Applied Digital's Fiscal Third Quarter 2026: A Record-Breaking Quarter for Large-Scale AI Data Centers
Applied Digital, a leading provider of large-scale AI data centers, has reported a record-breaking quarter with significant milestones achieved in its fiscal third quarter 2026. During the call, Wes Cummins, Chairman and CEO, highlighted the company's early investment in the industry and how it is now paying off.
Two years ago, Applied Digital broke ground on its first 100 MW facility, which was one of the first companies to recognize the surging demand for large-scale AI data centers. This pioneering move has given the company a unique advantage, with one of the only 100 MW direct-to-chip liquid-cooled data centers in the world online today. The successful execution of this facility demonstrates Applied Digital's ability to deliver fully functional state-of-the-art facilities on time.
The financial results for Q3 2026 are also noteworthy, with over $44 million in adjusted EBITDA reported across its core businesses. This is just the early stage of what the company expects to achieve, with significant capacity under construction and contracted power potential expected to be realized in the future.
Applied Digital's Polaris Forge One campus, which includes a 400-MW CoreWeave facility, has seen significant progress during the quarter. The first 100 MW building is now operating, with thousands of skilled professionals on site working on two new 150 MW facilities in parallel. At Polaris Forge Two, both buildings are advancing well, with foundations largely complete and work shifting to precast direction.
The company has also broken ground on Delta Forge One, a 300-MW critical IT load AI factory campus spanning over 600 acres in the south. This strategic expansion is expected to provide significant capacity for the future.
Applied Digital's execution on its large-scale data center projects has been impressive, with all buildings under construction progressing on time and on budget. The company's trusted partners, including McGough, ABB, Adolphson & Peterson, and Basics, have played a crucial role in this success.
The Q3 2026 results demonstrate Applied Digital's leadership position in the large-scale AI data center market and its commitment to delivering innovative solutions for major hyperscalers and others. As the company continues to execute on its projects, investors are expected to reap the benefits of its forward-thinking strategy.
