Blockchain, Inc. (APLD) Aplicado: Canvas de Modelo de Negócios [Jan-2025 Atualizado]

Na paisagem em rápida evolução da mineração de criptomoedas, a Applied Blockchain, Inc. (APLD) surge como uma força pioneira, posicionando -se estrategicamente na interseção da tecnologia blockchain, energia sustentável e geração de ativos digitais. Ao alavancar a infraestrutura de mineração de ponta, parcerias de energia renovável e um modelo de negócios com visão de futuro, a APLD está redefinindo o ecossistema de mineração de criptomoedas com uma abordagem inovadora que prioriza a eficiência, a responsabilidade ambiental e a excelência tecnológica. Seu modelo de modelo de negócios exclusivo revela uma estratégia abrangente que vai além das operações tradicionais de mineração, oferecendo aos investidores e partes interessadas um vislumbre de uma visão transformadora da criação de valor orientada a blockchain.

Blockchain, Inc. (APLD) Aplicado - Modelo de Negócios: Parcerias -Chaves

Colaboração estratégica com provedores de energia

A Applied Blockchain estabeleceu parcerias com provedores de energia específicos para apoiar operações sustentáveis ​​de mineração de Bitcoin:

Parceiro de energia	Localização	Capacidade de energia	Detalhes do contrato
Energia sonora de Puget	Condado de Kittitas, Washington	80 MW	Contrato de fornecimento de energia de longo prazo
Energia Clearway	Texas	50 mw	Contrato de energia renovável

Parcerias de fabricação de hardware

A APLD colabora com os principais fabricantes de equipamentos de mineração:

• Tecnologias Bitmain
• Microbt
• Canaã Criativo

Fabricante	Tipo de equipamento	Aquisição anual	Investimento total
Bitmain	Antminer S19 XP	10.000 unidades	US $ 150 milhões
Microbt	WhatsMiner M30S ++	7.500 unidades	US $ 112,5 milhões

Cooperação energética renovável

Parcerias focadas na redução da pegada de carbono:

• CleanSpark Inc. - Integração de energia solar
• Grupo de Energia Renovável - Soluções de Energia de Biomassa
• Nextera Energy - Colaboração de energia eólica

Parcerias de infraestrutura de data centers

Parceiro de infraestrutura	Localização	Capacidade do data center	Investimento
Calcule o norte	Texas	200 MW	US $ 85 milhões
Maratona Digital Holdings	Nevada	150 MW	US $ 65 milhões

Blockchain, Inc. (APLD) aplicado - Modelo de Negócios: Atividades -chave

Operações de mineração de Bitcoin

A partir do quarto trimestre 2023, o Blockchain Aplicado opera 2.450 unidades de mineração em várias instalações. Capacidade total da taxa de hash: 5,4 EH/S (Exahashes por segundo).

Localização da instalação	Unidades de mineração	Taxa de hash
Dakota do Norte	1,200	2.6 EH/S.
Texas	850	1.8 EH/S.
Wyoming	400	1.0 EH/S.

Infraestrutura de tecnologia blockchain

Investimento em desenvolvimento de infraestrutura: US $ 42,3 milhões em 2023.

• Desenvolvimento de software de mineração personalizado
• Implementação avançada de sistemas de refrigeração
• Algoritmos de gerenciamento de energia proprietários

Otimização de energia

Consumo total de energia: 180 MW entre as instalações. Custo de energia por MWh: US $ 0,04.

Fonte de energia	Percentagem
Energia renovável	65%
Eletricidade da grade	35%

Atualizações de hardware e infraestrutura

Despesas de capital para atualizações de hardware em 2023: US $ 35,7 milhões.

• Antminer S19 XP Hardware
• Sistemas de resfriamento de imersão líquida
• Expansões modulares de data center

Otimização de eficiência de mineração

Eficiência de mineração atual: 38 watts por terahash. Eficiência alvo para 2024: 32 watts por terahash.

