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.
|Campus|MW leased\[unleased\]|Tenant|Total contracted (\~15yr)|Annual revenue|Quarterly revenue|
|:-|:-|:-|:-|:-|:-|
|leased / contracted|
|Polaris Forge 1Ellendale, ND|400 MW|CoreWeave|\~$11.0B|\~$733M|\~$183M|
|Polaris Forge 2Harwood, ND|200 MW\[100 MW\]|Inv-grade hyperscaler|\~$5.0B\[\~$2.5B\]|\~$333M\[\~$167M\]|\~$83M\[\~$42M\]|
|Delta Forge 1430 MW campus|300 MW\[130 MW\]|Inv-grade hyperscaler #2|\~$7.5B\[\~$3.25B\]|\~$500M\[\~$217M\]|\~$125M\[\~$54M\]|
|Polaris Forge 3|300 MW|Inv-grade hyperscaler|\~$8.0B|\~$533M|\~$133M|
|Delta Forge 2Southern state|210 MW|Inv-grade hyperscaler|\~$5.2B|\~$347M|\~$87M|
|\+ confirmed pipeline (under construction / in negotiation, not yet leased)|
|PF2 remaining|\[100 MW\]|—|\[\~$2.5B est.\]|\[\~$167M est.\]|\[\~$42M est.\]|
|DF1 remaining|\[130 MW\]|—|\[\~$3.25B est.\]|\[\~$217M est.\]|\[\~$54M est.\]|
|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|