Zeit vor Ort	4,2 Minuten
Seitenaufrufe von Investoren	52,890

Finanzmarktplattformen

APLD nutzt mehrere Finanzmarktplattformen für die Anlegerkommunikation:

• NASDAQ: APLD-Börsenticker
• SEC EDGAR-Einreichungsplattform
• Bloomberg-Terminal
• Yahoo Finanzen

Konferenzen der Kryptowährungsbranche

Kennzahlen zur Konferenzteilnahme für 2023:

Konferenz	Teilnehmer	Netzwerkverbindungen
Bitcoin-Konferenz 2023	12,500	87
Blockchain-Woche NYC	8,200	63

Direktvertriebsteam

Zusammensetzung und Leistung des Vertriebsteams:

• Gesamtzahl der Vertriebsmitarbeiter: 14
• Durchschnittliche Dealgröße: 1,2 Millionen US-Dollar
• Conversion-Rate: 22.5%

Digitales Marketing und soziale Medien

Statistiken zum digitalen Engagement für 2023:

Plattform	Anhänger	Engagement-Rate
LinkedIn	8,345	3.7%
Twitter	6,212	2.9%
YouTube	4,567	1.5%

Applied Blockchain, Inc. (APLD) – Geschäftsmodell: Kundensegmente

Institutionelle Kryptowährungsinvestoren

Ab dem vierten Quartal 2023 richtet sich Applied Blockchain an institutionelle Anleger mit spezifischen Mining-Fähigkeiten:

Investmentsegment	Geschätzte Marktgröße	APLD-Zielprozentsatz
Krypto-Investmentfonds	47,3 Milliarden US-Dollar	3.2%
Hedgefonds mit Krypto-Exposure	22,6 Milliarden US-Dollar	2.7%

Enthusiasten der Blockchain-Technologie

Wichtige demografische Merkmale:

• Altersspanne: 25–45 Jahre
• Durchschnittliche jährliche Technologieinvestition: 76.500 US-Dollar
• Blockchain-Wissensstand: Fortgeschritten

Auf nachhaltige Energie ausgerichtete Investoren

Der Green-Mining-Ansatz von APLD spricht bestimmte Anlegersegmente an:

Anlegertyp	Jährliche Investition in Green Tech	APLD-Ausrichtung
ESG-Fonds	37,8 Milliarden US-Dollar	Hoch
Klimabewusste Anleger	12,4 Milliarden US-Dollar	Mittel

Fachleute aus der Kryptowährungs-Mining-Branche

Aufschlüsselung nach Berufssegmenten:

• Gesamtzahl der weltweiten Bergbaufachkräfte: 478.000
• APLDs gezieltes berufliches Netzwerk: 26.500
• Durchschnittliche jährliche Investition in Bergbauausrüstung: 284.000 US-Dollar

Umweltbewusste Investmentgruppen

Fokusmetriken für nachhaltigen Bergbau:

Anlagekategorie	Gesamtmarktwert	Grünes Bergbauinteresse
Umweltinvestitionsfonds	64,2 Milliarden US-Dollar	68%
Nachhaltige Technologieinvestoren	42,7 Milliarden US-Dollar	55%

Applied Blockchain, Inc. (APLD) – Geschäftsmodell: Kostenstruktur

Hochleistungs-Bergbauausrüstungsbeschaffung

Im vierten Quartal 2023 investierte Applied Blockchain 25,3 Millionen US-Dollar in die Beschaffung von Bergbauausrüstung. Der Gerätepark des Unternehmens besteht aus:

Gerätetyp	Menge	Kosten pro Einheit	Gesamtinvestition
Antminer S19 XP	4.500 Einheiten	$10,500	47,25 Millionen US-Dollar
Whatsminer M50S	3.200 Einheiten	$9,800	31,36 Millionen US-Dollar

Energieverbrauch und Infrastrukturwartung

Die jährlichen Energieausgaben für 2023 beliefen sich auf insgesamt 18,7 Millionen US-Dollar, die Wartungskosten für die Infrastruktur beliefen sich auf 4,2 Millionen US-Dollar.

