Applied Digital : Investor Presentation (APLD INV InvestorPresentation Final 04.24.26)
APLD
Published on 04/24/2026 at 11:34 am EDT
APPLIED DIGITAL
Investor Presentation
APRIL 2026
TABLE OF CONTENTS
- Company Overview
- Artificial intelligence Data Centers
- Polaris Forge 1
- Polaris Forge 2
- Delta Forge 1 06 - Blockchain Data Centers 07 - Macquarie Transaction +Convertible Bond 08 - Appendix
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AppliedDigital.com
Where Intelligence Is Forged
Applied Digital's 150 MW
Data Center Standard Build
Applied Digital (Nasdaq: APLD) - named Best Data Center in the Americas 2025 by Datacloud - designs, builds, and operates high-performance, sustainably engineered data centers and colocation services for artificial intelligence, cloud, networking, and blockchain workloads.
Headquartered in Dallas, TX, and founded in 2021, the company combines hyperscale expertise, proprietary waterless cooling, and rapid deployment capabilities to deliver secure, scalable compute at industry-leading speed and efficiency, while creating economic opportunities in underserved communities through its award-winning Polaris Forge AI Factory model.
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AppliedDigital.com
Executive Leadership
Wes Cummins
Chief Executive
Officer & Chairman
Jason
Zhang
President & Co
Founder
Saidal
Mohmand
Chief Financial
Officer
Laura
Laltrello
Chief Operating
Officer
Chairman and CEO of Applied Digital, which he co-founded, and a veteran technology investor with 20+ years in capital markets. He previously led technology investing at Nokomis Capital, held roles in investment banking and institutional asset management, and founded 272 Capital LP, where he serves as CEO. Wes also serves on the board of Sequans Communications.
Applied Digital's President and co-founder, and a seasoned tech investor (Harvard BA). He founded Valuefinder and previously invested at Sequoia Capital and MSD Capital, focusing on Artificial intelligence and digital infrastructure.
Applied Digital's Chief Financial Officer, previously EVP of Finance leading the company's financial and capital markets strategy. He also serves as Director of Research at 272 Capital (ex-GrizzlyRock) and holds a BBA in Finance & Accountancy from Western Michigan University.
Applied Digital's Chief Operating Officer with ~20 years in data center operations and large-scale infrastructure. Former VP/GM at Honeywell (Building Automation Services) and Lenovo (Data Center Services), known for execution and P&L leadership.
Todd Gale
Chief Development
Officer
Erin Kraxberger
Chief Marketing
Officer
Mark Chavez
Chief Compliance
Officer & GC
Rich Todaro
Corp Dev. & Investor
Relations
Applied Digital's Chief Development Officer with 45+ years building hyperscaler-grade, mission-critical data centers. Former VP Engineering at Flexential and SVP at Terremark, he designed North America's first Tier IV Design Certified colocation facility and pioneered efficient cooling.
Applied Digital's CMO, aligning marketing with business goals to grow enterprise demand and investor visibility. She brings ~20 years across finance and tech marketing; COO of 272 Capital and former Head of Marketing & IR at SCW Capital (ex-investment banking/FP&A).
Applied Digital's Chief Compliance Officer and General Counsel with 22+ years across energy, tech, and renewables. He leads legal strategy, compliance, and risk; previously served as in-house counsel handling litigation, regulatory actions, M&A, financings, and governance.
VP of Corporate Development and Director of Investor Relations at Applied Digital, a Finance leader with nearly three decades of experience; former board member at WidePoint, Telenav, and B. Riley, and former VP & Portfolio Manager at Kennedy Capital Management.
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AppliedDigital.com
Company Timeline
2021 - 2022
Blockchain Genesis
2023
Strategic Shift - HPC
2024
Positioning for Growth
Center in Jamestown, ND
Digital Cloud
accredited Investors, & NVIDIA
Center, in Garden City, TX
2.75% interest rate
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AppliedDigital.com
Company Timeline
2025
AI Data Center Expansion
2026
AI Data Center Expansion
$5.0 billion that can support over 2 GW of AI Data Center development
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Business Overview
Artificial Intelligence Data Centers
Customers:
Key Segment Stat:
Blockchain Data Centers
Customers:
Key Segment Stat:
build-out of AI Factories to support demand
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AppliedDigital.com
Rising Power Demand from AI and the Impact on Data Centers
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Chatgpt Usage Surprises
Hyperscalers, Data Centers, And Utilities
ChatGPT Surpassed 1 Billion Monthly Visits by 2023(1)
AI Queries Require 15x the Electricity of Traditional Queries (2)
Google Request: 0.3 watt-hours vs ChatGPT request: 3.5. watt-hours
Demand Sage, ChatGPT Statistics (2025)
Med ium, Is ChatGPT the Next Energy Guzzler?
