Applied Digital Corporation · NASDAQ:APLD
Applied Digital — Investor Presentation (October 2025)
37 slides from Applied Digital's investor presentation, Oct 22, 2025
Slide 1: Investor Presentation Applied Digital October 2025
INVESTOR PRESENTATION APPLIED DIGITAL OCTOBER 2025
Slide 2: Disclaimer and Forward-Looking Statements
Investor Presentation— 2025 AppliedDigital.com 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 informatio
Slide 3: Table of Contents
TABLE OF CONTENTS AppliedDigital.com 01 — Company Overview 02 — Artificial intelligence Data Centers 03 — Polaris Forge 1 04 — Polaris Forge 2 05 — Blockchain Data Centers 06 — Macquarie Transaction 08 — Appendix Investor Presentation— 2025 3 / 37
Slide 4: Polaris Forge 1, Ellendale and Polaris Forge 2, Harwood
POLARIS FORGE 1, ELLENDALE Applied Digital’s flagship AI Factory campus. The 400 MW campus is purpose-built to support the most demanding GPU clusters. • Building 1 (100 MW) - Expected Deliver Date 2025 • Building 2 (150 MW) - Expected Deliver Date 2026 • Building 3 (150 MW) - Expected Deliver Date
Slide 5: Executive Leadership
AppliedDigital.com Executive Leadership Investor Presentation— 2025 WES CUMMINS CEO & CHAIRMAN JASON ZHANG CSO & Co Founder Applied Digital’s co-founder and Chief Strategy Officer, and a seasoned tech investor (Harvard BA). He founded Valuefinder and previously invested at Sequoia Capital and MSD Ca
Slide 6: Genesis of Company
AppliedDigital.comInvestor Presentation— 2025 GENESIS OF COMPANY BLOCKCHAIN DATA CENTERS STRATEGIC SHIFT TO HPC POSITIONING FOR GROWTH AI DATA CENTER EXPANSION Launched 106 MW Blockchain Data Center in Jamestown, ND Launched 180 MW Blockchain Data Center in Ellendale, ND Launched 200 MW Blockchain D
Slide 7: Business Overview
AppliedDigital.com Business Overview Investor Presentation— 2025 B U IL D IN G T H E N EX T G E N ERAT ION OF DATA C E N TE RS ARTIFICIAL INTELLIGENCE DATA CENTERS BLOCKCHAIN DATA CENTERS CUSTOMERS KEY SEGMENT STAT Hyperscale organizations requiring high-capacity data centers to meet the power needs
Slide 8: Artificial Intelligence: Rising Power Demand from AI
ARTIFICIAL INTELLIGENCE AppliedDigital.com Rising Power Demand from AI and the Impact on Data Centers Investor Presentation— 2025 02 8 / 37
Slide 9: ChatGPT Usage Surprises Hyperscalers, Data Centers, and Utilities
AppliedDigital.com CHATGPT USAGE SURPRISES HYPERSCALERS, DATA CENTERS, AND UTILITIES Investor Presentation— 2025 Google Request: 0.3 watt-hours vs ChatGPT request: 3.5. watt-hours AI Queries Require 15x the Electricity of Traditional Queries (4) ChatGPT Surpassed 1 Billion Monthly Visits by 2023(3)
Slide 10: Compute Curve Is Steepening Due to Heavier Workloads
AppliedDigital.comInvestor Presentation— 2025 COMPUTE CURVE IS STEEPING DUE TO HEAVIER WORKLOADS COMPUTE MULTIPLE VS. BASELINE Compute needs by task vs single shot chatbots SINGLE-SHOT CHATBOT IMAGE GENERATION REASONING (CHAIN-OF-THOUGHT) VIDEO GENERATION (10 SECONDS) DEEP RESEARCH 1X 10X 100X 1,000
Slide 11: Next-Gen GPUs Demand More Power
AppliedDigital.com NEXT-GEN GPU’S DEMAND MORE POWER Investor Presentation— 2025 (5) Demand Jefferie s – presentation – AI to D rive Increasing Demand for D ata Centers & Power (6) Spear Investments & company re ports CPU (10-20 kW per Rack) NA 10-20 kW 300 W A100/A800 2020 / 2022 14.4 kW 300 W H100/