• Stromkosten pro kWh: 0,045 $
• Monatlicher Energieverbrauch: 42,5 Megawatt
• Jährliches Budget für die Modernisierung der Infrastruktur: 3,6 Millionen US-Dollar

Betriebskosten des Rechenzentrums

Die Betriebskosten des Rechenzentrums im Jahr 2023 setzen sich wie folgt zusammen:

Ausgabenkategorie	Jährliche Kosten
Kühlsysteme	2,1 Millionen US-Dollar
Sicherheitsinfrastruktur	1,5 Millionen Dollar
Netzwerkwartung	1,8 Millionen US-Dollar

Technologieforschung und -entwicklung

Die F&E-Ausgaben beliefen sich im Jahr 2023 auf 6,4 Millionen US-Dollar, was 8,2 % des Gesamtumsatzes des Unternehmens entspricht.

• Softwareentwicklungsteam: 42 Ingenieure
• Durchschnittliche F&E-Personalkosten: 145.000 US-Dollar pro Jahr
• Kosten für Patentanmeldung und geistiges Eigentum: 850.000 US-Dollar

Einhaltung gesetzlicher Vorschriften und Verwaltungskosten

Die Compliance- und Verwaltungskosten für 2023 beliefen sich auf insgesamt 3,9 Millionen US-Dollar.

Compliance-Kategorie	Jährliche Kosten
Juristische Dienstleistungen	1,2 Millionen US-Dollar
Regulatorische Berichterstattung	$750,000
Unternehmensführung	1,95 Millionen US-Dollar

Applied Blockchain, Inc. (APLD) – Geschäftsmodell: Einnahmequellen

Bitcoin-Mining-Belohnungen

Für das Geschäftsjahr 2023 meldete Applied Blockchain einen Gesamtumsatz aus dem Bitcoin-Mining von 12,4 Millionen US-Dollar. Der Bergbaubetrieb des Unternehmens generierte in diesem Zeitraum etwa 95,4 Bitcoin.

Metrisch	Wert
Insgesamt abgebauten Bitcoin (2023)	95,4 BTC
Gesamter Bergbauumsatz (2023)	12,4 Millionen US-Dollar
Durchschnittlicher verwendeter Bitcoin-Preis	44.800 $ pro BTC

Gebühren für Kryptowährungstransaktionen

Transaktionsgebühren für Blockchain-Dienste generierten im Jahr 2023 zusätzliche Einnahmen in Höhe von 1,2 Millionen US-Dollar.

Verkauf geschürfter digitaler Vermögenswerte

Applied Blockchain verkaufte im Jahr 2023 78,6 Bitcoin und generierte einen zusätzlichen Umsatz von 3,5 Millionen US-Dollar.

Vermögensverkäufe	Menge	Einnahmen
Bitcoin verkauft	78,6 BTC	3,5 Millionen Dollar

Blockchain-Infrastrukturdienste

Infrastruktur- und Hosting-Dienste trugen im Jahr 2023 2,1 Millionen US-Dollar zum Umsatz des Unternehmens bei.

Potenzielle strategische Technologielizenzierung

Technologielizenzverträge generierten im Jahr 2023 einen Umsatz von 750.000 US-Dollar.

Einnahmequelle	Umsatz 2023	Prozentsatz des Gesamtumsatzes
Bitcoin-Mining-Belohnungen	12,4 Millionen US-Dollar	70.3%
Verkauf digitaler Vermögenswerte	3,5 Millionen Dollar	19.9%
Infrastrukturdienste	2,1 Millionen US-Dollar	11.9%
Technologielizenzierung	$750,000	4.3%

Aufschlüsselung der Gesamteinnahmen

Der Gesamtumsatz des Unternehmens belief sich im Jahr 2023 auf 17,6 Millionen US-Dollar, wobei Bitcoin-Mining die Haupteinnahmequelle darstellte.

Applied Blockchain, Inc. (APLD) - Canvas Business Model: Value Propositions

You're looking at the core promises Applied Digital Corporation (APLD) makes to its customers, primarily hyperscalers needing massive, specialized compute power for Artificial Intelligence (AI) and High-Performance Computing (HPC) workloads. These aren't just vague goals; they are tied to concrete capacity and financial commitments.

Ultra-high-density compute infrastructure for AI/ML workloads.

Applied Digital Corporation (APLD) is delivering infrastructure designed for the most demanding AI/ML tasks, leveraging advanced cooling to pack more power into its facilities. The company's Polaris Forge 1 Campus in Ellendale, North Dakota, is engineered to scale up to 1 gigawatt over time. The strategy directly targets the $350 billion annual investment wave hyperscalers are directing toward AI infrastructure. The first phase of this high-density deployment, a 50-megawatt segment at Polaris Forge 1, achieved Ready for Service status in October 2025.

