Applied Blockchain, Inc. (APLD): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama en rápida evolución de la minería de criptomonedas, aplicó Blockchain, Inc. (APLD) surge como una fuerza pionera, posicionándose estratégicamente en la intersección de la tecnología blockchain, la energía sostenible y la generación de activos digitales. Al aprovechar la infraestructura minera de vanguardia, las asociaciones de energía renovable y un modelo de negocio con visión de futuro, APLD está redefiniendo el ecosistema de minería de criptomonedas con un enfoque innovador que prioriza la eficiencia, la responsabilidad ambiental y la excelencia tecnológica. Su lienzo de modelo de negocio único revela una estrategia integral que va más allá de las operaciones mineras tradicionales, ofreciendo a los inversores y las partes interesadas una visión de una visión transformadora para la creación de valor basada en blockchain.

Applied Blockchain, Inc. (APLD) - Modelo de negocio: asociaciones clave

Colaboración estratégica con proveedores de energía

Aplicada Blockchain ha establecido asociaciones con proveedores de energía específicos para apoyar las operaciones mineras sostenibles de Bitcoin:

Socio de energía	Ubicación	Capacidad de potencia	Detalles del contrato
Puget Sound Energy	Condado de Kittitas, Washington	80 MW	Acuerdo de suministro de energía a largo plazo
Energía de Clearway	Texas	50 MW	Contrato de energía renovable

Asociaciones de fabricación de hardware

APLD colabora con los principales fabricantes de equipos mineros:

• BitMain Technologies
• Microbt
• Canaan Creative

Fabricante	Tipo de equipo	Adquisición anual	Inversión total
Bitmain	Antminer S19 XP	10,000 unidades	$ 150 millones
Microbt	WhatsMiner M30S ++	7.500 unidades	$ 112.5 millones

Cooperación de energía renovable

Asociaciones centradas en la reducción de la huella de carbono:

• CleanStark Inc. - Integración de energía solar
• Grupo de energía renovable: soluciones de energía de biomasa
• Nextera Energy - Colaboración de energía eólica

Asociaciones de infraestructura del centro de datos

Socio de infraestructura	Ubicación	Capacidad del centro de datos	Inversión
Calcular el norte	Texas	200 MW	$ 85 millones
Maratón Digital Holdings	Nevada	150 MW	$ 65 millones

Applied Blockchain, Inc. (APLD) - Modelo de negocio: actividades clave

Operaciones mineras de bitcoin

A partir del cuarto trimestre de 2023, la cadena de bloques aplicada opera 2.450 unidades mineras en múltiples instalaciones. Capacidad total de tasa de hash: 5.4 Eh/s (exahashes por segundo).

Ubicación de la instalación	Unidades mineras	Tasa de hash
Dakota del Norte	1,200	2.6 eh/s
Texas	850	1.8 eh/s
Wyoming	400	1.0 eh/s

Infraestructura de tecnología blockchain

Inversión en desarrollo de infraestructura: $ 42.3 millones en 2023.

• Desarrollo de software de minería personalizada
• Implementación avanzada de sistemas de enfriamiento
• Algoritmos de gestión de energía patentados

Optimización de energía

Consumo total de energía: 180 MW en todas las instalaciones. Costo de energía por MWh: $ 0.04.

Fuente de energía	Porcentaje
Energía renovable	65%
Electricidad de la cuadrícula	35%

Actualizaciones de hardware e infraestructura

Gasto de capital para actualizaciones de hardware en 2023: $ 35.7 millones.

• Hardware Antminer S19 XP
• Sistemas de enfriamiento de inmersión líquida
• Expansiones de centros de datos modulares

Optimización de eficiencia minera

Eficiencia minera actual: 38 vatios por terahash. Eficiencia objetivo para 2024: 32 vatios por terahash.

Métrico	2023 rendimiento	Objetivo 2024
Eficiencia energética	38 w/th	32 W/TH
Tiempo de actividad	97.2%	98.5%

Applied Blockchain, Inc. (APLD) - Modelo de negocio: recursos clave

Hardware de minería bitcoin de alto rendimiento

A partir del cuarto trimestre de 2023, la cadena de bloques aplicada funciona con las siguientes especificaciones de hardware minero:

Tipo de hardware	Cantidad	Tasa de hash	Eficiencia energética
Bitmain antminer s19 xp	12,500 unidades	140 th/s por unidad	21.5 j/th
Microbt WhatsMiner M50s	8.750 unidades	126 th/s por unidad	22.0 j/th

Instalaciones de centros de datos a gran escala

La infraestructura del centro de datos de APLD incluye:

• Capacidad total del centro de datos: 200 MW
• Ubicaciones: Texas y Dakota del Norte
• Espacio de colocación: 75,000 pies cuadrados

Contratos de energía renovable de bajo costo

Detalles de la adquisición de energía:

Fuente de energía	Volumen de contrato	Costo por MWH
Energía eólica	150 MW	$ 22/MWH
Energía solar	50 MW	$ 28/MWH

Experiencia técnica

Composición de la fuerza laboral técnica:

