Applied Digital (APLD) has shown significant revenue growth, particularly in its High-Performance Computing (HPC) segment, with a 223% year-over-year increase. This growth is primarily driven by turnkey fit-out services and new campus developments, including Polaris Forge 1 and the upcoming Polaris Forge 2 and Delta Forge 1. The company has secured substantial capital, over $2 billion in notes and a $562 million loan draw, with no immediate dilution. Despite a high P/S ratio and stretched valuation, analysts maintain a positive outlook. Key risks include potential regulatory changes impacting data centers and occupancy demand fluctuations due to increasing competition. The company anticipates reaching its $1 billion NOI target within five years, with inflection points expected around mid-2027 and an increasing focus on AI infrastructure driving future growth.