So their business model is basically to sign tenants. Think of them as a landlord for AI infrastructure, they build the building, the hyperscaler moves in and pays rent.
They signed a new lease yesterday, so I did run the numbers again:
Based on signed lease agreements alone, APLD is set to generate **$611M per quarter / $2.45B annually** once all contracted capacity comes online, and that's fully guaranteed.
They're also still leasing out capacity they're actively building right now. Once that's filled too, revenue hits **$749M per quarter / $3B annually**.
For context, they did **$126M in revenue last quarter** meaning signed contracts alone already represent a **4.8× increase (+385%)** from where they are today.
And this only accounts for the **1.7 GW** they're actively developing. Their **total pipeline is 5 GW** so this is just the beginning.
I made an Excel down below:
\*Brackets =\[unleased \](yet)
|Campus|MW leased|Tenant|Total contracted (\~15yr)|Annual revenue|Quarterly revenue|
|:-|:-|:-|:-|:-|:-|
|||||||
|leased / contracted||||||
|Polaris Forge 1|400 MW|CoreWeave|\~$11.0B|\~$733M|\~$183M|
|Ellendale, ND||||||
|Polaris Forge 2|200 MW|Inv-grade hyperscaler|\~$5.0B|\~$333M|\~$83M|
|Harwood, ND|\[100 MW\]|\[\~$2.5B\]|\[\~$167M\]|\[\~$42M\]||
|Delta Forge 1|300 MW|Inv-grade hyperscaler #2|\~$7.5B|\~$500M|\~$125M|
|430 MW campus|\[130 MW\]|\[\~$3.25B\]|\[\~$217M\]|\[\~$54M\]||
|Polaris Forge 3|300 MW|Inv-grade hyperscaler|\~$8.0B|\~$533M|\~$133M|
|Delta Forge 2|210 MW|Inv-grade hyperscaler|\~$5.2B|\~$347M|\~$87M|
|Southern state||||||
|\+ confirmed pipeline (under construction / in negotiation, not yet leased)||||||
|PF2 remaining|\[100 MW\]|In negotiation|\[\~$2.5B est.\]|\[\~$167M est.\]|\[\~$42M est.\]|
|DF1 remaining|\[130 MW\]|In negotiation|\[\~$3.25B est.\]|\[\~$217M est.\]|\[\~$54M est.\]|
|In negotiation|\[100 MW\]| |\[\~$2.5B est.\]|\[\~$167M est.\]|\[\~$42M est.\]|
|Total leased|1,410 MW| |\~$36.7B|\~$2.45B|\~$611M|
|Total unleased (confirmed)|\[330 MW\]| |\[\~$8.25B est.\]|\[\~$550M est.\]|\[\~$138M est.\]|
|Grand total (leased + pipeline)|1,740 MW| |\~$44.95B|\~$3.0B|\~$749M|