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Applied Digital (APLD)has fallen 44.3% over the past three months while the S&P 500 returned 1.4%, and at about $24.90 the stock sits roughly 50% below its 52-week high.
It still trades at12.4 times sales against 3.2 for the S&P 500.
Both are true at once, because the price has little to do with the business you can see today.
Why Does Applied Digital Still Look Expensive? Start with what is switched on.
Trailing twelve-month revenue was $0.6 billion, and by management's own account the fiscal Q4 2026 HPC data center financials primarily reflect only the initial 100 megawatts online at Polaris Forge 1, with 75 megawatts more delivered there since.
Contracted critical IT load across the campuses is 1.41 gigawatts.
Set that against $36 billion of contracted long-term lease value, up from $7 billion a year earlier.
That backlog is the asset you are paying for.The business underneath is scaling fast, and the income statement is still a construction site with only the first meters running.
Can Applied Digital Actually Build All Of It? Management points at two constraints, when utility power arrives and its own supply chain, and has put a figure on the second: roughly 700 megawatts of critical IT load a year, against a 1.5 gigawatt build it has contracted to deliver inside a couple of years.
By its own admission that exceeds the limit a little.
The first building at Polaris Forge 1 took about 24 months from the start of construction into service, and the second took under 12.
Management says all of its construction projects are on time and on budget today.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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