Applied Digital (NASDAQ: APLD) appears on Leopold Aschenbrenner's Situational Awareness list, ranking #3, according to Insider Monkey and a Yahoo Finance republish. Per Insider Monkey, Applied Digital signed a 15-year lease for Polaris Forge 3 with a US hyperscaler worth $7.5 billion in base contracted revenue and announced Delta Forge 2, a 210 MW campus under a 15-year lease worth $5.2 billion in base revenue. Insider Monkey reports all five campuses now represent $36 billion in contracted base-term revenue, rising to $86 billion with renewal options, and that roughly 70% of that revenue is backed by investment-grade hyperscalers. Insider Monkey also notes the stock trades at 7x forward 2029 EV/sales versus 9.35x and 9.53x for Equinix and Digital Realty, respectively. Editorial analysis: Companies with long-term hyperscaler leases often gain predictable revenue profiles, which changes how practitioners model infra-capex exposure and counterparty risk.
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