Applied Digital develops, owns, and operates data center infrastructure in North America, serving two customer types: cryptocurrency miners and AI/HPC companies. The company currently generates nearly all revenue from its Data Center Hosting segment, which provides energized infrastructure to a single crypto mining customer across 286 MW of capacity in Jamestown and Ellendale, North Dakota. Customers pay for contracted power capacity, and revenue scales with MW online. The company's growth ambitions center on its HPC Hosting segment, which builds and leases purpose-built, high-power-density data centers to hyperscalers under long-term agreements. Applied Digital is constructing its first AI campus, Polaris Forge 1, in Ellendale — a 400 MW facility with 15-year leases signed with CoreWeave for all 400 MW, expected to generate roughly $7B in contracted revenue over the lease terms. The HPC business operates similarly to a data center REIT: Applied Digital builds and owns facilities, finances construction through a combination of project-level debt and equity (including a $5B preferred equity facility from Macquarie Asset Management), and earns lease income over long contract terms. Key economics are driven by yield on construction cost, power costs, and build speed — Applied Digital targets low-cost power sites in the MISO region and argues it can deliver campuses in 12–14 months. Beyond Polaris Forge 1, Applied Digital is pursuing a multi-gigawatt pipeline and expects to break ground on additional campuses. The company is also targeting a longer-term conversion to a REIT structure. Applied Digital's Cloud Services business, which rented GPU clusters to AI developers, has been approved for sale and is classified as discontinued operations.