Data centers Archives - Boston Made, Inc. | Boston, Massachusetts, USA https://bostonmadeinc.com/tag/data-centers/ Hi there! Welcome to Boston Made, Inc. Our website is all promoting about everything that's in Boston, Massachusetts. We’re showcasing the best of Boston. Fri, 02 Oct 2026 02:12:46 +0000 en-US hourly 1 https://wordpress.org/?v=7.1.2 https://bostonmadeinc.com/brand-kit/fav/bostonmade/favicon-32.png?v=1 Data centers Archives - Boston Made, Inc. | Boston, Massachusetts, USA https://bostonmadeinc.com/tag/data-centers/ 32 32 Picks & Shovels No. 08: Applied Digital, the Landlord of the Prairie https://bostonmadeinc.com/picks-and-shovels-08-applied-digital/ https://bostonmadeinc.com/picks-and-shovels-08-applied-digital/#respond Fri, 02 Oct 2026 02:12:46 +0000 https://bostonmadeinc.com/picks-and-shovels-08-applied-digital/ Picks & Shovels No. 08: Applied Digital, the Landlord of the PrairieA former crypto host now has 1,410 MW of AI capacity under contract and about $36 billion in base-term lease revenue. Applied Digital builds powered campuses in North Dakota.

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PICKS & SHOVELS · No. 08 · Powered land

Cheap power, cold air and room to grow. North Dakota has all three, and that makes it valuable AI real estate.

What it does

Applied Digital (NASDAQ: APLD) develops large, purpose-built AI data-center campuses, branded “Polaris Forge,” and leases the capacity to hyperscalers and GPU clouds on long contracts.

The shovel it sells

Powered, finished buildings ready for racks. That’s the hardest thing to buy quickly in AI right now.

What the numbers say

  • Fiscal Q4 2026 (ended May 31, 2026): revenue was $258.7 million, up 407%. Fiscal 2026 revenue was $611.3 million, up 167%.
  • Contracted capacity: 1,410 MW across five campuses. That’s about $36 billion of revenue over the initial 15-year terms, or about $86 billion if every renewal is exercised.
  • Customers: CoreWeave, plus a new investment-grade U.S. hyperscaler with about $20 billion of contracted revenue across three leases.
  • Operations: 175 MW live at Polaris Forge. It completed a $2.15 billion offering of 6.75% senior secured notes.

Sources: Applied Digital FY2026 results, Jul 27, 2026; 10-K.

What could go wrong

  • Heavy leverage at high coupons.
  • Construction risk across several campuses at once.
  • Concentration in a couple of tenants.
  • Access to power and transmission, and lease economics if AI demand cools.

Why it’s under-covered

Many people still think of it as a small crypto-hosting stock, even though its contracted backlog now rivals established data-center REITs.

PICKS & SHOVELS is a Boston Made Newsroom storyline from the BOSSTOX intelligence desk: one under-covered AI-infrastructure company at a time, explained in plain English with sources. Previous: No. 07. Next: No. 09, Powell Industries.

📚 Follow the whole storyline on the Boston Made Reader → Storylines · Track the companies in BOSSTOX Learn.

Not investment advice. Boston Made, Inc. and its writers are not licensed financial advisors. Figures come from the company filings and reports linked above, for the periods stated; check the primary filings before making any decision.

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