Applied Digital Corporation · NASDAQ:APLD
Applied Digital — Investor Presentation (April 2026)
46 slides from Applied Digital's investor presentation, April 2026
Slide 1: Investor Presentation
APPLIED DIGITAL Investor Presentation APRIL 2026
Slide 2: Disclaimer and Forward-Looking Statements
This presentation has been designed to provide general information about Applied Digital Corporation (“Applied Digital” or th e “Company”). Any information contained or referenced herein issuitable only as an introduction to the Company. The information contained in this presentation is for inform
Slide 3: Table of Contents
01 — Company Overview 02 — Artificial intelligence Data Centers TABLE OF 03 — Polaris Forge 1 04 — Polaris Forge 2 CONTENTS 05 — Delta Forge 1 06 — Blockchain Data Centers 07 — Macquarie Transaction + Convertible Bond 08 — Appendix Investor Presentation 2026 3 / 46 AppliedDigital.com
Slide 4: Applied Digital
APPLIED DIGITAL 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 blo
Slide 5: Executive Leadership
Executive Leadership Wes Jason Saidal Laura Cummins Zhang Mohmand Laltrello Chief Executive President & Co Chief Financial Chief Operating Officer & Chairman Founder Officer Officer Chairman and CEO of Applied Digital, which he Applied Digital’s President and co-founder, and a Applied Digital’s Chie
Slide 6: Company Timeline
Company Timeline 2021 - 2022 2023 2024 Blockchain Genesis Strategic Shift - HPC Positioning for Growth Launched 106 MW Blockchain Data Launched Cloud Business, Applied Sold 200 MW Garden City location in Center in Jamestown, ND Digital Cloud Texas (non-core strategic asset) Launched 180 MW Blockchai
Slide 7: Company Timeline
Company Timeline 2025 2026 AI Data Center Expansion AI Data Center Expansion CoreWeave - Signed three 15-year leases with three 5-year U.S. Based High Investment-Grade Hyperscaler - Signed two options for 3 buildings at Polaris Forge 1, utilizing 400 MW of IT 15-year leases with three 5-year options
Slide 8: Business Overview
Business Overview Artificial Intelligence Data Centers Blockchain Data Centers Customers: Customers: Hyperscale organizations requiring high-capacity data centers to meet the Bitcoin miners – largest customer Marathon Digital, power needs of AI and GPU driven applications Stock Symbol MARA Key Segme
Slide 9: Artificial Intelligence
02 FICIAL INTELLIGENCE ARTIFICIAL INTELLIGENCE Rising Power Demand from AI and the Impact on Data Centers Investor Presentation 2026 9 / 46 AppliedDigital.com
Slide 10: ChatGPT Usage Surprises
Chatgpt Usage Surprises Hyperscalers, Data Centers, And Utilities ChatGPT Surpassed 1 Billion Monthly Visits by 2023(1) AI Queries Require 15x the Electricity of Traditional Queries (2) Google Request: 0.3 watt-hours vs ChatGPT request: 3.5. watt-hours (1) DemandSage, ChatGPT Statis tics (2025) (2)
Slide 11: Compute Curve is Steepening
Compute Curve is Steeping due to heavier workloads SINGLE-SHOT 1X COMPUTE MULTIPLE VS. BASELINE(3) CHATBOT Compute needsby task vs single shot chatbots IMAGE ~10X GENERATION REASONING (CHAIN-OF-THOUGHT) ~100X VIDEO GENERATION ~3,000X (10 SECONDS) DEEP ~1,000,000X+ RESEARCH 1X 10X 100X 1,000X 10,000X
Slide 12: GPUs Demand More Power
GPU’s Demand More Power RELEASE POWER CHIPS YEAR PER RACK(4) EST.TDP CPU (10-20 kW per Rack) NA 10-20 kW 300 W **Less than 10% A100/A800 (Ampere) 2020 / 2022 14.4 kW 350 W of facilities can H100 /200 (Hopper) 2023/2024 50 kW 1,000 W support 50KW GB200/GB300 (Blackwell) 2024/2025 130 kW 1,200 W densi
Slide 13: Construction is Exploding
Construction is Exploding AI Infrastructure Demand Is Reshaping Global Construction Markets D a t a C en t er Co ns tru ct ion D a t a C en t er Co n st ru ct io n Soon Sp e nd i n g Has T ripl ed Since t o Su rpass G eneral O ff ice 2022 (6) Construction(7) 50 80000 45 70000 40 60000 35 30 50000 Va
Slide 14: Hyperscalers Capex
Hyperscalers Capex Estimates >$700B in 2027 (8) 2027 2026 CAPEX 2025 TOTAL 2024 2023 AMAZON ALPHABET META MICROSOFT ORACLE COREWEAVE 0 100 200 300 400 500 600 700 800 900 2027 ($B) 2026 ($B) 2025 ($B) 2024 ($B) 2023 ($B) (8) "Approximate calendar-year basis . Base d on company guidance + analyst con
Slide 15: AI CapEx Is Outpacing a Century of U.S. Infrastructure
