APLD Applied Digital: A Staircase to Profitability Ticker: NASDAQ: APLD CEO Wes Cummins

Applied Digital’s story keeps getting bigger. When we first had Wes Cummins on the show nearly a year ago, the company was just beginning to shift from crypto infrastructure toward high-performance computing for artificial intelligence. Fast forward to today — they’ve secured one of the largest AI-infrastructure financing partnerships on the market, a $5.0 billion funding agreement with global powerhouse Macquarie Asset Management.

This week, Wes joined Marathon Money again to talk about what comes next — and he didn’t hold back.

New Sites, New Scale

Applied Digital is now working on two new data center sites, part of its growing footprint in North Dakota and beyond. While the exact locations aren’t public yet, Wes confirmed those announcements are coming soon.

As these sites go live, investors will start to see a staircase effect — each new site adding another layer of revenue and profitability. The company’s model is simple but powerful: build high-efficiency AI data centers, lock in long-term hyperscale clients, and let the recurring lease income compound.

Fueling Growth Without Selling Shares

One of the most important takeaways from the interview was Applied Digital’s capital shift. Thanks to Macquarie’s ongoing support, the company no longer needs to sell shares to raise cash. This changes the entire dynamic for investors — dilution risk goes down, and long-term value per share goes up.

In Wes’s words, the new partnership gives Applied Digital the firepower to fund expansion entirely through structured capital, not the open market. That’s a major confidence signal.

Patience Is Key

Wes made it clear that this isn’t a sprint — it’s a staircase, one level at a time. As each facility comes online, as tenants move in, and as power gets turned into profit, cash flow will begin to tell the real story.