Applied Digital Corporation (NASDAQ: APLD), the Dallas-based digital infrastructure company, has secured another major lease agreement with a U.S.-based investment-grade hyperscale customer, drawing fresh analyst attention.
Craig-Hallum raised its price target on Applied Digital to $79 from $75 on June 9, while maintaining a Buy rating following the company’s latest lease announcement.
The firm stated that it continues to be impressed by Applied Digital’s ability to generate recurring demand for its infrastructure assets across successive contract cycles.
Craig-Hallum noted that the company has now secured five large leases, accumulating approximately 1.4 gigawatts of contracted capacity across its data center portfolio.
The firm believes the latest agreement further validates management’s strategy of developing high-capacity data center infrastructure tailored to hyperscale customers in artificial intelligence and cloud computing markets.
Lake Street also moved on June 9, raising its price target on Applied Digital to $90 from $70 while reiterating a Buy rating on the shares.
According to Lake Street, the company’s third contract with a U.S.-based hyperscaler is expected to contribute approximately $5.2 billion in revenue to its overall project pipeline.
That addition lifts Applied Digital’s total contracted revenue to roughly $36 billion, representing approximately $2.4 billion in annualized revenue across its infrastructure agreements.
Lake Street noted that this marks the fifth significant lease secured within less than a year, following closely behind the Polaris Forge 3 agreement announced in May.
The firm characterized the pace of contract activity as strong evidence of accelerating commercial momentum and growing demand for Applied Digital’s infrastructure platform.
Applied Digital was founded in 2021 and designs, develops, and operates next-generation data centers and high-performance computing facilities supporting artificial intelligence, cloud computing, and blockchain applications.
With a market capitalization of $13.31 billion, the company has quickly established itself as a significant player in the U.S. digital infrastructure buildout supporting AI workloads.
The back-to-back analyst upgrades and the rapid succession of large-scale leases signal that institutional confidence in Applied Digital’s commercial model continues to build heading into the second half of 2026.