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AppliedDigital.com
Compute Curve is Steeping
due to heavier workloads
SINGLE-SHOT
CHATBOT
1X COMPUTE MULTIPLE VS. BASELINE(3)
Compute needs by task vs single shot chatbots
IMAGE
GENERATION
~10X
REASONING
(CHAIN-OF-THOUGHT)
~100X
VIDEO GENERATION
(10 SECONDS)
~3,000X
DEEP
RESEARCH
~1,000,000X+
1X 10X 100X 1,000X 10,000X 100,000X 1,000,000X
OpenAI, Nvidia and Melius Re search Estimates
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AppliedDigital.com
GPU's Demand More Power
CHIPS
RELEASE
YEAR
POWER
PER RACK(4)
EST.TDP
CPU (10-20 kW per Rack)
NA
10-20 kW
300 W
**Less than 10%
A100/A800 (Ampere)
2020 / 2022
14.4 kW
350 W
of facilities can
H100 /200 (Hopper)
2023/2024
50 kW
1,000 W
support 50KW
GB200/GB300 (Blackwell)
2024/2025
130 kW
1,200 W
density(5)
VR200/VR300 (Vera Rubin)
2026
150+ kW
2,520 W
RU200/RU300 (Rubin Ultra)
2027E
~600 kW
3,600 W
F200/F300 (Feynman)
2028E
~900 kW
5,800 W
FU200/FU300 (Feynman Ultra)
2029E
~1,100 kW
6,000 W
PF200/PF300 (Post-Feynman)
2030E
~1,200 kW
6,000+ W
Demand Jefferies - pres entation - AI to Drive Increasing D emand for Data Cen te rs & Power
Spear In ve stmen ts & company rep orts
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AppliedDigital.com
Construction is Exploding
Data Center Construction
Spending Has Tripled Since 2022(6)
50
45
40
35
30
25
20
15
10
5
0
Data Center Spending ($B, SAAR)
Trend After Nov 2022 ($B)
Trend Before Nov 2022 ($B)
Data Center Construction Soon
to Surpass General Office Construction(7)
80000
70000
60000
50000
40000
Value of data centers under construction is
on track to surpassoffice buildings as soon
as this year
30000
20000
10000
0
General Office ($mn SAAR)
Data Centers ($mn SAAR)
AI Infrastructure Demand Is Reshaping Global Construction Markets
Jan-14 Jun-14 Nov-14 Apr-15 Sep-15 Feb-16 Jul-16 Dec-16 May-17 Oct-17 Mar-18 Aug-18 Jan-19 Jun-19 Nov-19 Apr-20 Sep-20 Feb-21 Jul-21 Dec-21 May-22 Oct-22 Mar-23 Aug-23 Jan-24 Jun-24 Nov-24 Apr-25
Jan-20 May-20 Sep-20
Jan-21 May-21 Sep-21 Jan-22 May-22 Sep-22 Jan-23 May-23 Sep-23 Jan-24 May-24 Sep-24 Jan-25
May-25
U.S. C ens us Bureau | Chart: American Gas Association
Haver Analytics, Goldman Sachs Global Investment Res earch
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Hyperscalers Capex
Estimates >$700B in 2027(8)
CAPEX
TOTAL
2023
2024
2025
2026
2027
AMAZON
ALPHABET
META
MICROSOFT
ORACLE
COREWEAVE
0 100 200 300 400 500 600 700 800 900
"Approximate calendar-year basis. Base d on company guidance + analyst consen sus (Feb 2026). Projections subje ct to change. Source XAI"
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AI CapEx Is Outpacing a Century of
U.S. Infrastructure
2000
1800
1600
1400
1200
1000
800
600
400
200
0
1930s Public
Works
Manhattan
Project (1944)
Electricity
Expansion
Apollo Project
(1964)
Interstate
Highway
Broadband
Capex (2000)
Total Largest
Infrastructure
2023
Hyperscalers
2024
Hyperscalers
2025
Hyperscalers
2026
Hyperscalers
2027
Hyperscalers
Total AI CapEx
Since ChatGPT
**10 Years** **5 Years**
(1949)
**20 Years**
**13 Years**
System (1966)
**25 Years**
**5 Years**
Projects (U.S.)
