News Summary
PositiveApplied Digital delivered a strong Q4 2026 earnings beat with 407% YoY revenue growth and achieved major operational milestones including 175 MW of live capacity at Polaris Forge 1 and a $36.2 billion backlog. The company secured significant new $5.2 billion hyperscaler contracts and raised $1.59 billion in debt financing to fund expansion, with analyst price targets rising to $17.22 amid robust AI infrastructure demand.
Red flags
- •GAAP net loss of $110.6 million in Q4 2026 indicates substantial profitability challenges despite revenue growth
- •Heavy capital expenditure requirements and substantial long-term debt create financial execution risk
- •Stock has surged 101% in the past year, raising valuation concerns and execution-risk exposure
Funds Buying (3)
| Fund | Manager | Shares Held | ∆ Shares | Position Value | % of Fund | QoQ | Status |
|---|---|---|---|---|---|---|---|
| Point72 | Steve Cohen | 24.8M | +24.8M | $99M | 0.2% | +9% | NEW |
| Tiger Global | Chase Coleman | 885K | +885K | $33M | 0.1% | — | NEW |
| Third Point | Dan Loeb | 22K | +22K | $1M | <0.1% | — | NEW |
Shares Held and Position Value reflect total quarter-end holdings. ∆ Shares is the change from the prior quarter. % of Fund is the position's share of the fund's reported equity portfolio — it drives the size weighting in the conviction score.
Portfolio Context
Where APLD ranks in each buying fund's book, and the positions immediately around it. What a holding sits next to often says more about the thesis than the position size does.
position #37 of this fund's book
- 34SPACE EXPLORATION TECHN CORP$64M
- 35WEBULL CORP$44M
- 36ATRENEW INC$38M
- 37APPLIED DIGITAL CORP$33M
- 38CIPHER DIGITAL INC$23M
- 39CORE SCIENTIFIC INC NEW$21M
- 40UBER TECHNOLOGIES INC$11M
position #38 of this fund's book
- 35BAUSCH PLUS LOMB CORP$1M
- 36CORE SCIENTIFIC INC NEW$1M
- 37EROCK INC$1M
- 38APPLIED DIGITAL CORP$1M
- 39LITHIUM ARGENTINA AG$1M
- 40AURORA INNOVATION INC$1M
Values are quarter-end position sizes. Shown only for funds where APLD ranks inside their 40 largest equity positions — below that, neighbouring names carry no signal. Adjacency is an inference about a fund's reasoning, not a disclosure of it.
Insider Activity
| Name | Title | Type | Shares | Price | Value | Filed | Src |
|---|---|---|---|---|---|---|---|
| Nottenburg Richard N | — | SELL | 75K | $31.15 | $2.34M | 2026-08-04 | ↗ |
Beneficial Ownership (13D/13G)
| Filer | Form | Shares | % of Class | Filed | Src |
|---|---|---|---|---|---|
| Vanguard Portfolio Management | SC 13G/A | 13.8M | 4.8% | 2026-07-31 | ↗ |
| BlackRock, Inc. | SC 13G/A | 12.2M | 4.3% | 2026-07-27 | ↗ |
| Wesley Cummins | SC 13D/A | 22.0M | 7.6% | 2026-07-08 | ↗ |
| JANE STREET GROUP, LLC | SC 13G/A | 20.9M | 7.1% | 2026-05-12 | ↗ |
| Vanguard Portfolio Management | SC 13G | 15.0M | 5.4% | 2026-04-28 | ↗ |
SC 13D = active intent to influence control (10-day filing deadline after crossing 5%). SC 13G = passive accumulation, no intent to influence control.