Applied Digital Stock Plunges 3.07% Amid $230M Volume Ranking 479th as $11B CoreWeave Expansion Fuels Debt and Dilution Fears

Applied Digital (NASDAQ: APLD) closed on September 5, 2025, , , ranking 479th in market activity. The drop followed an announcement expanding its partnership with CoreWeave, . , though the agreement is spread across three data center projects in North Dakota, requiring significant capital expenditures over the next two years.

Investors remain cautious about the firm’s ability to finance the expansion amid elevated borrowing costs and existing debt levels. The agreement, while highlighting long-term growth potential, raises concerns about over-reliance on a single client and the feasibility of scaling infrastructure without diluting or increasing leverage. Analysts note that CoreWeave’s own financial structure, which includes high debt and limited diversification, could amplify risks for Applied Digital’s .

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