Applied Digital revenue quadruples as AI data center demand reshapes former crypto miner

Applied Digital just posted the kind of revenue growth that makes Wall Street analysts do a double take. The company reported fiscal Q4 2026 revenue of $258.7 million, a 407% increase compared to the same quarter last year. Full-year revenue hit $611.3 million, up 167% from the prior fiscal year. From mining rigs to AI factories Applied Digital’s origin story is rooted in cryptocurrency mining infrastructure. The company now calls its AI-focused facilities “AI Factories.” These purpose-built data centers are designed to handle high-performance computing workloads, the kind that power large language models and other AI applications. Applied Digital’s Data Center Hosting segment, which serves crypto mining clients, still generated $37.3 million in Q4 from 286 megawatts of operational capacity in North Dakota. The contract pipeline is staggering Applied Digital has locked in approximately $20 billion in new multi-year leases with a single investment-grade hyperscaler across 810 megawatts of capacity. The company’s total contracted critical IT load now stands at 1.4 gigawatts. The company reports approximately $36 billion in 15-year base-term revenue across its pipeline. Factor in pote...