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Applied Digital
Purpose-built AI Factory campuses for high-density compute, leased on long terms, plus a separate energized-space hosting business.
Buyers that want a multi-year, high-density AI campus lease for critical IT load.
Teams that need a few racks next quarter in a metro interconnection facility.
Verdict
Hire Applied Digital for a multi-year AI campus lease, not a retail colo cage. The public product is purpose-built AI Factory capacity, with long take-or-pay leases to large tenants including CoreWeave and a high investment-grade hyperscaler named only by grade in the company's July 27, 2026 earnings release.
Fiscal year ended May 31, 2026 revenue was $611.3 million. About 1,410 MW of critical IT load sat under executed HPC leases, and 175 MW was live at Polaris Forge 1. Recognized revenue also includes tenant fit-out services and bitcoin hosting, so read the campus business and the hosting business as two lines before you treat this as a pure colo vendor.
Score Breakdown
How Applied Digital scores on the jobs buyers hire it for, and on the company and commercial side of the deal.
Use-case matrix
| Use case | Fit | Notes |
|---|---|---|
| Multi-year AI campus lease | Strong | The contract shape the company publishes. |
| Hyperscale and neocloud take-or-pay | Strong | Named and grade-described tenants on executed leases. |
| Retail colo next quarter | Weak | This is a campus timeline, not a few racks. |
| Bitcoin hosting capacity | Mixed | A live line of business beside the AI halls. |
Methodology
This page is an independent evaluation of Applied Digital for buyers comparing options in ai datacenter facilities / colo. AI Industry Reviews accepts no sponsorships, advertising, or pay-for-placement fees. Applied Digital did not pay for this review.
What we scored
The headline number is an Overall Score on a 0-10 scale. Eight criteria sit under it in two groups.
- Buyer outcomes (for ai datacenter facilities / colo)
- High-density campus design
- Long-term lease capacity
- Live hall evidence
- Concentration of tenant mix
- Company & commercial
- Innovation & product leadership
- Project management & communication
- Pricing
- Contract fairness
Pricing measures whether the price looks fair for the value delivered, including packaging and renewal friction that show up in real buying cycles.
Score Composition
| Input | Weight | What it covers |
|---|---|---|
| Reviews | 40% | A proprietary read of what practitioners say about likes, complaints, and day-to-day use, including public review sites, forums, and private chat rooms. Paid reviews and pay-for-play sites such as Clutch are out of scope. |
| Product | 35% | Hands-on look at screens and workflows. |
| Pricing | 15% | Whether the price looks fair for what you get. |
| Docs & training | 10% | Docs, tutorials, and training material. |
How we balanced the evidence
The Overall Score is the simple average of the eight criteria. Recommendation language follows that score and the fit pattern described above.
Scope
Applied Digital is graded here as ai datacenter facilities / colo. Criteria scores can move as more review volume and product checks are added.