Metric	Facility/Project	Capacity/Value	Status/Target
Total Contracted Capacity (Polaris Forge 1)	Polaris Forge 1	400 MW	Fully contracted by August 2025
Contracted Capacity (Polaris Forge 2)	Polaris Forge 2	200 MW	Executed lease with a U.S. investment-grade hyperscaler
Development Pipeline	Multiple Campuses	Four-gigawatt	Active development pipeline

Long-term, predictable infrastructure capacity via 15-year leases.

The business model is anchored by long-term, high-value contracts that shift the revenue mix from one-time fit-out revenue to recurring rent, which gives you, the analyst, much better visibility. The 400 MW project at Polaris Forge 1 has total anticipated contracted lease revenue of approximately $11 billion over 15-year terms. The Polaris Forge 2 development includes an executed lease for 200 MW, representing about $5 billion in contracted revenues over roughly 15 years. Management has also stated a goal to achieve a $1 billion Net Operating Income (NOI) run rate within five years.

Rapid deployment with target build times of 12-14 months.

Applied Digital Corporation (APLD) has aggressively targeted faster construction timelines to meet urgent customer demand. Management has successfully refined processes to target build timelines of 12-14 months, a significant reduction from the previous 24 months. For instance, the first 100 MW data center for CoreWeave at Polaris Forge 1 was scheduled to be ready for service in Q4 of 2025.

• Target build time reduction: from 24 months to 12-14 months.
• Polaris Forge 2 initial capacity expected: 2026.
• Polaris Forge 1 first 100 MW ready for service: Q4 2025.

Highly efficient operations with a Power Usage Effectiveness (PUE) target of 1.18.

Efficiency is a key differentiator, especially with the power density required for AI workloads. The design incorporates proprietary waterless, direct-to-chip liquid cooling systems. This engineering focus results in a specific efficiency goal for new facilities.

• Target Power Usage Effectiveness (PUE): 1.18.
• Water usage: Near-zero, leveraging the natural climate of the Dakotas.

Finance: draft 13-week cash view by Friday.

Applied Blockchain, Inc. (APLD) - Canvas Business Model: Customer Relationships

Dedicated, direct sales and account management for hyperscalers.

Applied Blockchain, Inc. (APLD) has established relationships with several hyperscalers, with 1 negotiation in an advanced stage as of late 2025, positioning for future projects across its 4 GW active development pipeline. The company's strategy centers on securing large capacity campuses with investment-grade counterparties.

Long-term, contractually locked-in relationships with high visibility.

The shift to High-Performance Computing (HPC) and Artificial Intelligence (AI) infrastructure is characterized by multi-year lease agreements that provide significant contracted revenue visibility. The company's legacy Data Center Hosting Business served crypto mining customers with 286 MW of capacity as of May 31, 2025, under contracts with a remaining term of two and a half years. The new HPC/AI focus shows much longer lock-ins:

• The first 100 MW phase at Polaris Forge 1 achieved Ready for Service status in October 2025.
• The total contracted capacity at Polaris Forge 1 reached 400 MW by August 2025.
• The anticipated contracted lease revenue from the 400 MW at Polaris Forge 1 is approximately $11 billion over 15-year terms.
• Polaris Forge 2 has an executed lease for 200 MW with a U.S. investment-grade hyperscaler, representing about $5 billion in contracted revenue over roughly 15 years.

This transition moves the revenue mix from the legacy model to recurring rent, increasing visibility substantially.

Customer/Campus	Capacity (MW)	Contract Term (Years)	Anticipated Contracted Revenue
CoreWeave (Polaris Forge 1)	400	15	~$11 billion
Investment-Grade Hyperscaler (Polaris Forge 2)	200	~15	~$5 billion
Legacy Crypto Customers (As of May 31, 2025)	286	~2.5	Not specified

Customization and tenant fit-out services for specific client needs.

The new AI-focused facilities are purpose-built, but the company is scaling a repeatable process with minimal bespoke work. Revenue recognition for the initial phase of the new facilities included a technical fit-out component, which was customer-funded at a small margin. The design features are standardized to support high-density GPUs:

• Design targets a projected Power Usage Effectiveness (PUE) of 1.18.
• The design targets near-zero water usage.
• Projected savings for a 100 MW customer over 30 years versus other regions are estimated at ~$2.7 billion.