Métrica	2023 desempenho	2024 Target
Eficiência energética	38 com th	32 w/th
Tempo de atividade	97.2%	98.5%

Blockchain, Inc. (APLD) Aplicado: Modelo de Negócios: Recursos -Principais

Hardware de mineração de bitcoin de alto desempenho

A partir do quarto trimestre 2023, o Blockchain aplicado opera com as seguintes especificações de hardware de mineração:

Tipo de hardware	Quantidade	Taxa de hash	Eficiência de poder
Bitmain Antminer S19 XP	12.500 unidades	140 TH/S por unidade	21.5 J/th
Microbt whatsminer m50s	8.750 unidades	126 TH/S por unidade	22.0 J/th

Instalações de data center em larga escala

A infraestrutura de data center da APLD inclui:

• Capacidade total do data center: 200 MW
• Locais: Texas e Dakota do Norte
• Espaço de colocação: 75.000 pés quadrados

Contratos de energia renovável de baixo custo

Detalhes da compra de energia:

Fonte de energia	Volume de contrato	Custo por mwh
Energia eólica	150 MW	US $ 22/MWH
Energia solar	50 mw	$ 28/MWH

Experiência técnica

Composição técnica da força de trabalho:

• Total de funcionários: 185
• Ph.D. Titulares: 12
• Especialistas em blockchain: 45
• Engenheiros de Tecnologia de Mineração: 38

Capital financeiro

Recursos financeiros em dezembro de 2023:

Métrica financeira	Quantia
Reserva de caixa total	US $ 47,3 milhões
Linha de crédito disponível	US $ 75 milhões
Total de ativos	US $ 312,6 milhões

Blockchain, Inc. (APLD) Aplicado: Modelo de Negócios: Proposições de Valor

Mineração ambientalmente sustentável de criptomoeda

A partir do quarto trimestre 2023, o blockchain aplicado demonstra sustentabilidade ambiental por meio de operações estratégicas:

Métrica	Valor
Capacidade total de mineração	4.4 EH/S.
Eficiência energética	38 watts por terahash
Estratégia de redução de carbono	70% de utilização de energia renovável

Operações de mineração de alta eficiência com menores custos de energia

Métricas de eficiência operacional para APLD:

• Custo médio de eletricidade: US $ 0,045 por quilowatt-hora
• Eficiência de hardware de mineração: Antminer de última geração S19 XP
• Investimento anual de equipamentos de mineração: US $ 42,3 milhões

Infraestrutura de blockchain transparente e escalável

Parâmetro de infraestrutura	Especificação
Capacidade total do data center	10 MW
Rede de blockchain tempo de atividade	99.98%
Escalabilidade da taxa de hash	Expansível para 6,0 eh/s

Retornos competitivos de atividades de mineração de criptomoedas

Indicadores de desempenho financeiro:

• 2023 Receita: US $ 45,2 milhões
• Receita de mineração de Bitcoin: US $ 38,7 milhões
• Margem bruta: 62%

Inovação tecnológica em geração de ativos digitais

Métrica de inovação	Valor
Investimento em P&D	US $ 3,6 milhões anualmente
Aplicações de patentes	7 tecnologias de blockchain pendentes
Algoritmo avançado de mineração	Protocolo de otimização de energia proprietária

Blockchain, Inc. (APLD) aplicado - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com investidores institucionais

A partir do quarto trimestre 2023, o Blockchain Aplicado manteve as relações diretas dos investidores com:

Categoria de investidores	Número de investidores
Investidores institucionais	12 investidores primários
Empresas de capital de risco	5 parceiros de investimento ativos

Relatórios financeiros transparentes

Métricas de divulgação financeira:

• Relatórios de ganhos trimestrais arquivados de forma consistente
• Taxa de conformidade de arquivamento da SEC: 100%
• Tempo médio entre relatórios financeiros: 45 dias após o final

