Slide 1: Investor Presentation June 2026
01 Investor Presentation JUNE 2026
Slide 2: Presentation Disclaimer
Presentation Disclaimer This presentation has been designed to provide general information about Applied Digital Corporation (“Applied Digital” or the “Company”). Any information contained or referenced herein is suitable only as an introduction to the Company. The information contained in thi
Slide 3: Table of Contents
Table of Contents 01 Introduction 02 Market Overview 03 AI Factories 04 Polaris Forge 05 Delta Forge 06 Blockchain 07 Vertical Integration 08 Macquarie 09 Appendix Investor Presentation June 2026 www.applieddigital.com 3 / 61
Slide 4: Where Intelligence is Forged
Where Intelligence is Forged 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 workload
Slide 5: Company Timeline
Company Timeline 2021 - 2022 2023 2024 Blockchain Genesis Strategic Shift - HPC Positioning for Growth Launched 106 MW Blockchain Data Center in Launched Cloud Business, Applied Digital Cloud Sold 200 MW Garden City location in Texas (non-core Jamestown, ND strategic asset) 9 MW HPC Data Center in J
Slide 6: Company Timeline
Company Timeline 2025 2026 AI Data Center Expansion AI Data Center Expansion CoreWeave - Signed three 15-year leases with three 5-year options for 3 buildings at U.S. Based High Investment Grade Hyperscaler - Signed two 15-year leases with Polaris Forge 1, utilizing 400 MW of Critical IT load three
Slide 7: Executive Leadership
Executive Leadership Wes Jason Saidal Laura Cummins Zhang Mohmand Laltrello Chief Executive President & Chief Financial Officer Chief Operating Officer & Chairman Co-Founder Officer Wes Cummins is the Chief Executive Officer and Chairman Jason Zhang is the President and Co-Founder of Saidal Mohmand
Slide 8: Best-in-Class Team Experience Building World-Class Data Centers
AI Factories Best-in-Class Team Experience Building World-Class Data Centers Todd Steve Brad Gale Lattimer Barton Chief Development Officer VP of Design & Engineering SVP Construction Procurement >45 years of expertise in collaborating with hyperscalers 35 years as an Electrical professional in desi
Slide 9: Business Overview
AI Factories Business Overview We design, build, and operate high-performance, sustainably engineered data centers purpose-built for Artificial Intelligence, cloud computing, training, and inference workloads. AI Factory Platform DESIGN Standardized franchise design model, qualified by all major hyp
Slide 10: Applied Digital has secured $36 Billion In Contracted Lease Value
AI Factories Applied Digital has Base Case - Total Contracted Lease Value ($B) secured $36 Billion $80 $70 In Contracted Lease Value $60 $50 $40 $5.20 $35.73 $7.50 $30 $7.50 $20 $4.82 $10.71 $10 Key Segment Stat - Polaris Polaris Polaris Delta Delta $ 36 billion in total contracted baseline revenue
Slide 11: Applied Digital is positioned for growth.
AI Factories Applied Digital is positioned for growth. Contracted Expected All Counterparty Delivery Campus IT Capacity Lease Term Base-Term Renewals Credit Rating Dates Lease Value Polaris Forge 1 400 MW 15 years + three $10.7 $27.40 CoreWeave 2H 2025 / five-year extensions 1H 2027 Polaris Forge 2
Slide 12: Applied Digital is positioned for growth.