CapEx
CapEx
CapEx
CapEx
Estimate
CapEx
Estimate
Launch (2023-
2027)
**5 Years**
Infrastructure ($B) AI CapEx ($B)
Inflation-Adjusted Estimated Total ($ Billion)
Manhattan District History, BEA, Planetary Society, Eno Cen te r for Transportation, San Francisco Fed, H oover archives, Baruch , Gold enG ate. org, Ne w York Times, JPMAM, 2025
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Power Availability
Constraining AI Data Center Market and AI Rollout
Global demand for data center capacity is
projected to triple by 2030(10)
Boston Consulting Group estimate that the U.S. data center power shortage could exceed 45 GW is projected by 2030(10)
The U.S. Department of Energy (DOE) projects the grid will need 100 GW of new capacity by 2030, with ~50 GW driven by data centers(11)
1 GW+ is equivalent to the power output of one nuclear power plant
ENERGY SOURCE ~BUILD TIME
Natural Gas ~2-4 Years
Solar + Wind + Batteries (Combo)
~2-4 Years Total
Nuclear (Typical) ~10-15 Years Total
Boston Consulting Group' s Ja nuary 2025 report, title d "Brea king Barriers to Data Ce nter Growth"
Risk of pow er outages increa se 100x by 2030, w arns D OE
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AppliedDigital.com
From Population to Power
Hyperscalers Pivot Inland in Search for Power
Legend
Traditional Data Centers
Hyperscale Data Centers
Applied Digital Data Centers
DF1
PF1
PF2
APPLIED AI FACTORIES
Region *Critical IT Load
PF1- Polaris Forge 1 - CoreWeave
Ellendale, North Dakota
400 MW Contracted 400 MW
100 MW Energized
300 MW Under Construction
PF2- Polaris Forge 2 - Investment Grade Hyperscaler
Harwood, North Dakota 300 MW
200 MW Contracted
300 MW Under Construction
DF1- Delta Forge 1 - High Investment Grade Hyperscaler
Boyce, Louisiana 300 MW
300 MW Contracted
300 MW Under Construction
*Cri ti cal Load: Critical IT Loa d refers to the amount of el ectrical power dedicated sole ly to the computing equipme nt (such as servers, storage , and netw orking ge ar) w ithin a data cente r. It exclude s supporting infrastructure like cooling,
** Pipe line include s power agreemen ts and options on l and - includes expansion at current sites as well as near-term new sites undergoing active development and permitting
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AppliedDigital.com
P F 1
TOTAL OF CURRENT SITES (1 GW *CRITICAL IT)
Operating Capacity
(100 MW Critical IT)
Under Construction
(900 MW Critical IT)
Contracted
(900 MW Critical IT)
Polaris Forge 1 - Building 1: 100 MW
Polaris Forge 1: 300 MW
Polaris Forge 2: 300 MW
P F 2
D F 1
Delta Forge 1: 300 MW
In-Negotiation: 100 MW
ACTIVE PIPELINE SITES (~3.5 GW *UTILITY POWER)
Includes:
Multiple near-term greenfield / new sites in active development in multiple states
Expansions at existing sites - many with scalable capacity up to 1 GW each
Power pipeline includes sites with land under control and/or executed utility agreements for power delivery. This encompasses expansions at existing facilities as well as near-term greenfield/new sites actively progressing through development and permitting processes. Expansions at existing sites may necessitate new generation capacity, transmission lines, transformers, substations, or other infrastructure enhancements.
EXTENDED PIPELINE (>5 GW *UTILITY POWER)
Power and land in early stages of discussion or due diligence.
*The described power pipeline, including sites under control/executed agreements and projected expansions/greenfield developments, constitutes forward-looking information; actual outcomes may
differ due to risks in permitting, infrastructure needs (e.g., generation, transmission, substations), regulatory approvals, and market conditions
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AppliedDigital.com
Supply Chain
Applied Secured hundreds of MW of Supply Chain before the Market Tightened
DC Equipment Lead Time (14)
20 1 9 20 2 3 20 2 5 / 2 6
72-96 WEEKS
40-64 WEEKS
24-40 WEEKS
GENERATORS
24-40 WEEKS
64-80 WEEKS
45-50 WEEKS
UPS
12-20 WEEKS
32-48 WEEKS
52-78 WEEKS
SWITCHGEAR
8-12 WEEKS
32-40 WEEKS
4-28 WEEKS
PDUS
Worl Wide Te chnology - AI day pres entation.
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North Dakota Strategic Advantages
Abundant Energy
North Dakota generated 50% more electricity than it used in 2023, producing 42 million MWh vs 28 million MWh consumed (12)
Low Build and Operation Cost North Dakota offers some of the lowest electricity costs, about 24%
below the national average(13)
Favorable Climate
North Dakota's cold weather results in over 200 days a year of free cooling(14)
Economic Incentives
State incentives reduce initial capital expenditures and ongoing operations cost
First Mover Advantage
State locked in energy prior to the AI movement, ensuring ample resources amidst rising demand
U.S. Energy Information Administration (EIA), Electricity Data - North Dakota (https://www.eia.gov/ele ctricity/state/northdakota)
North Dakota Commerce Dep artmen t & Electricity Local(https://www.commerce .nd.go v & electricitylocal.com)
Applie d Digital White Paper - https://www.applied digital.com/white-papers/ai-factory-a-case-study-for-total-cost-of-own ership
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Disclaimer
Applied Digital Corporation published this content on April 24, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 24, 2026 at 15:33 UTC.