Applied Digital’s leases lack a site-level cash bridge

CoreWeave signed for capacity before the record showed rent from each phase

Applied Digital enters the report scheduled for 2026-10-08 with a landlord’s problem: a signed lease names a buyer, but it does not date the cash receipts against the construction bill. The report remains scheduled, not filed.

Applied Digital’s first-quarter filing describes CoreWeave leases signed in June 2025 covering 250 megawatts at Ellendale. Its later annual filing records a lease with an unnamed hyperscaler for another campus. Neither filing allocates collected rent and construction cash to the same phase. The supplied record does not establish an October 2025 ready-for-service date for the first 50 megawatts, so that date is not a cash-flow marker here.

That distinction matters because Applied Digital is the building-and-power side of CoreWeave’s compute business. The broader AI capex cycle supplies context, not a receipt schedule. Microsoft’s spending does not establish when an Applied Digital tenant begins paying rent.

Annual spending ran ahead of operating cash

Applied Digital’s FY2026 10-K is the check on the annual periods. It records $2.9 billion of capital expenditure for FY2026, against $681.6 million for FY2025. It records $89.7 million of operating cash flow for FY2026, compared with negative $115.4 million for FY2025. Operating cash improved; it did not cover the recorded construction outlay. These are company-wide amounts, not an Ellendale build-cost or rent ledger.

A supplied companyfacts extract labels that annual pair FY2025 and FY2024 instead—one fiscal year earlier than the 10-K comparison. This desk does not splice those period labels together.

The FY2026 first-quarter 10-Q supplies a shorter-period check. Applied Digital recorded $249.4 million of capex for the quarter ended 2025-08-31, up 355% from the year-earlier fiscal first quarter. That percentage implies roughly $54.8 million of capex in the prior-year quarter, derived by dividing $249.4 million by 4.55. The first-quarter cash-flow statement starts at the fiscal-year opening. Later 10-Q cash-flow statements run from that same opening; treating their cumulative figures as standalone quarters would manufacture a spending rate.

Revenue rose, but the filings do not assign the rise to a leased phase

Reuters reported that Applied Digital’s fiscal 2025 third-quarter revenue of $53 million fell below a $63 million estimate as existing clients delayed lease renewals. Applied Digital’s FY2026 third-quarter 10-Q later recorded $126.6 million of revenue, against Reuters’ rounded $53 million figure for the year-earlier quarter. Its FY2026 fourth-quarter 10-K row put revenue at $258.7 million, versus $126.6 million in the preceding quarter.

Applied Digital has therefore reported a larger revenue line alongside the campus build. The cited filings do not break that line into rent from each commissioned phase, other hosting revenue and remaining cloud activity. A usable lease-to-revenue test would pair each phase’s service date with the date rent begins, then put that rent beside the phase’s construction cash. The scheduled report can add those disclosures; the current record cannot perform that reconciliation for it.

TEXXR captured the funding and the miss, not the lease sequence

TEXXR tagged one Applied Digital article in 2025Q2, 1.0× its trailing eight-quarter average of one article per quarter. That measures articles in this coverage record, not the pace of Applied Digital’s building work. TEXXR’s earlier tagged article covered the September 2024 $160 million funding round involving Nvidia and other investors. Its later article covered the April 2025 revenue miss. TEXXR has no later Applied Digital-tagged item in the supplied entity record and no extracted Applied Digital–CoreWeave edge. This is a boundary of TEXXR’s tagged record, not proof of a press blackout.

The next record needs commissioning and rent dates on the same line

For the scheduled report, the observable checks are narrow:

• Applied Digital’s disclosures: Look for commissioned capacity by campus, the date each phase begins earning rent, and construction cash assigned to that phase. A company-wide revenue increase cannot substitute for that match.
• TEXXR’s coverage record: Watch whether new tagged reporting connects Applied Digital to CoreWeave’s leases and distinguishes ready-for-service capacity from billed rent. A new article or edge would improve coverage, not prove cash conversion.
• The unnamed tenant: Watch whether Applied Digital names the hyperscaler or reports a service-start date for its campus. The cited annual filing does not identify the customer by name or establish rent collected from that campus.

Sources

The record:

• Applied Digital, which builds and leases data-center space and has started an AI cloud-computing service with Nvidia chips, raised $160M from Nvidia and others — Wall Street Journal, 2024-09-05 — original · TEXXR record
• Data center operator Applied Digital reports Q3 revenue up 22% YoY to $53M, vs. $63M est., as clients delay renewing their leases; APLD drops 13%+ — Reuters, 2025-04-15 — original · TEXXR record
• VeriChip Files IPO — techweb.com, 2005-12-31 — original · TEXXR record