Applied Digital's fourth quarter 2026 revenue surged 407% to $258.7M as it secured roughly $20 billion in new hyperscaler leases.

Applied Digital reported fourth quarter 2026 revenue of $258.7 million, a 407% year-over-year increase that significantly beat analyst estimates. The company posted a GAAP net loss of $0.39 per share, wider than expected, primarily due to non-cash stock-based compensation. The results were driven by the rapid expansion of its High-Performance Computing (HPC) Hosting segment.

Key Highlights

• The company announced three new 15-year take-or-pay leases with a single high investment-grade hyperscaler, adding approximately $20.2 billion in total contracted revenue.
• Revenue from the HPC Hosting business segment reached $203.0 million for the quarter, vastly exceeding expectations and becoming the primary driver of growth.
• Total contracted critical IT load across five campuses now stands at approximately 1.4 gigawatts, representing roughly $36 billion in total contracted revenue over the initial lease terms.