Just got off with Wes Cummins, Chairman and CEO of Applied Digital.
Here’s what we talked about.
$16 billion in contracted revenue across their campuses. Not a projection. Not a hope. Signed. Long-term leases with investment-grade hyperscalers anchoring facilities that are being built right now in North Dakota and beyond.
250% revenue growth year over year last quarter. The numbers are moving in the right direction and the pipeline behind them is massive.
They didn’t wait on utilities for power. They built their own. Base Electron — a $2.4 billion, 1.2 gigawatt power generation facility — puts Applied Digital in control of the one resource every AI data center in America is fighting over right now. That’s not a small decision. That’s a decade-long competitive advantage.
Polaris Forge 1 is online. Polaris Forge 2 is under construction. Delta Forge 1 just broke ground. Three campuses. Simultaneously. Most companies wouldn’t attempt one.
The Macquarie partnership provides up to $5 billion in infrastructure funding without diluting shareholders. That’s creative capital structure at a level you rarely see from a company this size.
And Wes is thinking 10 years out. Not next quarter. Not next year. The infrastructure being built today is what the AI economy runs on tomorrow.
Full interview up now on YouTube and everywhere you listen to Marathon Money.
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