AI Factories Year New Capacity (MW) Cumulative Capacity (MW) Applied Digital is 2025 100 100 positioned for growth. 2026 275 375 2027 575 950 Key Segment Stat 2028 560 1,510 With a robust multi-gigawatt power pipeline and deep 2029E 500 2,010 hyperscaler relationships, Applied is well-positioned for
Slide 13: Market Overview
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Slide 14: Compute Curve is Steepening Due to Heavier Workloads
AI Factories Compute Curve is Steepening Due to Heavier Workloads (1) COMPUTE MULTIPLE VS. BASELINE Compute needs by task vs. single-shot chatbots SINGLE-SHOT 1X CHATBOT IMAGE ~10X GENERATION REASONING ~100X (CHAIN-OF-THOUGHT) VIDEO GENERATION ~3,000X (10 SECONDS) AGENTIC ~1,000,000X AI 1X 10X 100X
Slide 15: GPUs Demand More Power. Less Than 10% of Facilities can Support 50 kW Density
AI Factories GPUS Demand More Power. Less Than 10% of Facilities can Support 50 kW Density RELEASE POWER (2) CHIPS YEAR PER RACK EST. TDP CPU (10–20 kW per Rack) NA 10–20 kW 300 W A100/A800 (Ampere) 2020 / 2022 14.4 kW 350 W H100 / H200 (Hopper) 2023 / 2024 50 kW 1,000 W GB200/GB300 (Blackwell) 2024
Slide 16: Construction is Exploding
AI Factories Construction is Exploding AI Infrastructure Demand Is Reshaping Global Construction Markets DATA CENTER CONSTRUCTION DATA CENTER CONSTRUCTION SOON TO SPENDING HAS TRIPLED SINCE 2022 SURPASS GENERAL OFFICE CONSTRUCTION (4) (5) 50 80000 45 70000 40 60000 35 50000 30 Value of data centers
Slide 17: Hyperscalers Capex Estimates >$700B in 2027
AI Factories Hyperscalers Capex Estimates >$700B in 2027 (6) e s e as ea ncr re I Inc 65 % % 2023 75 2024 CAPEX 2025 2026 TOTAL 2027 AMAZON ALPHABET META MICROSOFT ORACLE COREWEAVE 0 100 200 300 400 500 600 700 800 900 2027 ($B) 2026 ($B) 2025 ($B) 2024 ($B) 2023 ($B) (6) "Approximate calendar-year
Slide 18: Hyperscalers Capex Bigger & Faster Than ANY Megaproject in History
AI Factories Hyperscalers Capex Bigger & Faster Than ANY Megaproject in History. 2026 (planned) (7) Data Centers Vs. Megaprojects Inflation-adjusted costs, billions USD Data center capex ≈$930B in 6 years $1T $750B Interstate Highway System $620B, 37yr US Railroads $500B $550B, 71yr F-35 Program $40
Slide 19: AI CapEx Is Outpacing a Century of U.S. Infrastructure
AI Factories AI CapEx Is Outpacing a CENTURY of U.S. Infrastructure AI CapEx al t a t I a t t o a I at o A t E t at Total ll o (8) nfl i n- djus ed s im ed ($ Bi i n) Riv s he L rges U.S. nfr s ruc ure Pr gr ms Infrastructure ( B)$ AI CapEx ( B) $ 2000 1800 1600 1400 1200 1000 800 600 400 200 0 2026
Slide 20: Supply Chain Constraining AI Data Center Market and AI Rollout
AI Factories Supply Chain Constraining AI Data Center Market and AI Rollout DC Equipment Lead Time (9) Critical equipment lead times remain elevated across power delivery and backup systems. 2019 2023 2025/26 24–40 WEEKS GENERATORS 40–64 WEEKS 72–96 WEEKS 24–40 WEEKS 64–80 WEEKS UPS 45–50 WEEKS 12–2
Slide 21: Power Availability Constraining AI Data Center Market and AI Rollout
AI Factories Power Availability Constraining AI Data Center Market and AI Rollout ENERGY SOURCE ~BUILD TIME Natural Gas ~3–5 Years Solar + Wind + Batteries ~2–4 Years Total (Combo) Nuclear ~8 –10 Years Total (Typical) (10) Global demand for data center capacity is projected to triple by 2030 (10) Bo
Slide 22: Built for the Agent Economy
AI Factories Built for the Agent Economy How enterprise AI demand routes through hyperscaler platforms into lower-cost data center regions. Enterprise Hyperscaler Our Data Centers Agent Deploy Routing Layer (Lower-Cost Regions) Anthropic · OpenAI AWS · Azure · GCP Training · Inference Google · Micro
