Applied Blockchain, Inc. (APLD): Canvas du modèle d'entreprise [Jan-2025 Mis à jour]

Dans le paysage rapide de l'exploitation de la crypto-monnaie, Applied Blockchain, Inc. (APLD) émerge comme une force pionnière, se positionnant stratégiquement à l'intersection de la technologie de la blockchain, de l'énergie durable et de la génération d'actifs numériques. En tirant parti de l'infrastructure minière de pointe, des partenariats d'énergie renouvelable et d'un modèle commercial avant-gardiste, APLD redéfinit l'écosystème de l'exploitation minière des crypto-monnaies avec une approche innovante qui hiérarte l'efficacité, la responsabilité environnementale et l'excellence technologique. Leur toile de modèle commercial unique révèle une stratégie complète qui va au-delà des opérations minières traditionnelles, offrant aux investisseurs et aux parties prenantes un aperçu d'une vision transformatrice de la création de valeur axée sur la blockchain.

Applied Blockchain, Inc. (APLD) - Modèle d'entreprise: partenariats clés

Collaboration stratégique avec les fournisseurs d'énergie

La blockchain appliquée a établi des partenariats avec des fournisseurs d'énergie spécifiques pour soutenir les opérations d'extraction de bitcoins durables:

Partenaire énergétique	Emplacement	Capacité électrique	Détails du contrat
Puget Sound Energy	Comté de Kittitas, Washington	80 MW	Contrat d'approvisionnement en énergie à long terme
Énergie du clein	Texas	50 MW	Contrat d'énergie renouvelable

Partenariats de fabrication de matériel

APLD collabore avec les principaux fabricants d'équipements miniers:

• Bitmain Technologies
• Microb
• Canaan créatif

Fabricant	Type d'équipement	Approvisionnement annuel	Investissement total
Bitmain	Antmin S19 XP	10 000 unités	150 millions de dollars
Microb	Whatsmin M30S ++	7 500 unités	112,5 millions de dollars

Coopération aux énergies renouvelables

Partenariats axés sur la réduction de l'empreinte carbone:

• CleanSpark Inc. - Intégration d'énergie solaire
• Groupe d'énergie renouvelable - Solutions d'énergie de la biomasse
• Nextera Energy - Collaboration éolienne

Partenariats d'infrastructure du centre de données

Partenaire d'infrastructure	Emplacement	Capacité de centre de données	Investissement
Calculer le nord	Texas	200 MW	85 millions de dollars
Marathon Digital Holdings	Nevada	150 MW	65 millions de dollars

Applied Blockchain, Inc. (APLD) - Modèle d'entreprise: Activités clés

Opérations d'exploration de bitcoin

Depuis le quatrième trimestre 2023, la blockchain appliquée exploite 2 450 unités minières sur plusieurs installations. Capacité totale de taux de hachage: 5,4 EH / s (exahashes par seconde).

Emplacement de l'installation	Unités minières	Taux de hachage
Dakota du Nord	1,200	2.6 eh / s
Texas	850	1.8 EH / S
Wyoming	400	1.0 eh / s

Infrastructure technologique de blockchain

Investissement dans le développement des infrastructures: 42,3 millions de dollars en 2023.

• Développement de logiciels miniers personnalisés
• Mise en œuvre des systèmes de refroidissement avancé
• Algorithmes de gestion de l'énergie propriétaire

Optimisation énergétique

Consommation d'énergie totale: 180 MW entre les installations. Coût énergétique par MWh: 0,04 $.

Source d'énergie	Pourcentage
Énergie renouvelable	65%
Électricité du réseau	35%

Mises à niveau matériel et infrastructure

Dépenses en capital pour les améliorations matérielles en 2023: 35,7 millions de dollars.

• Matériel Antmin S19 XP
• Systèmes de refroidissement à immersion liquide
• Extensions du centre de données modulaires

Optimisation de l'efficacité minière

Efficacité minière actuelle: 38 watts par térahash. Efficacité cible pour 2024: 32 watts par Terahash.

