Evaluación de la infraestructura de IA de Applied Digital y potencial de crecimiento: ¿una apuesta cara por el futuro?

The AI infrastructure sector has become one of the most dynamic and speculative corners of the technology market. At the heart of this frenzy lies Applied Digital (APLD), a company whose stock has surged on the promise of capturing a slice of the AI revolution. Yet, with a price-to-sales (P/S) ratio of 39.15 as of 2025-far exceeding the industry average of 13.66-the question remains: Is this valuation justified, or has the market already priced in all the good news?

A Valuation Built on Contracts, Not Profits

Applied Digital's financials tell a story of stark contrasts. For fiscal 2025, the company reported $144.2 million in revenue, a 6% year-over-year increase, but continued to post a net loss of $161 million, up 118% from the prior year. Despite these losses, its stock trades at a premium, driven largely by its $11 billion in contracted revenue from long-term leases with CoreWeave and another U.S. hyperscaler. These agreements, spanning 15 years, provide a clear revenue pipeline, particularly for its Polaris Forge 1 and 2 data centers in North Dakota.

The P/S ratio, however, remains a point of contention. While the company's valuation has risen by 64.20% from its 12-month average of 19.68, this metric is dwarfed by the broader AI infrastructure market's rapid expansion. Hyperscalers like Microsoft, Amazon, and Meta are projected to spend over $500 billion on AI-related capital expenditures in 2026, creating a tailwind for infrastructure providers. Yet, Applied Digital's current P/S of 39.5 times sales-well above the Software industry median of 2.31-suggests investors are paying for future growth rather than present profitability.

Future Growth: A Double-Edged Sword

Analysts project Applied Digital's revenue to grow from $144.2 million in 2025 to $553 million in 2027, a compound annual growth rate (CAGR) of 86%. This optimism hinges on the timely completion of its Polaris Forge 1 and 2 campuses, which are expected to generate $11 billion and $5 billion in contracted revenue, respectively. The first 100 MW building at Polaris Forge 1 has already reached full critical IT load, a milestone that signals progress. If the company meets its $1 billion net operating income (NOI) target within five years, the current valuation could appear more reasonable.

However, such projections are not without risks. The company's Q1 2026 results, while showing an 84% revenue increase to $64.2 million, also revealed a net loss of $27.8 million and an adjusted EBITDA of just $0.5 million. A debt-to-equity ratio of 62% further complicates its path to profitability, raising questions about its ability to service debt while funding capital-intensive projects.

A Market in Search of Justification

The AI infrastructure sector's explosive growth has created a "gold rush" mentality, with investors willing to overlook near-term losses in favor of long-term potential. Applied Digital's valuation reflects this dynamic, but it also highlights the speculative nature of the bet. For instance, while the company's contracted revenue provides visibility, its ability to convert these agreements into cash flow depends on factors such as power availability, construction timelines, and macroeconomic conditions.

Moreover, the company's P/S ratio has outpaced even its peers. The US IT industry average P/S of 2.7 and the Software industry median of 2.31 pale in comparison to APLD's 39.5, suggesting the market is pricing in a dominant market share or technological moat that may not materialize.

Conclusion: A High-Stakes Gamble

Applied Digital's valuation is a paradox: it is both a reflection of the AI infrastructure boom and a warning of the risks inherent in speculative growth stocks. While the company's long-term contracts and market tailwinds provide a compelling narrative, its current financial performance-characterized by losses and high leverage-casts doubt on whether the market has overreached.

For investors, the key question is whether Applied Digital can execute on its ambitious plans. If the company successfully scales its data centers, secures additional contracts, and achieves profitability by the late 2020s, the current P/S ratio may appear justified. However, if execution falters or the AI infrastructure market cools, the stock could face a painful correction. In this high-stakes environment, patience and a clear-eyed assessment of risks are essential.