Applied Digital posts $341.9 million quarter and targets up to 4GW by 2030

Applied Digital just reported a quarter that would make most growth investors reach for a second coffee. Revenue for fiscal Q1 2027 came in at $341.9 million, up 322% from $80.9 million a year earlier. The company, which trades under the ticker APLD, released the results on October 7, 2026. The number that may matter more than revenue is the backlog: approximately $36 billion in contracted base-term revenue, with management now targeting an operating portfolio of 3.5 to 4 GW by the end of calendar 2030. The quarter, by the numbers Nearly all of the growth came from one place. High-performance computing hosting, the segment that houses AI workloads for large customers, generated $262.6 million of the quarter’s total. The backlog is where things get large. The approximately $36 billion figure is tied to 1.41 GW of leased critical IT load spread across five data center campuses. Critical IT load is the power actually available to run servers, not the total electricity a site pulls. Think of it as the usable floor space in a building, rather than the full square footage including hallways and stairwells. Management also flagged that the contracted figure could rise to $86 billion if cu...