Métrique	Performance de 2023	Cible 2024
Efficacité énergétique	38 w / th	32 w / th
Durée de la baisse	97.2%	98.5%

Applied Blockchain, Inc. (APLD) - Modèle d'entreprise: Ressources clés

Matériel d'exploitation bitcoin haute performance

Depuis le Q4 2023, la blockchain appliquée fonctionne avec les spécifications du matériel minier suivant:

Type de matériel	Quantité	Taux de hachage	Efficacité énergétique
Bitmain Antmin S19 XP	12 500 unités	140 th / s par unité	21,5 J / Th
Microbt Whatsmin M50S	8 750 unités	126 Th / s par unité	22.0 J / Th

Installations de centres de données à grande échelle

L'infrastructure du centre de données d'APLD comprend:

• Capacité totale du centre de données: 200 MW
• Emplacements: Texas et Dakota du Nord
• Espace de colocation: 75 000 pieds carrés

Contrats d'énergie renouvelable à faible coût

Détails de l'approvisionnement en énergie:

Source d'énergie	Volume de contrat	Coût par MWH
Énergie éolienne	150 MW	22 $ ​​/ MWH
Énergie solaire	50 MW	28 $ / MWH

Expertise technique

Composition technique de la main-d'œuvre:

• Total des employés: 185
• doctorat Bollants: 12
• Spécialistes de la blockchain: 45
• Ingénieurs technologiques miniers: 38

Capital financier

Ressources financières en décembre 2023:

Métrique financière	Montant
Réserve de trésorerie totale	47,3 millions de dollars
Ligne de crédit disponible	75 millions de dollars
Actif total	312,6 millions de dollars

Applied Blockchain, Inc. (APLD) - Modèle d'entreprise: propositions de valeur

Extraction de crypto-monnaie environnementale

Depuis le quatrième trimestre 2023, la blockchain appliquée démontre la durabilité environnementale à travers des opérations stratégiques:

Métrique	Valeur
Capacité minière totale	4.4 EH / S
Efficacité énergétique	38 watts par térahash
Stratégie de réduction du carbone	Utilisation de 70% d'énergie renouvelable

Opérations d'extraction à haute efficacité avec des coûts énergétiques plus bas

Mesures d'efficacité opérationnelle pour APLD:

• Coût d'électricité moyen: 0,045 $ par kilowatt-heure
• Efficacité matérielle minière: Antmin S19 de dernière génération XP
• Investissement annuel sur l'équipement minière: 42,3 millions de dollars

Infrastructure de blockchain transparente et évolutive

Paramètre d'infrastructure	Spécification
Capacité totale du centre de données	10 MW
Time de disponibilité du réseau de blockchain	99.98%
Évolutivité du taux de hachage	Extensible à 6,0 eh / s

Retours compétitifs des activités minières de la crypto-monnaie

Indicateurs de performance financière:

• 2023 Revenus: 45,2 millions de dollars
• Bitcoin Mining Revenue: 38,7 millions de dollars
• Marge brute: 62%

Innovation technologique dans la génération d'actifs numériques

Métrique d'innovation	Valeur
Investissement en R&D	3,6 millions de dollars par an
Demandes de brevet	7 technologies de blockchain en attente
Algorithme minier avancé	Protocole d'optimisation d'énergie propriétaire

Applied Blockchain, Inc. (APLD) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les investisseurs institutionnels

Depuis le quatrième trimestre 2023, la blockchain appliquée a maintenu des relations directes sur les investisseurs avec:

Catégorie d'investisseurs	Nombre d'investisseurs
Investisseurs institutionnels	12 investisseurs primaires
Sociétés de capital-risque	5 partenaires d'investissement actifs

Information financière transparente

Métriques de divulgation financière:

• Des rapports de bénéfices trimestriels déposés de manière cohérente
• Taux de conformité du dépôt de la SEC: 100%
• Temps moyen entre les rapports financiers: 45 jours après le quart de fin