Slide 12: Hyperscalers Projecting >$350B in Capital Expenditures
AppliedDigital.com HYPERSCALERS PROJECTING >$350B IN CAPITAL EXPENDITURES Investor Presentation— 2025 (7) Company e arning reports CAPEX GUIDANCE FOR 2025(7) $ 1 0 5 B I L L I O N $ 8 0 B I L L I O N $ 7 5 B I L L I O N $ 7 2 B I L L I O N $ 2 1 B I L L I O N $ 2 0 B I L L I O N T B D 12 / 37
Slide 13: Power Availability Constraining Data Center Market and AI Rollout
AppliedDigital.comInvestor Presentation— 2025 (8) Boston Consulting Group’s Janua ry 2 025 report, titled “Breaking Ba rriers to Da ta Cente r Grow th” (9) Risk of pow er outages increase 100 x by 203 0, wa rns D OE POWER AVAILABILITY CONSTRAINING DATA CENTERMARKET AND AI ROLLOUT • Boston Consulting
Slide 14: Construction Is Exploding
AppliedDigital.comInvestor Presentation— 2025 CONSTRUCTION IS EXPLODING • Boston Consulting Group estimate that the U.S. data center power shortage could exceed 45 GW is projected by 2030(8) • The U.S. Department of Energy (DOE) projects the grid will need 100 GW of new capacity by 2030, with ~50 GW
Slide 15: AI Factories: From Population to Power
AppliedDigital.com Title AI FACTORIES FROM POPULATION TO POWER Investor Presentation— 2025 Hyperscalers Pivot Inland • Traditional Data Centers • Hyperscale Data Centers • Applied Digital Data Centers POLARIS FORGE 1 ELLENDALE, NORTH DAKOTA 400 MW POLARIS FORGE 2 HARWOOD, NORTH DAKOTA *200 MW under
Slide 16: Energy Snapshot
AppliedDigital.com ENERGY SNAPSHOT Investor Presentation— 2025 700 MW Critical IT Load Sites Under Construction ▪ Polaris Forge I – 400 MW ▪ Polaris Forge II – 200 MW Contracted: 600 MW Critical IT Load In-Negotiation: 100 MW Critical IT Load (TBD) Under Construction Extended Pipeline >5 GW Utility
Slide 17: North Dakota Strategic Advantages
AppliedDigital.com NORTH DAKOTA STRATEGIC ADVANTAGES (12) U.S. Energy Information Administration (E IA), Electricity D ata – North D akota (ww w.eia .gov/electricity/state/northdakota) (13) North Da kota Commerce D epartment & Ele ctricity Local(ww w.commerce.nd.gov & electricitylocal.com) (14) Appl
Slide 18: North Dakota Competitive Energy Landscape
AppliedDigital.com NORTH DAKOTA COMPETITIVE ENERGY LANDSCAPE Investor Presentation— 2025 Note: This snapshot highlights pricing a t a mome nt in time—rates va ry base d on market conditions (15) Midcontinent Independent Syste m Ope rator (MISO), LMP Contour Map (api.misoenergy.org/MISORTWD /lmpconto
Slide 19: North Dakota Connectivity
AppliedDigital.com NORTH DAKOTA CONNECTIVITY Investor Presentation— 2025 Fibe r networks are cr itica l for AI Data Centers perform ance These extensive fiber networks pass through North Dakota 19 / 37
Slide 20: Polaris Forge AI Campus Overview
POLARIS FORGE 1 03 AppliedDigital.com 400 MW AI CAMPUS OVERVIEW Investor Presentation— 2025 20 / 37
Slide 21: PF1 Campus Layout
AppliedDigital.com PF1 CAMPUS LAYOUT PF1 BUILDING 1 - 100 MW PF1 BUILDING 2 – 150 MW PF1 BUILDING 3 – 150 MW D ESIG N PUE : ~1.15 ANNUAL AVERAGE CO O LING : CLOSED LOOP LIQUID COOLING o Calendar – 2H 2025 o Calendar – 2H 2026 o Calendar – 1H 2027 Expected Delivery Investor Presentation— 2025 21 / 37