AI CapEx Is Outpacing a Century of U.S. Infrastructure 2000 1800 1600 1400 1200 1000 800 600 400 200 0 1930s Public Manhattan Electricity Apollo Project Interstate Broadband Total Largest 2023 2024 2025 2026 2027 Total AI CapEx Works Project (1944) Expansion (1964) Highway Capex (2000) Infrastructur
Slide 16: Power Availability
Power Availability Constraining AI Data Center Market and AI Rollout • Global demand for data center capacity is projected to triple by 2030(10) • Boston Consulting Group estimate that the U.S. data center power shortage could exceed 45 GW is projected by 2030(10) • The U.S. Department of Energy (DO
Slide 17: From Population to Power
From Population to Power Hyperscalers Pivot Inland in Search for Power APPLIED AI FACTORIES Region *Critical IT Load PF2 PF1- Polaris Forge 1 - CoreWeave PF1 Ellendale, North Dakota • 400 MW Contracted 400 MW • 100 MW Energized • 300 MW Under Construction PF2- Polaris Forge 2 – Investment Grade Hype
Slide 18: Power & Site Pipeline
Power & Site Pipeline I. TOTAL OF CURRENT SITES (1 GW *CRITICAL IT) Operating Capacity Polaris Forge 1 – Building 1: 100 MW (100 MW Critical IT) Polaris Forge 1: 300 MW Under Construction PF1 Polaris Forge 2: 300 MW (900 MW Critical IT) Delta Forge 1: 300 MW Contracted In-Negotiation: 100 MW (900 MW
Slide 19: Supply Chain
Supply Chain Applied Secured hundreds of MW of Supply Chain before the Market Tightened DC Equipment Lead Time (14) 20 1 9 20 2 3 2 0 2 5/ 2 6 24-40 WEEKS GENERATORS 40-64 WEEKS 72-96 WEEKS 24-40 WEEKS UPS 64-80 WEEKS 45-50 WEEKS 12-20 WEEKS SWITCHGEAR 32-48 WEEKS 52-78 WEEKS 8-12 WEEKS PDUS 32-40 W
Slide 20: North Dakota Strategic Advantages
North Dakota Strategic Advantages 1 Abundant Energy 2 Low Build and Operation Cost 3 Favorable Climate North Dakota offers some of the North Dakota’s cold weather results North Dakota generated 50% more lowest electricity costs, about 24% in over 200 days a year of free electricity than it used in 2
Slide 21: Structural Advantage
Structural Advantage Applied’s locations offer lower labor competition while still benefiting from the presence of major hyperscalers KEY • PLANNED • OPERATING (18) https ://cle anview.co/public/data-ce nters/us Investor Presentation 2026 21/ 46 AppliedDigital.com
Slide 22: Structural Advantage
Structural Advantage APLD operates within MISO, one of the nation’s most reliable and lowest-cost power markets Midcontinent Independent System Operator (MISO) Pricing Map (19) Transmission Planning and Development Regional Report Card(20) PF2 PF1 DF1 Note: This s naps hot highlights pricing at a mo
Slide 23: Robust Connectivity
Robust Connectivity Fiber networks are critical for AI Data Centers performance These extensive fiber netwo rks pass through our regio ns Investor Presentation 2026 23/ 46 AppliedDigital.com
Slide 24: Polaris Forge 1
ARIS FORGE 1 03 POLARIS FORGE 1 400 MW AI CAMPUS OVERVIEW Investor Presentation 2026 24/ 46 AppliedDigital.com
Slide 25: PF1 CoreWeave Related Leases
PF1 COREWEAVE RELATED LEASES 400 MW ~$11B Contracted Revenue for Contracted Critical IT Load 400 MW Base Term(22) PF 1 B UI L D IN G 1 - 1 00 M W ✓ Calendar – 2H 2025 (21) PF 1 B UI L D IN G 2 – 1 5 0 M W o Calendar – 2H 2026 (21) PF1 – 1 88%+/- 3% Expected Site NOI Margins (23) PF 1 B UI L D IN G 3
Slide 26: PF1 Building 1 – 100 MW
PF1 BUILDING 1 – 100 MW Our advantage comes from access to megawatts of affordable energy and a team capable of rapidly building high-quality data centers. Investor Presentation 2026 26/ 46 AppliedDigital.com
Slide 27: PF1 Building 2 – 150 MW
PF1 BUILDING 2 – 150 MW Our advantage comes from access to megawatts of affordable energy and a team capable of rapidly building high-quality data centers. Investor Presentation 2026 27/ 46 AppliedDigital.com
Slide 28: PF1 Building 3 – 150 MW
PF1 BUILDING 3 – 150 MW Our advantage comes from access to megawatts of affordable energy and a team capable of rapidly building high-quality data centers. Investor Presentation 2026 28/ 46 AppliedDigital.com
Slide 29: PF1 CoreWeave Related Leases
PF1 COREWEAVE RELATED LEASES Polaris Forge 1 – CoreWeave - Secured 3 leases for a (25) combined 400 MWs — unlocking ~$11B in anticipated aggregated contract value over a 15-year horizon. This marks a transformative milestone in our AI data center strategy. Estimated 2025 Cloud Market Revenue vs. NVI