Slide 23: From Population to Power: Hyperscalers Pivot Inland
AI Factories From Population to Power Hyperscalers Pivot Inland in Search For Power Applied Digital AI Factories NORTHERN REGION | POLARIS FORGE PLATFORM Campus Location MW Contracted* Buildings PF1 Ellendale, ND 400 MW Critical IT 3 buildings PF2 Harwood, ND 200 MW Critical IT 2 buildings PF3 Undis
Slide 24: Applied AI Factories
03 APPLIED AI FACTORIES
Slide 25: Applied Digital Repeatable AI Infrastructure Platform
AI Factories Applied Digital Repeatable AI Infrastructure Platform Future-Proof Mission Critical AI Infrastructure Reliability Platform Standardized +250 kW Racks Supply Chain Supporting AI Training & Inference Investor Presentation June 2026 www.applieddigital.com 25 / 61
Slide 26: Power & Site Pipeline
AI Factories Power & Site Pipeline I. TOTAL OF CURRENT SITES (1.51 GW *CRITICAL IT) Operating Capacity Polaris Forge 1 – Building 1: 100 MW (100 MW Critical IT) Polaris Forge 1: 300 MW Delta Forge 1: 300 MW Under Construction (1.41 GW Critical IT) Polaris Forge 2: 300 MW Delta Forge 2: 210 MW Polari
Slide 27: Structural Advantage
AI Factories Structural Advantage Applied’s locations offer lower labor competition while still benefiting from the presence of major hyperscalers KEY P LA N N E D OPERATING Dense hyperscaler footprint without same level of direct labor competition near Applied Digital’s regions.(12) (12) https://cl
Slide 28: Structural Advantage
AI Factories Structural Advantage U.S. fiber backbone and long-haul route density Fiber networks are critical for AI Data Centers performance These extensive fiber networks pass through our regions. Regional access supports latency-sensitive AI workloads Investor Presentation June 2026 www.applieddi
Slide 29: Applied Digital Standard Design
AI Factories Applied Digital Standard Design Power distribution, cooling architecture, data hall layout, operations planning, and core partner systems are standardized to reduce execution risk and improve delivery consistency. Level 1 | West Wing And Center Admin Level 2 Rooftop Mechanics CIRCULATIO
Slide 30: Applied Digital Standard Design Specs
AI Factories Applied Digital Standard Design Specs Category Reference specification Standard Design: Electrical Purpose Mission-critical AI workloads, efficiently and at scale Structure ~907,500 SF, Six data halls, Pre-cast concrete construction Cooling Hybrid liquid + air cooling, Modular cooling u
Slide 31: AI Factory Standard Supply Chain Partnership
AI Factories System Partner Role in the AI Factory model AI Factory Standard Supply Chain Partnership Procured Pipeline Secured Electrical ABB Power density, reliability, and repeatable deployment across campuses Long-term agreements with key suppliers, bulk purchasing across a 1 GW+ pipeline, and e
Slide 32: Digital Infrastructure Delivery Lifecycle
AI Factories Digital Infrastructure Delivery Lifecycle ① Site strategy ③ Build ⑤ Operate ② Design ④ Commission Power, land, fiber, Procurement, construction, Monitoring, maintenance, community, permitting parallel workstreams security, lifecycle performance Standardized AI Factory Systems testing, t
Slide 33: Polaris Forge
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Slide 34: Polaris Forge Region Overview
Polaris Platform PF1 Polaris Forge 1 Region Overview Ellendale, North Dakota → 400 MW Critical IT Contracted → 100 MW Energized → 300 MW Under Construction 400 MW PF2 Polaris Forge 2 Harwood, North Dakota → 200 MW Critical IT Contracted → 300 MW Under Construction 300 MW PF3 Polaris Forge 3 Northern
Slide 35: Region Advantage
