Applied Digital Corp (NASDAQ: APLD) has posted fiscal fourth quarter 2026 revenue of $258.7 million, a staggering 407% increase year over year, blowing past analyst estimates of $94.8 million. The company’s full-year revenue climbed 167% to $611.3 million, confirming that its pivot from crypto-mining and data center hosting to AI infrastructure is generating real financial results. Across five AI factory campuses, the company now holds approximately 1.4 gigawatts in contracted critical IT capacity and $36 billion in contracted base-term lease revenues, providing significant long-term revenue visibility. That contracted revenue base is a key differentiator, giving Applied Digital greater forward visibility than a typical data center developer and underpinning investor confidence in its long-term growth trajectory. Applied Digital faces stiff competition from rivals with stronger balance sheets, including TeraWulf Inc. (NASDAQ: WULF), which is also expanding aggressively into AI and high-performance computing opportunities.