Slide 30: Polaris Forge 2
ARIS FORGE 2 04 POLARIS FORGE 2 200 MW AI CAMPUS OVERVIEW Investor Presentation 2026 30/ 46 AppliedDigital.com
Slide 31: PF2 Investment-Grade Hyperscaler Leases
PF2 INVESTMENT-GRADE HYPERSCALER LEASES Secured 2 leases for a combined 200 MW at Polaris Forge 2 Unlocking ~$5B in anticipated aggregated contract value over a ~15-year horizon 200 MW ~$5B Contracted Revenue for Contracted Critical IT Load 400 MW Base Term(22) PF2 – 2 2H26-1H27 86%+/- 3% Expected D
Slide 32: PF2 Building 1 – 150 MW
PF2 BUILDING 1 – 150 MW Our advantage comes from access to megawatts of affordable energy and a team capable of rapidly building high-quality data centers. Investor Presentation 2026 32/ 46 AppliedDigital.com
Slide 33: PF2 Building 2 – 150 MW
PF2 BUILDING 2 – 150 MW Our advantage comes from access to megawatts of affordable energy and a team capable of rapidly building high-quality data centers. Investor Presentation 2026 33/ 46 AppliedDigital.com
Slide 34: Delta Forge 1
A FORGE 1 03 DELTA FORGE 1 300 MW AI CAMPUS OVERVIEW Investor Presentation 2026 34/ 46 AppliedDigital.com
Slide 35: DF1 High Investment-Grade Hyperscaler Leases
DF1 HIGH INVESTMENT-GRADE HYPERSCALER LEASES Secured 2 leases for a combined for a combined 300 MW at Delta Forge 1 Unlocking ~$7.5B in anticipated aggregated contract value over a ~15-year horizon 300 MW ~$7.5B Contracted Revenue for Contracted Critical IT Load 300 MW Base Term(22) 1H27-1H28 85%+/-
Slide 36: Blockchain Operations Overview
CKCHAIN 03 BLOCKCHAIN OPERATIONS OVERVIEW Investor Presentation 2026 36/ 46 AppliedDigital.com
Slide 37: Blockchain Footprint
Blockchain Footprint Applied Digital operates two data centers with a combined capacity of ~286 MW, providing energized space for blockchain mining customers N O R T H D A KO TA E L N0 1 ~106 MW Jamestown ~180 MW Ellendale The company focuses solely on infrastructure and supporting services, without
Slide 38: Macquarie Overview
QUARIE 03 MACQUARIE OVERVIEW Investor Presentation 2026 38/ 46 AppliedDigital.com
Slide 39: Transaction Overview
Transaction Overview Macquarie, #1 Infrastructure Investment Manager(25), has agreed to collaborate with Applied Digital, potentially committing up to $5B in capital, which could unlock $25B for Data Centers. “Applied Digital has a differentiated strategy with access to a unique near- term power por
Slide 40: Transaction Overview
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 APLD, whic
Slide 41: Transaction Overview
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 **This model
Slide 42: Transaction Overview
Transaction Overview MACQUARIE ASSET MANAGEMENT (MAM) TRANSACTION FOR POLARIS FORGE 1 / COREWEAVE CAMPUS: Ownership Structure: At closing, Macquarie will receive a 7.5% common equity interest in APLD HPC TopCo 2 LLC, a subsidiary of APLD, which will ho ld the data centers MAM helps finance. Addition
Slide 43: Transaction Overview
Transaction Overview SUMMARY OF THE MACQUARIE TRANSACTION CAPITALIZATION TABLE: ◼ APLD HPC TopCo 2 LLC (“APLDT”) , an indirect wholly-owned subsidiary of Applied Digital Issuer ◼ At least $225 million funded at Closing (availability of up to $2.25 million per 1MW capacity under lease) Initial Fundin
Slide 44: Convertible Bond Overview
Convertible Bond Overview ISSUED $450M IN CONVERTIBLE NOTES AT 2.75% INTEREST RATE Investor Presentation 2026 44/ 46 AppliedDigital.com
Slide 45: Investor Relations Contacts
Corporate HQ Find out more about us at Investor Relations Contacts Applied Digital Corporation www.applieddigital.com Matt Glover and Ralf Esper 3811 Turtle Creek Blvd. Gateway Group, Inc. Suite 2100 For inquiries, contact (949) 574-3860 Dallas, TX 75219 info@appliddigital.com APLD@gateway-grp.com
Slide 46: Appendix: Management Statements on Non-GAAP Measures
Appendix Management Statements on Non-GAAP Measures This Investor Presentation contains the following financial measures: Net Operating Income (NOI) and NOI Margin (as defined below), Non-GAAP each of whichFinancial Measures in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).