Digital Aplicado: el juego del centro de datos que funciona con energía para los inversionistas tecnológicos a largo plazo

The AI-driven data center sector is undergoing a seismic shift, driven by insatiable demand for high-performance computing (HPC) and the relentless expansion of hyperscaler infrastructure. At the forefront of this transformation is Applied Digital (APLD), a company uniquely positioned to capitalize on the confluence of energy innovation and digital infrastructure. For long-term investors, APLD represents a compelling case study in leveraging infrastructure tailwinds while navigating the risks of a capital-intensive, high-growth industry.

Infrastructure Tailwinds: APLD's Strategic Position in the AI Boom

Applied Digital's business model is anchored in a critical insight: the future of data centers lies in colocation with energy sources. By building AI and HPC campuses near renewable energy grids, APLD secures cost advantages and long-term lease stability. This strategy is paying off. The company's Polaris Forge 1 campus in North Dakota, for instance, has already secured a landmark 400 MW lease agreement with CoreWeave, covering 400 MW of capacity. This contract alone is projected to generate up to $500 million in annual net operating income once the campus reaches full occupancy by 2027 according to financial reports.

The broader industry tailwinds are equally robust. Hyperscalers are projected to invest nearly $350 billion in AI data centers in 2025 alone, according to industry forecasts as cited in reports. APLD's focus on AI and HPC infrastructure-segments growing at a compound annual rate of over 30%-positions it to benefit from this surge. Unlike traditional colocation providers, APLD's energy-adjacent campuses offer a scalable, cost-optimized solution for hyperscalers seeking to avoid the volatility of public cloud pricing according to market analysis.

Valuation Debate: Overvaluation or Undervaluation?

APLD's valuation remains a contentious topic. Critics highlight its price-to-sales ratio of 44.6x, which far exceeds the U.S. IT industry average of 2.7x and its peer average of 4.2x according to financial data. However, this metric fails to account for the company's transition from low-margin tenant fit-outs to long-duration, high-margin leases. For example, the commencement of leases at Forge 1 in late 2025 and full-phase occupancy by mid-2026 are expected to stabilize cash flows and reduce reliance on capital-intensive projects as reported in earnings.

A more nuanced view emerges from recent analyst reports. The most-followed fair value estimate for APLD is $43.70 per share, implying a 38% undervaluation relative to its current price of $27.10 according to market analysis. This discrepancy reflects optimism about APLD's ability to monetize its existing assets while expanding into new markets. The company's recent $64.2 million Q3 revenue, a 5.8% year-over-year increase, and its non-GAAP loss of $0.03 per share-beating estimates by 80.6%-further underscore operational progress according to financial reports.

Risks and Realities: Execution Challenges in a High-Stakes Sector

No investment in APLD is without risk. The company's adjusted EBITDA margin for Q3 was a mere 0.8%, down from an estimated 2.01 million, and its free cash flow remains negative at -$331.4 million according to financial statements. These figures highlight the capital intensity of scaling a data center business. APLD has raised $2.35 billion in senior secured notes and drawn $112.5 million from its preferred equity facility to fund expansion as detailed in press releases, raising concerns about debt sustainability.

Moreover, APLD's reliance on a few major clients-such as CoreWeave and the unnamed investment-grade hyperscaler at Forge 2-introduces customer concentration risk. A loss of a key tenant could disrupt revenue projections. Insider selling over the past three months also signals caution among executives, though this may reflect personal financial strategies rather than operational distress according to insider activity reports.

Conclusion: APLD as a Long-Term Infrastructure Bet

For investors with a multi-year horizon, APLD's risks are arguably secondary to its strategic positioning. The company is building a portfolio of energy-optimized data centers in a sector where demand is outpacing supply. Its ability to secure long-term leases with hyperscalers-such as the 400 MW CoreWeave agreement-provides revenue visibility and margin stability.

While the current valuation appears stretched relative to traditional metrics, APLD's forward P/S multiple of 21.4x assumes smooth execution of its buildout and leasing ramps according to market analysis. Given the AI infrastructure boom and APLD's unique energy-centric model, this assumption may prove conservative. Investors willing to tolerate short-term volatility for long-term infrastructure gains should consider APLD a high-conviction play.