Polaris Platform Region Advantage 1 Abundant Energy 2 Low Build and Operation Cost 3 Favorable Climate North Dakota generated 50% North Dakota offers some of the North Dakota’s cold weather more electricity than it used in lowest electricity costs, about results in over 200 days a year 2023, produci
Slide 36: PF1 Related Leases
Polaris Platform PF1 Related Leases PF1 PF1-1 100 MW Polaris Forge 1 Energized Ellendale, North Dakota 400 MW PF1-2 150 MW Calendar - 2H 2026(16) → 300 MW Under Construction → Coreweave → 3 Leases Contracted Critical IT Load PF1-3 150 MW Calendar - 1H 2027 (16) 400 MW Campus ~15 Year Base Term ~$11
Slide 37: PF1 Campus Overview
Polaris Platform PF1 Campus Overview Building 1 - 100 MW - Pilot Build (PF1-1) Building 2 - 150 MW - Standard Build (PF1-2) Building 3 - 150 MW - Standard Build (PF1-3) Investor Presentation June 2026 www.applieddigital.com 37 / 61
Slide 38: PF2 Related Leases
Polaris Platform PF2 Related Leases PF2 Polaris Forge 2 Harwood, North Dakota 200 MW 2H26-1H27 (16) → 300 MW Under Construction → Investment Grade Hyperscaler → 2 Leases Contracted Critical IT Load Expected Delivery Dates 300 MW Campus ~15 Year Base Term ~$5 B With Two 5-Year Options Contracted Reve
Slide 39: PF2 Campus Overview
Polaris Platform PF2 Campus Overview Building 1 - 150 MW - Standard Build (PF2 - 1) Building 2 - 150 MW - Standard Build (PF2 - 2) Investor Presentation June 2026 www.applieddigital.com 39 / 61
Slide 40: PF3 Related Leases
Polaris Platform PF3 Related Leases PF3 Polaris Forge 3 Undisclosed Location 300 MW 2H27-2H28 (16) → 300 MW Under Construction → High Investment Grade Hyperscaler Contracted Critical IT Load Expected Delivery Date → 2 Leases 300 MW Campus ~15 Year Base Term ~$7.5 B With Three 5-Year Options Contract
Slide 41: Delta Forge
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Slide 42: Delta Forge Region Overview
Delta Platform Region Overview DF1 Delta Forge 1 Boyce, Louisiana → 300 MW Critical IT Contracted → 300 MW Under Construction 300 MW PF2 Delta Forge 2 Southern Region → 210 MW Critical IT Contracted → 210 MW Under Construction 300 MW Investor Presentation June 2026 www.applieddigital.com 42 / 61
Slide 43: DF1 Related Leases
Delta Platform DF1 Related Leases DF1 Delta Forge 1 300 MW 1H27-1H28 (16) Boyce, Louisiana → 300 MW Under Construction → High Investment Grade Hyperscaler Contracted Critical IT Load Expected Delivery Dates → 2 Leases 300 MW Campus ~15 Year Base Term ~$7.5 B With Three 5-Year Options Contracted Reve
Slide 44: DF2 Related Leases
Delta Platform DF2 Related Leases DF2 Delta Forge 2 210 MW 1H28 (16) Undisclosed Location → High Investment Grade Hyperscaler → 1 Lease Contracted Critical IT Load Expected Delivery Dates 210 MW Campus ~15 Year Base Term ~$5.2 B With Three 5-Year Options Contracted Revenue for 210 MW Base Term (17)
Slide 45: Blockchain
06 BLOCKCHAIN
Slide 46: Blockchain Overview
Blockchain Blockchain Overview Jamestown, North Dakota (JMS01) Applied Digital operates two data centers with a combined capacity of ~286 MW, providing energized space for blockchain mining customers The company focuses solely on infrastructure and supporting services, without owning any mining equi
Slide 47: Vertical Integration
07 VERTICLE INTEGRATION
Slide 48: Connecting Power, Infrastructure, and Compute
Vertical Integration Connecting Power, Infrastructure, and Compute. Applied Digital’s partner ecosystem extends across the core layers required to support modern AI infrastructure: power, data center development, operations, and compute. Base Electron Applied Digital ChronoScale IPP for AI Demand AI
Slide 49: Business Overview | Base Electron
