Marathon Money Podcast - Roll With Marathon Money and Win the Stock Market Race · Marathon Money Podcast - Roll With Marathon Money and Win the Stock Market Race

NASDAQ: APLD Applied Digital: A Staircase to Profitability

·28 min·1 clip

Applied Digital now has 700 megawatts under construction and four gigawatts in active development.

1. Marathon Money Podcast focuses on Applied Digital, Wes’s company, and the topic is the move from market excitement to operating results. 2. Kenny Coins hosts the conversation, and Wes explains Applied Digital’s campus buildout and financing plan. 3. The episode asks what Applied Digital is building toward after the CoreWeave contract and March’s earlier update. 4. Wes says the company started building its AI factory campus in 2023 and worked through hypercaler negotiations before landing CoreWeave. 5. He says the CoreWeave agreement expanded from two buildings to three buildings and represents approximately $11 billion in contracted revenue over 15 years. 6. Wes says the company is also building Ellendale and Harwood in North Dakota, with a total of 700 megawatts under construction. 7. He says one 100-megawatt building is scheduled to go live on the 24th and be fully live by the end of the year. 8. He says the second Ellendale building is expected in the first half of calendar 2026 and the third in early 2027. 9. Wes says Harwood is expected to start online in mid-2026 and be fully online by mid-2027. 10. He says Applied Digital has four gigawatts under active development and is negotiating with an investment-grade hyperscaler. 11. Wes says the company’s goal is $1 billion of net operating income, and he says it is already over $500 million of contracted NOI. 12. He says the business will not grow linearly because revenue arrives in stair steps when buildings turn on. 13. Wes says the build time has been reduced from 24 months to 12 to 14 months by lowering SKUs and suppliers. 14. He says the company has qualified its design with four hyperscalers and is becoming a trusted partner in the ecosystem. 15. Wes says Macquarie’s $5 billion commitment is equity capital at the facility level and could unlock $20 billion to $25 billion of capital. 16. He says the financing structure is meant to stop Applied Digital from selling stock to fund construction. 17. The tone is technical and deal-focused, with Kenny pressing for concrete timelines and Wes answering with numbers. 18. The format is a founder update mixed with valuation framing, construction planning, and financing detail. 19. Best for investors tracking AI data-center capacity and capital structures. 20. Probably skip if you want consumer-tech chatter or soft interviews.

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