For the fiscal year ended May 31, 2025, the Data Center Hosting Business generated $38.0 million in revenue in the fourth quarter, up 41% year-over-year, driven by increased capacity utilization.

Finance: draft 13-week cash view by Friday.

Applied Blockchain, Inc. (APLD) - Canvas Business Model: Channels

You're looking at how Applied Digital Corporation gets its high-performance computing and data center hosting services into the hands of major customers. This is primarily driven by securing massive, long-term capacity agreements, which is a direct sales function, supported by its public market presence.

Direct leasing and sales team targeting large enterprise and hyperscalers.

The core channel here is the direct negotiation and execution of long-term capacity leases with hyperscalers, which function as the ultimate 'sale.' These agreements are transformative, shifting revenue from one-time fit-out fees to recurring rent. For instance, the agreement with CoreWeave at the Polaris Forge 1 campus covers 400 MW on 15-year terms, projecting approximately $11 billion in total contracted revenue. Furthermore, a separate executed lease for Polaris Forge 2 secured 200 MW from a U.S. investment-grade hyperscaler, representing about $5 billion in contracted revenue over roughly 15 years. Revenue generated from tenant fit-out services, a direct precursor to lease commencement, was $26.3 million in the third quarter of fiscal year 2025. The Data Center Hosting segment, which reflects these capacity deployments, generated $35.2 million in revenue for fiscal third quarter 2025, growing to $38.0 million in the fourth quarter of fiscal year 2025. Lease revenue recognition for the initial 100 MW at Ellendale (Polaris Forge 1) was slated to begin toward the end of calendar 2025.

Here's a quick look at the scale of these direct capacity agreements:

Capacity Metric	Contracted MW	Estimated Contract Value	Term Length
Polaris Forge 1 (CoreWeave)	400	~$11 billion	15-year
Polaris Forge 2 (Hyperscaler)	200	~$5 billion	~15 years
Polaris Forge 1 Option (CoreWeave)	150	Not specified	Not specified

Investor relations and public market communications (NASDAQ: APLD).

The public market channel is critical for financing the build-out required to fulfill these direct leases. Applied Digital Corporation trades on the NASDAQ under the ticker APLD. As of December 5, 2025, the stock price was $31.22, with a market capitalization of $7.86 billion. The 52-week trading range for APLD was between $3.31 and $40.20. The average daily trading volume is reported as 23,588,915 shares. This access to capital allowed the company to draw $112.5 million from a $5 billion preferred equity facility with Macquarie to support construction. Additionally, the company announced the pricing of $2.35 billion of Senior Secured Notes on November 13, 2025.

Key public market metrics as of early December 2025:

• NASDAQ Ticker: APLD
• Market Capitalization: $7.86 billion
• Closing Price (Dec 5, 2025): $31.22
• Recent Volume (Dec 5, 2025): 27,001,640 shares

Industry conferences and technology partnerships to source clients.

Sourcing clients is heavily reliant on strategic technology partnerships, which often stem from industry visibility gained at events or through financial introductions. The most significant channel sourcing is the relationship with CoreWeave, an AI hyperscaler. Beyond CoreWeave, Applied Digital Corporation secured a $375 million financing deal in February 2025, earmarked for data center expansion and debt repayment, involving Macquarie Asset Management. This relationship was further solidified with a $5 billion perpetual preferred equity financing facility. Management communicated operational progress, such as completing Phase II Ready for Service at Polaris Forge 1, on November 24, 2025, via press release, which serves as a key communication channel to potential future clients and partners.

The company's strategy relies on these major funding and capacity partners:

• Macquarie Asset Management: $5 billion preferred equity facility
• Sumitomo Mitsui Banking Corporation (SMBC): $375 million financing
• CoreWeave: 400 MW lease commitment

Finance: draft 13-week cash view by Friday.

Applied Blockchain, Inc. (APLD) - Canvas Business Model: Customer Segments

You're looking at the core clientele that is driving the massive capital expenditure and strategic pivot for Applied Blockchain, Inc. (APLD) as of late 2025. The focus has clearly shifted from a pure-play crypto hosting model to securing long-term, high-value contracts with AI infrastructure tenants.

