Applied Digital Adds 75 MW Capacity as Debt Hits $2.7 Billion

Applied Digital continues its aggressive buildout of AI data centers, adding 75 MW of live capacity at Polaris Forge 1 on July 1 to reach 175 MW total. Despite 400 MW already leased to CoreWeave, more than half remains non-revenue producing while the company funds expansion through $1.59 billion in new senior secured notes due 2031 plus earlier multi-billion debt facilities. Fiscal Q3 adjusted EBITDA of only $44.1 million against roughly $2.7 billion in total debt highlights ongoing execution and financing risks, leaving shares up 34.8% year-to-date but with a Zacks Rank #5 (Strong Sell).