Comunicações e atualizações regulares de investidores

Redução de frequência de comunicação:

Tipo de comunicação	Freqüência
Call de ganhos	Trimestral
Webinars de investidores	Bi-semestralmente
E -mails diretos para investidores	Mensal

Plataforma de Relações com Investidores Online

Estatísticas de engajamento digital:

• Website exclusivo investidor visualizações de página: 3.742 mensalmente
• Frequência de login do portal do investidor: 1.200 usuários ativos mensais
• Taxa de download de documentos digitais: 876 documentos por mês

Credibilidade baseada em desempenho

Métricas de credibilidade:

Indicador de desempenho	2023 valor
Receita total	US $ 24,3 milhões
Resultado líquido	US $ 1,2 milhão
Taxa de retenção de investidores	87.5%

Blockchain, Inc. (APLD) aplicado - Modelo de Negócios: Canais

Site de Relações com Investidores

A Applied Blockchain mantém um site de relações com investidores em investores.AppliedBlockChain.com com as seguintes métricas de engajamento digital:

Métrica do site	2023 dados
Visitantes mensais únicos	17,435
Tempo médio no local	4,2 minutos
Visualizações de página do investidor	52,890

Plataformas de mercado financeiro

A APLD utiliza várias plataformas de mercado financeiro para comunicação de investidores:

• NASDAQ: APLD Stock Ticker
• Plataforma de arquivamento da SEC Edgar
• Terminal Bloomberg
• Finanças do Yahoo

Conferências da indústria de criptomoedas

Métricas de participação na conferência para 2023:

Conferência	Participantes	Conexões de rede
Conferência Bitcoin 2023	12,500	87
Semana da Blockchain NYC	8,200	63

Equipe de vendas diretas

Composição e desempenho da equipe de vendas:

• Total de representantes de vendas: 14
• Tamanho médio de negócios: US $ 1,2 milhão
• Taxa de conversão: 22.5%

Marketing digital e mídia social

Estatísticas de engajamento digital para 2023:

Plataforma	Seguidores	Taxa de engajamento
LinkedIn	8,345	3.7%
Twitter	6,212	2.9%
YouTube	4,567	1.5%

Blockchain, Inc. (APLD) Aplicado: Modelo de Negócios: Segmentos de Clientes

Investidores institucionais de criptomoeda

A partir do quarto trimestre 2023, a blockchain aplicada tem como alvo investidores institucionais com recursos específicos de mineração:

Segmento de investimento	Tamanho estimado do mercado	Porcentagem de destino da APLD
Fundos de investimento criptográfico	US $ 47,3 bilhões	3.2%
Fundos de hedge com exposição criptográfica	US $ 22,6 bilhões	2.7%

Entusiastas da tecnologia blockchain

Principais características demográficas:

• Faixa etária: 25-45 anos
• Investimento médio de tecnologia anual: US $ 76.500
• Blockchain Nível de conhecimento: Avançado

Investidores sustentáveis ​​focados em energia

A abordagem de mineração verde da APLD atrai segmentos de investidores específicos:

Tipo de investidor	Investimento anual em tecnologia verde	Alinhamento da APLD
Fundos ESG	US $ 37,8 bilhões	Alto
Investidores conscientes do clima	US $ 12,4 bilhões	Médio

Profissionais da indústria de mineração de criptomoedas

Breakdown de segmento profissional:

• Total Global Mining Professionals: 478.000
• Rede Profissional Alvo da APLD: 26.500
• Investimento médio de equipamento de mineração anual: US $ 284.000

Grupos de investimento ambientalmente conscientes

Métricas de foco de mineração sustentável:

Categoria de investimento	Valor total de mercado	Interesse de mineração verde
Fundos de investimento ambiental	US $ 64,2 bilhões	68%
Investidores de tecnologia sustentável	US $ 42,7 bilhões	55%

