Riding the wave of surging demand for artificial intelligence infrastructure, Applied Digital saw its shares climb 16% on Friday after posting robust first-quarter results that underscored the company’s rapid growth in the AI data center space. The stock has now risen more than 350% in 2025 alone.
The company reported first-quarter revenue of $64.2 million, up 84% from $34.85 million a year earlier, according to results released after Thursday’s market close.
Applied Digital deepened its partnership with CoreWeave during the quarter, expanding a $7 billion lease deal announced in June with an additional 150 megawatts at its Polaris Forge 1 campus in North Dakota — bringing total anticipated contracted lease revenue for the project to $11 billion.
“With hyperscalers expected to invest approximately $350 billion into AI deployment this year, we believe we are in a prime position to serve as the modern-day picks and shovels of the intelligence era,” CEO Wes Cummins said in a statement.
The new 150 MW facility will join two other data cell blocks of 100 MW and 150 MW, with one nearing completion and another about to begin construction.
Applied Digital also secured financing from Macquarie Equipment Capital for a second North Dakota site, Polaris Forge 2, a $3 billion development that will feature two 150 MW buildings. Combined, both campuses will have a total leased capacity of 600 MW.
An initial 200 MW is expected to go live in 2026, reaching full capacity by 2027.
Despite the revenue surge, the company posted a net loss of $18.5 million, or 7 cents per share, compared with a $4.29 million loss, or 3 cents per share, in the same period last year. Applied Digital said it remains focused on scaling capacity and capturing growth opportunities as AI adoption accelerates globally.
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