Applied Digital Corporation (APLD) shares rose on May 28, 2026. The company secured a $7.5 billion, 15-year lease agreement for its Polaris Forge 3 AI data center campus. A U.S.-based investment-grade hyperscaler signed the deal. This agreement brings total contracted lease revenue to approximately $31 billion across four AI campuses.
Lake Street raised its price target for APLD to $70 from $55. Analysts highlighted a contracted revenue backlog of roughly $2.1 billion annually. Another firm reiterated a strong buy rating and increased its price target to $67. Shares traded near a 52-week high as the market reacted to the company's expanding AI infrastructure footprint.