• Total de empleados: 185
• Doctor en Filosofía. Titulares: 12
• Especialistas de blockchain: 45
• Ingenieros de tecnología minera: 38

Capital financiero

Recursos financieros a diciembre de 2023:

Métrica financiera	Cantidad
Reserva de efectivo total	$ 47.3 millones
Línea de crédito disponible	$ 75 millones
Activos totales	$ 312.6 millones

Applied Blockchain, Inc. (APLD) - Modelo de negocio: propuestas de valor

Minería de criptomonedas ambientalmente sostenible

A partir del cuarto trimestre de 2023, aplicado blockchain demuestra sostenibilidad ambiental a través de operaciones estratégicas:

Métrico	Valor
Capacidad minera total	4.4 eh/s
Eficiencia energética	38 vatios por terahash
Estrategia de reducción de carbono	70% de utilización de energía renovable

Operaciones mineras de alta eficiencia con costos de energía más bajos

Métricas de eficiencia operativa para APLD:

• Costo promedio de electricidad: $ 0.045 por kilovatio-hora
• Eficiencia de hardware de minería: Antminer S19 XP de última generación
• Inversión anual de equipos mineros: $ 42.3 millones

Infraestructura de blockchain transparente y escalable

Parámetro de infraestructura	Especificación
Capacidad total del centro de datos	10 MW
Tiempo de actividad de la red blockchain	99.98%
Escalabilidad de tasa hash	Expandible a 6.0 eh/s

Retornos competitivos de actividades mineras de criptomonedas

Indicadores de desempeño financiero:

• 2023 Ingresos: $ 45.2 millones
• Ingresos mineros de Bitcoin: $ 38.7 millones
• Margen bruto: 62%

Innovación tecnológica en la generación de activos digitales

Métrica de innovación	Valor
Inversión de I + D	$ 3.6 millones anuales
Solicitudes de patentes	7 tecnologías de blockchain pendientes
Algoritmo de minería avanzada	Protocolo de optimización energética de energía

Applied Blockchain, Inc. (APLD) - Modelo de negocio: relaciones con los clientes

Compromiso directo con inversores institucionales

A partir del cuarto trimestre de 2023, aplicado blockchain mantuvo las relaciones directas de los inversores con:

Categoría de inversionista	Número de inversores
Inversores institucionales	12 inversores principales
Empresas de capital de riesgo	5 socios de inversión activos

Información financiera transparente

Métricas de divulgación financiera:

• Informes de ganancias trimestrales presentados de manera consistente
• SEC Tasa de cumplimiento de presentación: 100%
• Tiempo promedio entre informes financieros: 45 días después del final del trimestre

Comunicaciones y actualizaciones regulares de los inversores

Desglose de frecuencia de comunicación:

Tipo de comunicación	Frecuencia
Llamada de ganancias	Trimestral
Seminarios web de inversores	By-anualmente
Correos electrónicos directos de los inversores	Mensual

Plataforma de relaciones con inversores en línea

Estadísticas de compromiso digital:

• Sitio web Vistas únicas de la página de inversores: 3,742 mensualmente
• Frecuencia de inicio de sesión del portal del inversor: 1.200 usuarios activos mensuales
• Tasa de descarga de documentos digitales: 876 documentos por mes

Credibilidad basada en el rendimiento

Métricas de credibilidad:

Indicador de rendimiento	Valor 2023
Ingresos totales	$ 24.3 millones
Lngresos netos	$ 1.2 millones
Tasa de retención de inversores	87.5%

Applied Blockchain, Inc. (APLD) - Modelo de negocio: canales

Sitio web de relaciones con los inversores

Apliced ​​Blockchain mantiene un sitio web de relaciones con inversores en inversores.appliedblockchain.com con las siguientes métricas de participación digital:

Métrico del sitio web	2023 datos
Visitantes mensuales únicos	17,435
Tiempo promedio en el sitio	4.2 minutos
Vistas de la página del inversor	52,890

Plataformas de mercado financiero

APLD utiliza múltiples plataformas de mercado financiero para la comunicación de los inversores:

• NASDAQ: Ticker de stock de APLD
• Plataforma de archivos de Sec Edgar
• Terminal de Bloomberg
• Yahoo finanzas

Conferencias de la industria de criptomonedas

Métricas de participación de la conferencia para 2023:

Conferencia	Asistentes	Conexiones de red
Conferencia Bitcoin 2023	12,500	87
Blockchain Week NYC	8,200	63

Equipo de ventas directas

Composición y rendimiento del equipo de ventas:

• Representantes de ventas totales: 14
• Tamaño de trato promedio: $ 1.2 millones
• Tasa de conversión: 22.5%

Marketing digital y redes sociales

Estadísticas de participación digital para 2023:

Plataforma	Seguidores	Tasa de compromiso
LinkedIn	8,345	3.7%
Gorjeo	6,212	2.9%
YouTube	4,567	1.5%

Applied Blockchain, Inc. (APLD) - Modelo de negocio: segmentos de clientes

Inversores de criptomonedas institucionales

A partir del cuarto trimestre de 2023, aplicado Blockchain se dirige a inversores institucionales con capacidades mineras específicas:

