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Applied Digital Corp. (NASDAQ:APLD) is one of the 10 Stocks With Shocking Overnight Gains.

Applied Digital soared to a fresh all-time high on Thursday, as investors gobbled up shares after the company clinched a new data center lease agreement with the potential to bring total leasing revenues across its AI data center portfolio to up to $73 billion.

This followed an expanded partnership with an existing US-based hyperscaler for the lease of its Polaris Forge 3, with the potential to rake in $18.2 billion in revenues if all renewal options are exercised. The base contract alone is expected to generate $7.5 billion in revenues.

A rendering of Applied Digital’s Polaris Forge 2 data center. Photo from Applied Digital’s website

Following the news, shares of Applied Digital Corp. (NASDAQ:APLD) climbed to its highest price of $48.57 at intra-day trading before trimming a few cents to end the session up by 21.51 percent at $48.02 apiece.

According to Applied Digital Corp. (NASDAQ:APLD), the customer was the same tenant associated with the Delta Forge 1 lease.

The Polaris Forge 3 alone is designed to deliver 300 MW of critical IT load, supported by approximately 430 MW of grid-connected utility power.

“Polaris Forge 3 is a direct extension of what we’ve proven works: a disciplined, repeatable AI Factory model that delivers large-scale capacity to the world’s most demanding compute customers,” Applied Digital Corp. (NASDAQ:APLD) Chairman and CEO Wes Cummins said.

“This … reflects the confidence we’ve built through disciplined execution and our ability to consistently advance large-scale AI infrastructure projects. We’ve earned a seat at the table with blue-chip customers, and we intend to keep that position through flawless execution and long-term operational reliability,” he noted.

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