Why Applied Digital (APLD) Is Scaling Its AI Factory Backlog With a New Hyperscaler Lease

Applied Digital Corporation (NASDAQ:APLD) is one of the fastest-growing AI stocks to buy now.

The latest growth signal came on April 23, 2026, when Applied Digital Corporation (NASDAQ:APLD) announced a 15-year lease with a new U.S.-based, high-investment-grade hyperscaler at its Delta Forge 1 AI Factory campus. The agreement covers 300 MW of critical IT load at the 430 MW campus and represents about $7.5 billion in contracted value, lifting the company’s total contracted lease revenue to more than $23 billion. More than 50% of that contracted revenue is now backed by investment-grade customers, giving the company better revenue visibility as it scales AI infrastructure capacity.

That contract builds on a strong quarterly growth print. On April 8, Applied Digital reported fiscal third-quarter 2026 revenue of $126.6 million, up 139% year over year. Management said roughly $71.0 million of the increase came from its HPC Hosting business, helped by its first HPC data center at Polaris Forge 1 being fully operational during the quarter. Adjusted EBITDA rose to $44.1 million from $6.3 million a year earlier, though the company also reported a net loss of $100.9 million as it continues to scale.

Applied Digital Corporation (NASDAQ:APLD) designs, builds, and operates high-performance data centers and colocation services for AI, cloud, networking, and blockchain workloads.

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