Companies/Data centers/APLD

APLD

Applied Digital

Watchlist Only

Data centers & GPU clouds·US·Dallas, TX·#5 / 12 in segment·2.9% of segment mcap

$39.52

455.7% vs S&P 12m

Business overview

Direct AI revenue

AI/HPC data center developer; recent CoreWeave-led financing accelerates campus build-out.

Small-cap exposure to merchant AI campuses; pre-revenue scale relative to capex makes it speculative.

Products

HPC hosting
Cloud (legacy)

Customers (1)

CoreWeave (commitment)

Competitors (2)

Composite score

Higher = stronger overall research case

Fundamental48

Technical81

Valuation100

AI relevance55

Risk-adjusted (higher = safer)25

Segment-relative fundamental percentile: 27

Synthetic 1Y price action

Deterministic price series; 50d (yellow) and 200d (orange) MAs shown

3M RS: 17.0%6M RS: 61.0%12M RS: 455.7%Vol30d: 100%DD52w: -15.4%

Financial summary

Curated, illustrative

Revenue

$319.26M

Growth (YoY)

139.3%

Gross margin

45.4%

Operating margin

-20.5%

FCF

$-1.50B

Capex

$1.46B

Net cash / (debt)

$-1.10B

ROIC

-0.6%

Customer conc.

Medium

Valuation

Market cap

$11.29B

Enterprise value

$12.39B

P/E (TTM)

—

Forward P/E

-56.5x

EV / Sales

38.8x

EV / EBITDA

891.2x

P / FCF

—

PEG

1.8x

Rule of 40

—

Risks

Severity 1 (low) to 5 (severe)

5
Going concern dependency on capital raises
5
Single major customer

Score components

What drove the composite

Growth100

Profitability21

Cash generation20

Balance sheet39

Moat / AI relevance62

Capital intensity (higher = lighter)20

Customer diversification60

Valuation discipline (dilution)65

Trend (MA50/MA200)95

Momentum (3/6/12m)79

Relative strength100

Realized vol (higher = lower vol)21

Segment peers

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