How Much Of Applied Digital’s Fiscal Q1 Revenue Was Rent?

Shares of Applied Digital (APLD) rose 0.2% on October 8, 2026, the trading session after the company released its fiscal Q1 2027 report. The broader S&P 500 fell 0.5% during that same period. Three peers, MARA, Riot Platforms, and CleanSpark, posted declines of between 4.3% and 9.2% that day. The stock held steady, yet investors still need to examine the underlying components of the reported revenue. Applied Digital builds AI data centers for tenants and holds about $36 billion of revenue under