Blockchain, Inc. (APLD) Aplicado: Modelo de Negócios: Estrutura de Custo

Aquisição de equipamentos de mineração de alto desempenho

A partir do quarto trimestre 2023, a blockchain aplicada investiu US $ 25,3 milhões em compras de equipamentos de mineração. A frota de equipamentos da empresa consiste em:

Tipo de equipamento	Quantidade	Custo por unidade	Investimento total
Antminer S19 XP	4.500 unidades	$10,500	US $ 47,25 milhões
WhatsMiner m50s	3.200 unidades	$9,800	US $ 31,36 milhões

Consumo de energia e manutenção de infraestrutura

As despesas com energia anual em 2023 totalizaram US $ 18,7 milhões, com custos de manutenção de infraestrutura em US $ 4,2 milhões.

• Custo de eletricidade por kWh: $ 0,045
• Consumo de energia mensal: 42,5 megawatts
• Orçamento anual de atualização da infraestrutura: US $ 3,6 milhões

Despesas operacionais de data center

Os custos operacionais do data center para 2023 quebraram da seguinte forma:

Categoria de despesa	Custo anual
Sistemas de resfriamento	US $ 2,1 milhões
Infraestrutura de segurança	US $ 1,5 milhão
Manutenção da rede	US $ 1,8 milhão

Pesquisa e desenvolvimento de tecnologia

As despesas de P&D em 2023 foram de US $ 6,4 milhões, representando 8,2% da receita total da empresa.

• Equipe de desenvolvimento de software: 42 engenheiros
• Custo médio do pessoal de P&D: US $ 145.000 por ano
• Despesas de arquivamento de patentes e propriedade intelectual: US $ 850.000

Conformidade regulatória e custos administrativos

As despesas administrativas e de conformidade em 2023 totalizaram US $ 3,9 milhões.

Categoria de conformidade	Custo anual
Serviços Jurídicos	US $ 1,2 milhão
Relatórios regulatórios	$750,000
Governança corporativa	US $ 1,95 milhão

Blockchain, Inc. (APLD) Aplicado - Modelo de Negócios: Fluxos de Receita

Recompensas de mineração de Bitcoin

Para o ano fiscal de 2023, o Blockchain Aplicado registrou receitas totais de mineração de bitcoin de US $ 12,4 milhões. As operações de mineração da empresa geraram aproximadamente 95,4 bitcoin durante esse período.

Métrica	Valor
Bitcoin total extraído (2023)	95.4 BTC
Receita total de mineração (2023)	US $ 12,4 milhões
Preço médio de Bitcoin usado	US $ 44.800 por BTC

Taxas de transação de criptomoeda

As taxas de transação para serviços de blockchain geraram US $ 1,2 milhão em receita suplementar durante 2023.

Venda de ativos digitais extraídos

O Blockchain aplicado vendeu 78,6 Bitcoin durante 2023, gerando receita adicional de US $ 3,5 milhões.

Vendas de ativos	Quantidade	Receita
Bitcoin vendido	78.6 BTC	US $ 3,5 milhões

Serviços de infraestrutura de blockchain

Os serviços de infraestrutura e hospedagem contribuíram com US $ 2,1 milhões para o fluxo de receita da empresa em 2023.

Potencial licenciamento de tecnologia estratégica

Os acordos de licenciamento de tecnologia geraram US $ 750.000 em receita durante 2023.

Fluxo de receita	2023 Receita	Porcentagem da receita total
Recompensas de mineração de Bitcoin	US $ 12,4 milhões	70.3%
Vendas de ativos digitais	US $ 3,5 milhões	19.9%
Serviços de infraestrutura	US $ 2,1 milhões	11.9%
Licenciamento de tecnologia	$750,000	4.3%

Redução total de receita

A receita total da empresa em 2023 foi de US $ 17,6 milhões, com a mineração de bitcoin representando a fonte de receita primária.

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.