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The 1.4 GW was in July","session":"2026-09-17"}],"memory":{"as_of":"2026-09-18","bands":{"1d":{"p10":-2.536,"p50":0.155,"p90":2.156,"p_up":0.567},"5d":{"p10":-4.345,"p50":0.223,"p90":4.957,"p_up":0.537},"10d":{"p10":-6.846,"p50":0.125,"p90":7.481,"p_up":0.523}},"state":"up/below/off/stuck/ordinary/strong/some","reason":null,"coverage":"ok","analogs_n":300,"disclaimer":"Historical distributions of what followed similar states, measured before today's news. Not a forecast; no side."},"schema":"company_file.v1","thesis":{"view":"The signed lease portfolio supports a large rent ramp, but the underwriting hinges on delivered capacity and cash retained after construction and financing. Q4 revenue of $258.7M included $152.4M of fit-out work and only $44.1M of base rent. At July review, 1,410 MW was contracted while 175 MW had been delivered after June. The model separates those stages and keeps ChronoScale in consolidated revenue. More rent can coexist with a substantial financing requirement.","scenario_ranges":"Explicit downside/base/upside business assumptions; not price targets, probabilities or historical market-memory bands.","what_changes_it":"Compare accepted IT MW, base rent, fit-out margin and construction cash spending with each quarterly case. Watch restricted cash, new debt and preferred capital separately; financing proceeds are not operating performance."},"no_side":true,"sources":[{"url":"https://www.sec.gov/Archives/edgar/data/1144879/000114487926000044/apldq426earningsreleaseasf.htm","title":"July 27 fiscal 2026 results: rent, fit-out and capacity","retrieved":"2026-09-19"},{"url":"https://www.sec.gov/Archives/edgar/data/1144879/000114487926000048/apld-20260531.htm","title":"July 29 Form 10-K: consolidation, financing and preferred capital","retrieved":"2026-09-19"}],"business":{"drivers":["Accepted critical IT capacity and rent commencement","Recurring rent versus fit-out and pass-through revenue","Construction cash spending, coupons and preferred claims"],"description":"Applied Digital develops and operates data centers. HPC leases generate base rent after delivery, while fit-out work and operating reimbursements add lower-margin revenue. Its legacy business hosts Bitcoin miners rather than mining Bitcoin itself. ChronoScale provides cloud services and remains consolidated because Applied Digital retains about 96% ownership. Project debt, restricted cash and preferred investors fund construction before leases reach full cash generation."},"earnings":{"source":"Undated in the latest note (https://chartlibrary.io/research/views/apld-wells-50-initiation-20260917): fiscal first-quarter report, listed around October 8","next_report_date":null},"identity":{"cik":1144879,"sic":"7374","name":"Applied Digital Corp.","symbol":"APLD","cluster":"AI infrastructure & power","exchange":"Nasdaq"},"research":{"risks":["Construction and tenant acceptance can delay rent.","Restricted project balances are not freely available parent cash.","Debt coupons, lease obligations and preferred claims precede common equity.","Fit-out work is low-margin and can reverse as a revenue mix benefit.","ChronoScale cash losses and future consolidation changes affect comparability.","Additional funding can dilute shareholders or raise senior capital claims."],"title":"Turning signed capacity into cash after financing","question":"Does rent growth outpace construction spending and senior capital claims?","economics":"FY2026 CFO was $89.7M against $2,865.8M of PP&E and other asset purchases. Of $4,153.4M cash and restricted cash, only $1,592.0M was unrestricted. The major post-June debt instruments carry approximately $486.2M annual coupons before smaller loans and lease obligations. Macquarie contributed $1,825M and earns a 12.75% preferred return with compounding and a minimum redemption multiple; paying that return in kind preserves near-term cash but increases the senior claim. Tenant fit-out work produced a small spread, while base rent is the recurring engine. ChronoScale is separately public but remains consolidated. The model uses actual rent per 100 MW as a transparent reference and exposes delivery, economics, overhead, capex and preferred accrual independently.","change_note":"First sourced operating scenarios. Separates recurring rent from tenant work, retains consolidated cloud revenue and adds a bounded correction to directly reported Q4 operating loss.","checkpoints":[{"event":"Next quarterly results","watch":"Reconcile delivered MW, base rent and fit-out cash costs.","timing":"FY2027 Q1 ended August 31; release date unconfirmed","date_status":"estimated"},{"event":"Polaris Forge 2 delivery","watch":"Confirm acceptance and rent commencement rather than announced capacity.","timing":"Initial delivery H2 2026; full delivery early 2027 company targets","date_status":"estimated"},{"event":"Calendar 2027 campuses","watch":"Compare capex, restricted reserves and financing with the contracted schedule.","timing":"Company initial-delivery targets for PF3 and Delta Forge 1","date_status":"estimated"}],"countercase":"Demand and signed leases may be strong while common equity cash remains distant. Delivery delays retain financing costs, more preferred capital can subordinate the common claim, and impressive total revenue may reflect fit-out timing rather than recurring rent.","limitations":["Cash measures are analytical proxies, not GAAP CFO, EBITDA, distributable cash or a parent equity valuation. No complete project financing waterfall, debt maturities or dilution forecast is provided.","The 1,410 MW contracted portfolio includes projects signed after May 31. Contracted, quarter-end delivered and average rent-producing MW are different. Unsigned pipeline and optional renewals earn no modeled revenue.","ChronoScale remains consolidated at about 96% ownership after its May separation; adjusted company metrics excluding it do not equal consolidated revenue.","The preferred accrual uses the initial $1,825M capital contributions and 12.75% rate. Actual compounding, additional capital, minimum redemption multiples and common-unit participation can increase the claim. PIK is not free capital.","Cash capex includes modeled construction and other asset purchases. Proxies exclude acquisitions, financing proceeds, principal repayment, lease principal and restricted-reserve transfers; a negative result is a funding need, not a forecast cash balance.","FY2027 Q1 ended August 31 but was unreported at review. Historical cloud reclassification limits quarter comparability; directly reported Q4 operating loss corrects the incompatible annual-minus-interim feed calculation."],"reviewed_at":"2026-09-19"},"estimates":{"rows":[{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario; calculated from the operating-model inputs below. Not consensus or company guidance.","class":"estimate","period":"2027Q1","revenue":281768500.0},{"eps":null,"as_of":"2026-09-19","basis":"Desk base scenario; calculated from the operating-model inputs below. 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