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Applied Digital Corp. (NASDAQ:APLD), currently valued at $3.77 billion, has seen its stock demonstrate significant volatility lately. According to InvestingPro data, the company’s shares have surged over 205% in the past year. CEO and Chairman Cummins Wes sold 400,000 shares of common stock on September 3, 2025, at a price of $15.26, for a total transaction value of $6,104,000.
Following the transaction, Cummins Wes directly owns 2,659,379 shares of Applied Digital, which includes 742,166 shares held in the Reporting Person’s IRA.
Cummins Wes indirectly owns 17,590,238 shares through Cummins Family Ltd., where he serves as CEO, and 1,626,453 shares through 272 Capital, LLC, where he holds the position of President.
In other recent news, Applied Digital has announced a new lease agreement with CoreWeave for an additional 150MW at its Polaris Forge 1 Campus in North Dakota. This new lease increases the company’s total anticipated contracted lease revenue to approximately $11 billion, which includes $7 billion from two initial leases executed in May. The company also plans to break ground on a $3 billion AI computing facility, Polaris Forge 2, near Harwood, North Dakota, in September 2025. This facility, designed to scale beyond its initial 280MW capacity, is expected to begin operations in 2026 and reach full capacity in early 2027. Additionally, Applied Digital has doubled its Series G preferred stock offering to $300 million to support the ongoing construction and development of its Polaris Forge I data center. H.C. Wainwright has raised its price target for Applied Blockchain to $20 from $15, maintaining a Buy rating on the stock. These developments reflect the company’s efforts to expand its infrastructure and secure additional capital for its projects.
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