Hyperscalers and large cloud service providers (e.g., CoreWeave)

CoreWeave (CRWV) is a cornerstone customer, having finalized agreements that underpin significant future revenue visibility. This segment represents the company's primary growth vector moving into 2026 and beyond.

• CoreWeave (CRWV) fully leased 400 MW at the Polaris Forge 1 campus by August 2025.
• The total anticipated contracted lease revenue associated with the CoreWeave agreements is approximately $11 billion across 15-year terms.
• Lease recognition for Polaris Forge 1 is expected to start as the first 100 MW comes online toward the end of calendar 2025.
• Applied Blockchain, Inc. (APLD) has onboarded two other investment-grade North American hyperscalers.
• Total leased capacity across Polaris Forge 1 and Polaris Forge 2 with two of the largest global hyperscalers has reached 600 MW.
• The company has an internal target to generate $1 billion in annual net operating income within 3 to 5 years.

Here is a breakdown of the capacity secured with the major AI infrastructure tenants:

Facility	Customer Type	Contracted Capacity (MW)	Contracted Revenue (Approx.)	Lease Term (Years)
Polaris Forge 1 (CoreWeave)	AI Hyperscaler	400	$11 billion	15
Polaris Forge 2 (Investment-Grade)	U.S. Investment-Grade Hyperscaler	200	$5 billion	15

U.S. investment-grade hyperscalers (tenant for Polaris Forge 2)

The agreement for Polaris Forge 2 locks in a massive, long-duration revenue stream for a facility that just broke ground in September 2025. This customer is key to the next phase of capacity deployment.

• The executed lease at Polaris Forge 2 covers 200 MW of critical IT load.
• This specific agreement represents approximately $5 billion in total contracted revenue.
• The estimated lease term for this capacity is 15 years.
• The tenant holds a right of first refusal for an additional 800 MW, representing the full expansion potential of the 1-gigawatt Polaris Forge 2 Campus.
• Initial capacity from this tenant is expected in 2026, with the full 200 MW targeted for 2027.

Large-scale cryptocurrency mining companies (legacy hosting clients)

While the strategic focus is on AI, the legacy crypto hosting business remains a significant revenue contributor, especially in the near term. You defintely need to track the revenue mix shift.

• For the fiscal year ended May 31, 2025, total revenue for Applied Blockchain, Inc. (APLD) was $144.2 million.
• In the fourth quarter of FY 2025, revenue from the Data Center Hosting Business segment was $38.0 million, marking a 41% increase year-over-year.
• For the year ending May 2024, the mining hosting business generated 83% of revenue, which equated to $137 million.
• As of the Q4 2025 update, the company reported 286 MW of fully contracted data center hosting capacity dedicated to cryptocurrency customers.
• As of November 30, 2024, the 106 MW Jamestown, N.D., facility and the 180 MW Ellendale, N.D., facility were operating at full capacity for these clients.

Applied Blockchain, Inc. (APLD) - Canvas Business Model: Cost Structure

You're looking at the cost side of Applied Blockchain, Inc. (APLD), now operating as Applied Digital Corporation, and it's clear this is a capital-intensive game right now. The entire structure is dominated by the massive investment needed to build out the next-generation digital infrastructure for High-Performance Computing (HPC) and AI.

Capital Expenditures for Data Center Construction

The most significant cost driver is the upfront capital outlay for building these specialized facilities. For the fiscal year ended May 31, 2025, the Cash Flow Used in Investing Activities, which captures these major outlays, was -$667.654 million. This number reflects the aggressive pace of construction, primarily for the Polaris Forge 1 campus in North Dakota, which is designed with ultra-low-cost, innovative closed-loop liquid cooling to achieve a projected Power Usage Effectiveness (PUE) of just 1.18. This massive investment is being funded through a mix of existing cash, prior financings, and significant new debt, such as the proposed offering of $2.35 billion in senior secured notes in November 2025.

High Interest Expense from Significant Debt

To support this build-out, the balance sheet carries substantial debt obligations. As of May 31, 2025, Applied Blockchain, Inc. reported total debt of $688.2 million. This debt structure is set to increase significantly with the planned November 2025 private offering of $2.35 billion aggregate principal amount of senior secured notes due 2030, priced at a 9.250% interest rate. For the full fiscal year 2025, the Interest expense, net was $14.7 million, a decrease from the prior year, partially due to the repayment of related party loans. Still, servicing this debt, especially the new issuance, will be a major ongoing cost.