Segmento de inversión	Tamaño estimado del mercado	Porcentaje objetivo de APLD
Fondos de inversión criptográfica	$ 47.3 mil millones	3.2%
Fondos de cobertura con exposición a cripto	$ 22.6 mil millones	2.7%

Entusiastas de la tecnología blockchain

Características demográficas clave:

• Rango de edad: 25-45 años
• Inversión de tecnología anual promedio: $ 76,500
• Nivel de conocimiento de blockchain: avanzado

Inversores sostenibles centrados en la energía

El enfoque de minería verde de APLD atrae segmentos de inversores específicos:

Tipo de inversor	Inversión anual en tecnología verde	Alineación APLD
Fondos de ESG	$ 37.8 mil millones	Alto
Inversores conscientes del clima	$ 12.4 mil millones	Medio

Profesionales de la industria minera de criptomonedas

Desglose del segmento profesional:

• Profesionales de minería global total: 478,000
• Red profesional dirigida de APLD: 26,500
• Inversión promedio de equipos mineros anuales: $ 284,000

Grupos de inversión con consciente ambientalmente

Métricas de enfoque minero sostenible:

Categoría de inversión	Valor de mercado total	Interés minero verde
Fondos de inversión ambiental	$ 64.2 mil millones	68%
Inversores de tecnología sostenible	$ 42.7 mil millones	55%

Applied Blockchain, Inc. (APLD) - Modelo de negocio: Estructura de costos

Adquisición de equipos mineros de alto rendimiento

A partir del cuarto trimestre de 2023, aplicado blockchain invirtió $ 25.3 millones en adquisiciones de equipos mineros. La flota de equipos de la compañía consiste en:

Tipo de equipo	Cantidad	Costo por unidad	Inversión total
Antminer S19 XP	4.500 unidades	$10,500	$ 47.25 millones
Whatsminer m50s	3.200 unidades	$9,800	$ 31.36 millones

Consumo de energía y mantenimiento de la infraestructura

El gasto anual de energía para 2023 totalizaron $ 18.7 millones, con costos de mantenimiento de infraestructura a $ 4.2 millones.

• Costo de electricidad por kWh: $ 0.045
• Consumo de energía mensual: 42.5 megavatios
• Presupuesto de actualización de infraestructura anual: $ 3.6 millones

Gastos operativos del centro de datos

Los costos operativos del centro de datos para 2023 se rompieron de la siguiente manera:

Categoría de gastos	Costo anual
Sistemas de enfriamiento	$ 2.1 millones
Infraestructura de seguridad	$ 1.5 millones
Mantenimiento de la red	$ 1.8 millones

Investigación y desarrollo de tecnología

El gasto de I + D para 2023 fue de $ 6.4 millones, lo que representa el 8.2% de los ingresos totales de la compañía.

• Equipo de desarrollo de software: 42 ingenieros
• Costo promedio de personal de I + D: $ 145,000 por año
• Presentación de patentes y gastos de propiedad intelectual: $ 850,000

Cumplimiento regulatorio y costos administrativos

El cumplimiento y los gastos administrativos para 2023 totalizaron $ 3.9 millones.

Categoría de cumplimiento	Costo anual
Servicios legales	$ 1.2 millones
Informes regulatorios	$750,000
Gobierno corporativo	$ 1.95 millones

Applied Blockchain, Inc. (APLD) - Modelo de negocio: flujos de ingresos

Recompensas de minería de bitcoin

Para el año fiscal 2023, aplicado Blockchain reportó ingresos mineros totales de Bitcoin de $ 12.4 millones. Las operaciones mineras de la compañía generaron aproximadamente 95.4 bitcoin durante este período.

Métrico	Valor
Total Bitcoin Mined (2023)	95.4 BTC
Ingresos mineros totales (2023)	$ 12.4 millones
Precio promedio de bitcoin utilizado	$ 44,800 por BTC

Tarifas de transacción de criptomonedas

Las tarifas de transacción para los servicios de blockchain generaron $ 1.2 millones en ingresos suplementarios durante 2023.

Venta de activos digitales minados

Aplicada Blockchain vendió 78.6 bitcoin durante 2023, generando ingresos adicionales de $ 3.5 millones.

Ventas de activos	Cantidad	Ganancia
Bitcoin vendido	78.6 BTC	$ 3.5 millones

Servicios de infraestructura de blockchain

Los servicios de infraestructura y alojamiento contribuyeron con $ 2.1 millones al flujo de ingresos de la compañía en 2023.

Licencias de tecnología estratégica potencial

Los acuerdos de licencia de tecnología generaron $ 750,000 en ingresos durante 2023.

Flujo de ingresos	2023 ingresos	Porcentaje de ingresos totales
Recompensas de minería de bitcoin	$ 12.4 millones	70.3%
Venta de activos digitales	$ 3.5 millones	19.9%
Servicios de infraestructura	$ 2.1 millones	11.9%
Licencias de tecnología	$750,000	4.3%

Desglose total de ingresos

Los ingresos totales de la compañía para 2023 fueron de $ 17.6 millones, con Bitcoin Mining que representa la fuente de ingresos primario.

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.