Applied Digital designs, develops, and operates next-generation data center infrastructure across North America serving the high-performance computing and artificial intelligence industries. The company operates two primary business segments: data center hosting for crypto mining customers through custom-designed facilities measured by power requirements, and HPC data center hosting for specialized applications including AI workloads, with substantial capacity buildouts underway. The company generates revenue through long-term lease agreements with customers, competing against larger established data center providers and specialized crypto hosting operators while pursuing expansion driven by growing demand for high-density computing infrastructure and renewable energy-focused sustainability solutions.