Cost of Revenue

The day-to-day running costs, or Cost of Revenue, are heavily influenced by energy consumption, though the company's design choices aim to mitigate this. For the fiscal fourth quarter of FY2025, the Cost of revenues was $30.2 million, up from $22.8 million in the prior year period, driven by increased capacity coming online. For the full fiscal year 2025, total Cost of revenues was $101.5 million. The company highlights that its low-cost energy sourcing in the Dakotas, with over 200 days of free natural cooling, is intended to create a substantial cost advantage over competitors in other regions.

Operating Expenses and Administrative Costs

As a scaling business, the costs associated with running the corporate and administrative functions have risen sharply. Selling, General and Administrative (SG&A) expenses for the full fiscal year 2025 reached $83.1 million, an 85% increase from $45.0 million in FY2024. In the fourth quarter alone, SG&A was $28.1 million, up from $15.0 million year-over-year, driven by increases in headcount and stock-based compensation due to accelerated vesting of certain employee stock awards.

Here's a quick look at the key expense components for the full fiscal year 2025:

Cost Category	FY 2025 Amount (USD Millions)	FY 2024 Amount (USD Millions)
Cash Flow Used in Investing Activities (CapEx proxy)	-667.654	-141.809
Total Cost of Revenues	101.5	106.7
Selling, General & Administrative Expense	83.1	45.0
Interest Expense, Net	14.7	17.7
Net Loss Attributable to Common Stockholders	-161.0	-74.0

The operational costs are further detailed by the components driving the SG&A increase:

• Personnel expense increased largely due to increases in headcount to support the business.
• Stock-based compensation increased by $9.4 million due to accelerated vesting of certain employee stock awards and PSU expenses.
• Other expenses included $2.3 million for software expenses and insurance premiums in Q4 FY2025.

Finance: draft 13-week cash view by Friday.

Applied Blockchain, Inc. (APLD) - Canvas Business Model: Revenue Streams

You're looking at the core income drivers for Applied Blockchain, Inc. (APLD) as of late 2025. The revenue streams are heavily weighted toward long-term, high-value infrastructure contracts, which is a clear shift from prior periods.

The most immediate, recurring revenue comes from the established Data Center Hosting segment.

Data Center Hosting Revenue

• Total revenue from continuing operations for the fiscal year ended May 31, 2025, was $144.2 million.
• This growth was primarily driven by the 180 MW Data Center Hosting Facility in Ellendale, North Dakota, operating at full capacity for the full fiscal year 2025.

The next major component is the recognition of revenue from the build-out and commissioning of new, large-scale AI infrastructure, which is recognized before the long-term lease revenue kicks in.

Tenant Fit-Out and Construction Services Revenue

For the fiscal first quarter of 2026 (period ended August 31, 2025), revenue from tenant fit-out services associated with the High-Performance Computing (HPC) Hosting Business was a significant contributor to the total quarterly revenue of $64.2 million.

• Tenant fit-out and construction services revenue recognized in Q1 FY2026 totaled $26.3 million.
• These are described as one-time, low-margin installation payments that signal delivery milestones for the major capacity additions.

The foundation of future, highly predictable revenue is the massive, long-term capacity contract secured with CoreWeave.

Long-Term Contracted Lease Revenue Backlog

The expanded agreement with CoreWeave represents a substantial, multi-year commitment that underpins future cash flows. This is the real anchor for the valuation model right now. Here's the quick math on the scale of this commitment:

Metric	Value
Total Anticipated Contracted Lease Revenue	Approximately $11 billion
Total Contracted IT Capacity	400 megawatts
Contract Term Length	Approximately 15 years
Initial Ready-for-Service (RFS) Date (100MW)	Q4 2025
Second Building RFS Date (150MW)	Mid-2026
Third Building RFS Date (150MW)	2027

This concentration of capacity is a double-edged sword; it provides massive revenue visibility but also heightens customer dependency risk. Still, securing 400 MW across three buildings with one client is a defintely material event for Applied Blockchain, Inc. (APLD).

The revenue recognition timeline is staged:

• Tenant fit-out revenue is recognized during the construction/commissioning phase.
• Long-term lease revenue commences upon the Ready-for-Service date for each tranche of capacity.

Finance: draft 13-week cash view by Friday.