Communications et mises à jour des investisseurs réguliers

Répartition des fréquences de communication:

Type de communication	Fréquence
Appel de bénéfices	Trimestriel
Webinaires des investisseurs	Bi-annuellement
E-mails d'investisseurs directs	Mensuel

Plateforme de relations avec les investisseurs en ligne

Statistiques de l'engagement numérique:

• Site Web Investisseurs Unique Page Views: 3 742 mensuellement
• Fréquence de connexion du portail des investisseurs: 1 200 utilisateurs actifs mensuels
• Taux de téléchargement de documents numériques: 876 documents par mois

Crédibilité basée sur la performance

Mesures de crédibilité:

Indicateur de performance	Valeur 2023
Revenus totaux	24,3 millions de dollars
Revenu net	1,2 million de dollars
Taux de rétention des investisseurs	87.5%

Applied Blockchain, Inc. (APLD) - Modèle d'entreprise: canaux

Site Web de relations avec les investisseurs

La blockchain appliquée maintient un site Web de relations avec les investisseurs sur investisseurs.appliedblockchain.com avec les mesures d'engagement numérique suivantes:

Métrique du site Web	2023 données
Visiteurs mensuels uniques	17,435
Temps moyen sur place	4,2 minutes
Pages d'investisseurs View	52,890

Plateformes de marché financier

APLD utilise plusieurs plateformes de marché financier pour la communication des investisseurs:

• NASDAQ: APLD STOCK TICKER
• Plateforme de classement Sec Edgar
• Bloomberg Terminal
• Yahoo Finance

Conférences de l'industrie des crypto-monnaies

Métriques de la participation de la conférence pour 2023:

Conférence	Participants	Connexions de réseautage
Conférence Bitcoin 2023	12,500	87
Blockchain Week NYC	8,200	63

Équipe de vente directe

Composition et performance de l'équipe de vente:

• Représentants des ventes totales: 14
• Taille moyenne de l'accord: 1,2 million de dollars
• Taux de conversion: 22.5%

Marketing numérique et médias sociaux

Statistiques d'engagement numérique pour 2023:

Plate-forme	Abonnés	Taux d'engagement
Liendin	8,345	3.7%
Gazouillement	6,212	2.9%
Youtube	4,567	1.5%

Applied Blockchain, Inc. (APLD) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels de crypto-monnaie

Au quatrième trimestre 2023, la blockchain appliqué cible les investisseurs institutionnels avec des capacités minières spécifiques:

Segment d'investissement	Taille du marché estimé	Pourcentage cible APLD
Fonds d'investissement en crypto	47,3 milliards de dollars	3.2%
Hedge funds avec exposition à la cryptographie	22,6 milliards de dollars	2.7%

Antariens de la technologie de la blockchain

Caractéristiques démographiques clés:

• Tranche d'âge: 25 à 45 ans
• Investissement en technologie annuelle moyenne: 76 500 $
• Niveau de connaissance de la blockchain: avancé

Investisseurs axés sur l'énergie durable

L'approche d'extraction verte de l'APLD attire des segments d'investisseurs spécifiques:

Type d'investisseur	Investissement annuel dans la technologie verte	Alignement APLD
Fonds ESG	37,8 milliards de dollars	Haut
Investisseurs soucieux du climat	12,4 milliards de dollars	Moyen

Professionnels de l'industrie des mines de crypto-monnaie

Répartition professionnelle du segment:

• Total des professionnels de la mine mondiale: 478 000
• Réseau professionnel ciblé de l'APLD: 26 500
• Investissement moyen de l'équipement minier annuel: 284 000 $

Groupes d'investissement soucieux de l'environnement

Métriques de mise au point minière durable:

Catégorie d'investissement	Valeur marchande totale	Intérêt d'extraction verte
Fonds d'investissement environnemental	64,2 milliards de dollars	68%
Investisseurs en technologie durable	42,7 milliards de dollars	55%

