If you’ve been watching the tickers lately, you know the AI hype train has moved from the software guys to the people actually building the "engines." Basically, everyone is looking for the next infrastructure play. That brings us to Applied Digital. APLD stock price today per share closed at $37.40, marking a solid 6.18% jump in just one trading session.
Honestly, the volatility is wild. Just a few weeks ago, we were looking at a completely different number. But the market finally seems to be pricing in the reality that you can't have ChatGPT-6 without somewhere to put the chips. Applied Digital isn't just a crypto miner anymore; they've pivoted hard into what they call "AI Superfactories."
The Real Numbers Behind the Rally
Let’s get into the weeds for a second. The market cap is sitting around $10.46 billion. That's a huge leap from where it was a year ago. On Friday, January 16, 2026, the stock fluctuated between a low of $34.52 and a high of $37.47.
Why the sudden spike? It’s not just "vibe-based" trading. The company recently dropped their fiscal Q2 2026 results, and they were, frankly, kind of a blowout. Revenue hit $126.6 million. That is a 250% increase year-over-year. Most of that came from their high-performance computing (HPC) business, specifically from tenant "fit-out" services.
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- Revenue Reality: They crushed the $88 million consensus estimate.
- The Loss Factor: They still lost about 11 cents per share. Investors don't seem to care though.
- Cash Position: They’re sitting on over $2.3 billion in cash.
Why APLD Stock Price Today Per Share Matters So Much Right Now
The reason everyone is talking about apld stock price today per share is the "backlog." They’ve secured lease agreements worth roughly $16 billion over the next 15 years. That is a massive number for a company that was struggling to stay relevant in the crypto space just a couple of years back.
They’ve got two big sites in North Dakota. Polaris Forge 1 is already partially energized. They just finished the first 100-megawatt building on schedule. If you know anything about data center construction, "on schedule" is basically a miracle.
What Most People Get Wrong About Applied Digital
A lot of retail traders still think of this as a Bitcoin play. That’s a mistake. While they still have a legacy crypto hosting business that brought in $41.6 million this quarter, it’s becoming the side hustle.
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The real meat is the hyperscale contracts. They’ve signed a deal with an unnamed "investment-grade hyperscaler" for Polaris Forge 2 that’s worth $5 billion alone. When you’re dealing with that level of client, the market starts treating you more like an industrial REIT and less like a speculative tech startup.
The Big Spin-Off: ChronoScale
There's another factor moving the needle: ChronoScale. Management is planning to spin out their cloud business and merge it with EKSO Bionics. The idea is to create a dedicated GPU-as-a-Service platform.
Basically, they want to separate the "building the house" part (data centers) from the "renting out the furniture" part (GPU compute). Applied Digital will still keep about 80% ownership. This move should help the market value the data center assets more clearly, without the messy margins of a cloud service provider getting in the way.
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Is the Current Price Sustainable?
Let’s look at the risks because, honestly, it’s not all sunshine.
- Debt: They just did a $2.35 billion private offering of notes at 9.25%. That’s a high interest rate.
- Concentration: Most of their eggs are in two North Dakota baskets.
- Valuation: The stock is trading at roughly 33 times trailing sales. That is "nosebleed" territory.
Wes Cummins, the CEO, actually sold about $6 million worth of shares on January 16. Usually, that scares people, but he still holds over 4 million shares directly. Sometimes a guy just wants to buy a house, or in this case, maybe diversify his own massive exposure to the company he built.
Actionable Insights for Investors
If you're looking at apld stock price today per share and wondering if you missed the boat, keep an eye on these milestones:
- Watch the Refinancing: If they can refinance that 9.25% debt as buildings go operational, margins will explode.
- Monitor the 900MW Pipeline: They are in talks for three more sites. Any "firm" contract there will likely trigger another rally.
- The ChronoScale Launch: The spin-off is slated for the first half of 2026. This will be a major catalyst for price discovery.
Next Steps for Your Portfolio
Check the occupancy rates of the next two buildings at Polaris Forge 1. Building ELN-02 is already fully energized, but ELN-03 and the others are the keys to hitting that $16 billion revenue target. Set a price alert for the $40 level—if it breaks that 52-week high with volume, the next stop could be the analyst targets of $44 or even $58 according to recent Fintel data.