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Applied Digital’s Massive $36 Billion Backlog Could Signal Huge Upside

Written by: Rick Orford

Edited by: Mike Reyes

Last Updated August 5, 2026

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Applied Digital (NASDAQ:APLD) has secured about $36 billion in contracted revenue while carrying a market value of roughly $7 billion. As Polaris Forge and additional AI campuses come online, the resulting revenue ramp could expose a remarkable disconnect between the company’s current size and its contracted future.

Stock prices used were the market prices of July 23, 2026. The video was published on August 3, 2026. On the date of publication, Rick Orford did not have (either directly or indirectly) positions in any of the securities mentioned in this video.

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