Applied Digital, formerly a Bitcoin miner listed on the Nasdaq under the ticker APLD, is seeking to finance about 800 megawatts of new artificial intelligence infrastructure capacity over the next year. The company has a contracted backlog of roughly $36 billion, but it carries approximately $6.4 billion in debt against $2.9 billion in available funds and must deliver the promised capacity to turn those contracts into revenue. In fiscal Q1 2027, revenue surged 322% to $341.9 million, driven largely by high-performance computing leasing, while the net loss attributable to common shareholders reached $221 million. Interest expense of $77.4 million exceeded rent collections of $65.8 million, contributing to an 8% share-price decline on November 2, 2026 after management flagged financing challenges. Dependence on CoreWeave, its main tenant, and rising borrowing costs add to these risks, while the company still operates 286 megawatts of legacy Bitcoin mining capacity.
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