Slide 22: PF1 Building (100 MW IT Load)
AppliedDigital.com PF1 BUILDING 1 (100 MW IT LOAD) Our advantage comes from access to megawatts of affordable energy and a team capable of rapidly building high-quality data centers. Investor Presentation— 2025 22 / 37
Slide 23: PF1 Building Construction
AppliedDigital.com PF1 BUILDING 1 CONSTRUCTION Investor Presentation— 2025 23 / 37
Slide 24: PF1 Building (150 MW IT Load)
AppliedDigital.com PF1 BUILDING 2 (150 MW IT LOAD) Polaris Forge 1 Rendering Investor Presentation— 2025 24 / 37
Slide 25: PF1 Building (150 MW IT Load)
AppliedDigital.com PF1 BUILDING 2 (150 MW IT LOAD) Investor Presentation— 2025 Polaris Forge 1 Rendering 25 / 37
Slide 26: PF1 Building Construction
AppliedDigital.com PF1 BUILDING 2 CONSTRUCTION Investor Presentation— 2025 26 / 37
Slide 27: PF1 CoreWeave Lease
AppliedDigital.com PF1 COREWEAVE LEASE Polaris Forge 1 – CoreWeave - Secured 3 leases for a 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
Slide 28: PF1 CoreWeave Lease Terms
AppliedDigital.com PF1 COREWEAVE LEASE (17) 400 MW Contracted Critical IT Load 4Q25-1H27 Expected Delivery Dates(19) ~15 Year Base Term With Three 5-Year Options ~$11B Contracted Revenue for 400 MW Base Term(20) 88%+/- 3% Expected Site NOI Margins (21) $11M-$13M Anticipated CapEx Per MW (19) Pre sen
Slide 29: Polaris Forge Lease Overview
POLARIS FORGE 2 04 AppliedDigital.com 200 MW LEASE OVERVIEW Investor Presentation— 2025 29 / 37
Slide 30: PF2 Tenant Leases
AppliedDigital.com PF2 TENANT LEASES Secured 2 leases with a U.S. Based Investment Grade Hyperscaler, for a combined 200 MW at Polaris Forge 2 Unlocking ~$5B in anticipated aggregated contract value over a ~15-year horizon Investor Presentation— 2025 30 / 37
Slide 31: PF2 Tenant Leases Terms
AppliedDigital.com PF2 TENANT LEASES (17) 200 MW Contracted Critical IT Load 2H26-1H27 Expected Delivery Dates(22) ~15 Year Base Term With Two 5-Year Options ~$5B Contracted Revenue for 200 MW Base Term(23) 86%+/- 3% Expected Site NOI Margins (24) (22) Pre sente d on a cale ndar-year basis (23) Cont
Slide 32: Blockchain Operations Overview
BLOCKCHAIN 05 AppliedDigital.com OPERATIONS OVERVIEW Investor Presentation— 2025 32 / 37
Slide 33: Blockchain Footprint
AppliedDigital.com BLOCKCHAIN FOOTPRINT Jamestown Ellendale N ORT H DA KOTA 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 an
Slide 34: Macquarie Transaction
MACQUARIE TRANSACTION 06 AppliedDigital.comInvestor Presentation— 2025 34 / 37
Slide 35: Transaction Overview
35 / 37 AppliedDigital.com + 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. TRANSACTION OVERVIEW Investor Presentation— 2025 (25) Investments & Pensions Europe
Slide 36: Find Out More About Us
Find out more about us at www.applieddigital.com For inquiries, contact info@appliddigital.com Corporate HQ Applied Digital Corporation 3811 Turtle Creek Blvd. Suite 2100 Dallas, TX 75219 Investor Relations Contacts Matt Glover and Ralf Esper Gateway Group, Inc. (949) 574-3860 APLD@gateway-grp.com
Slide 37: Non-GAAP Financial Measures
37 / 37 AppliedDigital.com Non-GAAP Financial 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”). Presen
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