ChronoScale Business Overview | Base Electron Base Electron is an independent power producer formed by certain executive officers, directors and/or affiliates of Applied Digital for the purpose of developing dedicated, reliable power generation intended to support Applied Digital’s long-term campus
Slide 50: Future Expansion & Base Electron
Base Electron Future Expansion & Base Electron The Bakken East Pipeline Project, developed by WBI Energy (a subsidiary of MDU Resources), is expected to substantially increase natural gas supply to the region. This critical infrastructure is expected to energize our region and enable companies like
Slide 51: Structural Advantage
Base Electron Structural Advantage North Dakota has some of the strongest wind resources in the United States. (18) Source? (19) Source? (20) Source? Investor Presentation June 2026 www.applieddigital.com 51 / 62
Slide 52: Structural Advantage
Base Electron Structural Advantage The Bakken Shale, is one of the top U.S. shale discoveries in the U.S. As a result, N.D. is the #3 oil-producing state (behind Texas and New Mexico) Investor Presentation June 2026 www.applieddigital.com 52 / 62
Slide 53: Business Overview | ChronoScale
ChronoScale Business Overview | ChronoScale Applied Digital currently owns approximately 97% of ChronoScale Corporation (Nasdaq: CHRN) ChronoScale is a compute platform purpose-built to support demanding artificial intelligence workloads. Focused on large-scale deployments, the platform is designed
Slide 54: Macquarie
08 MACQUARIE
Slide 55: Transaction Overview
Macquarie Transaction Overview Macquarie, #1 Infrastructure Investment Manager, has agreed to collaborate with Applied Digital, potentially committing up to $5B in capital, which has the potential to unlock $25B for Data Centers. “Applied Digital has a differentiated strategy with access to a unique
Slide 56: Transaction Overview
Macquarie Transaction Overview Macquarie Asset Management (MAM) Transaction For Investment Grade Hyperscalers: Ownership Structure: MAM will have the right to invest in future hyperscaler projects. At closing, Macquarie will receive a 15% common equity interest in APLD HPC Holdings, a subsidiary of
Slide 57: Transaction Overview: Capitalization Table Example
Macquarie Transaction Overview Example Of The Macquarie Transaction Capitalization Table: Macquarie expect to invest: $2.25 million for every 1 MW - Perpetual Preferred Equity -for Ellendale Campus & Future Campuses Applied Digital expect to invest: ~$0.75 million for every 1 MW - Future Campuses **
Slide 58: Transaction Overview: Capitalization Summary
Macquarie Transaction Overview Summary Of The Macquarie Transaction Capitalization Table: Issuer ▪ APLD HPC TopCo 2 LLC (“APLDT”), an indirect wholly-owned subsidiary of Applied Digital ▪ At least $225 million funded at Closing Initial Funding / Closing ▪ Availability of up to $2.25 million per 1MW
Slide 59: Convertible Bond Overview
Macquarie Convertible Bond Overview Issued $450M in Convertible Notes at 2.75% Interest Rate Investor Presentation June 2026 www.applieddigital.com 59 / 62
Slide 60: Corporate HQ and Contacts
Corporate HQ Applied Digital Corporation www.applieddigital.com 3811 Turtle Creek Blvd. info@appliedigital.com Suite 2100 Dallas, TX 75219 Investor Relations Contacts Matt Glover and Ralf Esper (949) 574-3860 Gateway Group, Inc. APLD@gateway- grp.com Applied Digital Franchise Product Marketing Relat
Slide 61: Appendix
! Applied Digital
Slide 62: Definitions
Appendix Definitions Management Statements on Non-GAAP Measures This Investor Presentation contains the following financial measures: Net Operating Income (NOI) and NOI Margin (as defined below), each of which is not calculated in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”