Applied Blockchain, Inc. (APLD) - Modèle d'entreprise: Structure des coûts

Approvisionnement en équipement d'exploitation haute performance

Au quatrième trimestre 2023, la blockchain appliquée a investi 25,3 millions de dollars dans l'approvisionnement en équipement minière. La flotte d'équipement de l'entreprise se compose:

Type d'équipement	Quantité	Coût par unité	Investissement total
Antmin S19 XP	4 500 unités	$10,500	47,25 millions de dollars
Whatsmin M50S	3 200 unités	$9,800	31,36 millions de dollars

Consommation d'énergie et maintenance des infrastructures

Les dépenses énergétiques annuelles pour 2023 ont totalisé 18,7 millions de dollars, avec des coûts de maintenance des infrastructures à 4,2 millions de dollars.

• Coût d'électricité par kWh: 0,045 $
• Consommation d'énergie mensuelle: 42,5 mégawatts
• Budget de mise à niveau annuel des infrastructures: 3,6 millions de dollars

Dépenses opérationnelles du centre de données

Les coûts opérationnels du centre de données pour 2023 sont tombés en panne comme suit:

Catégorie de dépenses	Coût annuel
Systèmes de refroidissement	2,1 millions de dollars
Infrastructure de sécurité	1,5 million de dollars
Maintenance du réseau	1,8 million de dollars

Recherche et développement technologiques

Les dépenses de R&D pour 2023 étaient de 6,4 millions de dollars, ce qui représente 8,2% du total des revenus de l'entreprise.

• Équipe de développement de logiciels: 42 ingénieurs
• Coût moyen du personnel de R&D: 145 000 $ par an
• Dépôt de brevets et dépenses de propriété intellectuelle: 850 000 $

Compliance réglementaire et frais administratifs

La conformité et les frais administratifs pour 2023 ont totalisé 3,9 millions de dollars.

Catégorie de conformité	Coût annuel
Services juridiques	1,2 million de dollars
Représentation réglementaire	$750,000
Gouvernance d'entreprise	1,95 million de dollars

Applied Blockchain, Inc. (APLD) - Modèle d'entreprise: Strots de revenus

Récompenses d'exploration de bitcoin

Pour l'exercice 2023, la blockchain appliquée a rapporté des revenus totaux d'extraction de bitcoins de 12,4 millions de dollars. Les opérations minières de l'entreprise ont généré environ 95,4 Bitcoin au cours de cette période.

Métrique	Valeur
Total Bitcoin miné (2023)	95,4 BTC
Revenus minières totaux (2023)	12,4 millions de dollars
Prix ​​moyen du bitcoin utilisé	44 800 $ par BTC

Frais de transaction de crypto-monnaie

Les frais de transaction pour les services de blockchain ont généré 1,2 million de dollars de revenus supplémentaires au cours de 2023.

Vente d'actifs numériques extraits

La blockchain appliquée a vendu 78,6 Bitcoin en 2023, générant des revenus supplémentaires de 3,5 millions de dollars.

Ventes d'actifs	Quantité	Revenu
Bitcoin vendu	78,6 BTC	3,5 millions de dollars

Services d'infrastructure blockchain

Les services d'infrastructure et d'hébergement ont contribué 2,1 millions de dollars à la source de revenus de la société en 2023.

Licence de technologie stratégique potentielle

Les accords de licence technologique ont généré 750 000 $ de revenus en 2023.

Flux de revenus	Revenus de 2023	Pourcentage du total des revenus
Récompenses d'exploration de bitcoin	12,4 millions de dollars	70.3%
Ventes d'actifs numériques	3,5 millions de dollars	19.9%
Services d'infrastructure	2,1 millions de dollars	11.9%
Licence de technologie	$750,000	4.3%

Répartition totale des revenus

Le chiffre d'affaires total de l'entreprise pour 2023 était de 17,6 millions de dollars, avec l'extraction de Bitcoin représentant la principale source de revenus.

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.