Applied Digital Corporation (NASDAQ:APLD) is one of the best-performing mid-cap tech stocks in the last three years. On October 1, 2025, Roth Capital Partners maintained its Buy rating on Applied Digital and raised the price target to $43 from $24; the note also pointed to the potential for another HPC colocation agreement at the company’s 280-MW Harwood, North Dakota site by the end of 2025 or into early 2026.
The Harwood “Polaris Forge 2” AI campus is slated to begin initial operations in 2026 and reach full capacity in early 2027, according to the company’s August announcements.
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Meanwhile, Applied Digital signed two 15-year leases with CoreWeave for 250 MW at its Ellendale, North Dakota campus, a deal the company expects to generate roughly $7 billion over the term.
Based in Dallas, Texas, Applied Digital Corporation (NASDAQ:APLD) designs, builds, and operates next-generation digital infrastructure and HPC data centers supporting AI and high-performance computing workloads.
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