Company read
Applied Digital Corp.
APLD
Direction score
60
▲ Holding
Customer Sentiment 40%
70
Workforce 30%
50
Leadership 20%
55
Product / Ops 10%
64
Components are live; families with no completed source are excluded and weights renormalize.
The call
Easy does it: hold until this cycle shows execution.
Hold · confidence 30%
With no prior scan deltas, no dated signals after the 2026-07-29 10-K, and a mixed quiet cycle, the evidence supports a hold. Research signal from primary-source evidence — not investment advice.
The read
What we found, why it matters, what it changes — synthesized from this scan only · 13d ago
1
North Dakota execution has an approved power path but remains a long-dated build: a $110 million project supports the 280 MW site, while completion is expected within 18 to 24 months.
Why it matters The growth plan has meaningful infrastructure backing, but timing and construction delivery remain the near-term business risks.
What it changes Treat near-term upside as execution-dependent and expect the next scan to resolve whether the planned summer groundbreaking occurs.
North Dakota project status · discovered · Utility and grid proceedings · discovered
2
Demand visibility is stronger than near-term delivery proof: three 15‑year take‑or‑pay leases total 810 MW, while the North Dakota campus has an initial 280MW capacity and reaches full capacity in early 2027.
Why it matters The leases support future growth, but they do not yet demonstrate that contracted capacity is operating or contributing to reported results.
What it changes Keep the demand thesis intact, but require evidence of capacity delivery before treating 810 MW as realized revenue.
Market news and short thesis · discovered · North Dakota project status · discovered
3
Expansion is financially heavy rather than immediate earnings proof: the company closed a $2.15 billion bond offering for Harwood construction alongside a fiscal 2026 GAAP net loss attributable to common stockholders of $249.2 million.
Why it matters Capital-intensive scaling can create substantial execution and profitability pressure even when the growth pipeline is large.
What it changes Make construction conversion and loss progression the next report's key thesis tests; growth without improving earnings quality would weaken the case.
North Dakota project status · discovered · Market news and short thesis · discovered
This cycle
29 days since the 2026-07-29 10-K anchor; next report expected 2026-10-28, 61 days away.
◆ Mixed
Expect a quiet lead-in to the next report because no post-anchor signal has appeared yet this cycle.
Early signals No dated signal has landed yet this cycle.
What moved since the last scan
First scan on record — the baseline is set. Movement shows here from the next run; every scan accumulates.
edgar filings
138 filings, 12mo
Officer change filed 2026-04-16 (8-K Item 5.02), 133 days ago.
probe north dakota project status
280 MW
The sources report a 280 MW Harwood campus, a September 2025 groundbreaking plan and 2026/early-2027 operating timeline, secured power plus a $110 million substation/transmission project, an Oracle lease, and $2.15 billion of bonds; no cost change for the Oliver County project is disclosed.
Supporting evidence, verbatim
Every quote links to its source and its scrape.
Quote
Source
Date
Scraped
“The company signed three 15‑year take‑or‑pay leases with a high investment‑grade hyperscaler totaling **810 MW**”
Jul 27
13d ago
“recent insider activity was classified as Net Selling.”
Jul 27
13d ago
“* Fiscal 2026 GAAP net loss attributable to common stockholders **$249.2 million**”
Jul 27
13d ago
“In the **Jul 28** session, **APLD** gained **0.93%**, reflecting a mild positive market reaction.”
Jul 27
13d ago
“The county has not yet voted on that zoning request.”
Jul 13
13d ago
“The company hopes to break ground this summer and have the location completed within 18 to 24 months.”
Jul 13
13d ago
“Applied Digital closed a $2.15 billion bond offering in March 2026 to fund construction at the Harwood campus.”
Jul 13
13d ago
“The following month, the North Dakota Public Service Commission unanimously approved a $110 million power project, including a new substation and high-voltage transmission line, to serve the site.”
Jul 13
13d ago
“No wastewater can be discharged into the aquifer on the site.”
Jul 13
13d ago
“The company hopes to break ground this summer and have the location completed within 18 to 24 months.”
Jul 13
13d ago
“The following month, the North Dakota Public Service Commission unanimously approved a $110 million power project, including a new substation and high-voltage transmission line, to serve the site.”
Jul 13
13d ago