HIGHOutside partyCustomer
59%
one customer 59% of total revenue
“10-K Item 1A: 'this business segment was comprised of one customer accounting for 59% of our total revenue from continuing operations.'”
APLD · Concentration risk · 10-K extracted
Applied Digital (APLD) concentration risks
Updated
The most significant concentration Applied Digital discloses is one customer 59% of total revenue, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
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Source: Applied Digital’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 3 disclosed concentrations
HIGH1
MEDIUM2
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMOutside partyCustomer
25%
one customer 25% of revenue
“10-K Item 1A: 'this business segment was comprised of one customer accounting for 25% of our revenue from continuing operations.'”
MEDIUMOutside partyCustomer
CoreWeave leases at Polaris Forge 1
“10-K Item 1: 'bringing the total contracted capacity at Polaris Forge 1 under our CoreWeave leases to 400 MW'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-10-18Applied Digital's disclosed exposures are all customer dependencies, and they overlap. One customer accounted for 59% of total revenue from continuing operations, a large-share dependency. A separate segment was comprised of one customer accounting for 25% of revenue from continuing operations, a medium-share dependency. The filing presents these as distinct statements, so the sources do not establish whether they describe the same counterparty, and no combined figure should be inferred. The CoreWeave leases at Polaris Forge 1 reinforce the point. Total contracted capacity at that site under the CoreWeave leases reaches 400 MW, which makes a single tenant relationship central to the company's growth story and a medium-share dependency in the sources. Netted together, the profile is one of a young infrastructure operator whose revenue and build-out depend on very few counterparties. Because the character is dependency rather than structural market exposure, an idiosyncratic event such as a lease renegotiation, a customer's financing difficulty or a delivery delay could move the verdict more than any change in the broader market.
For the engine’s reasoning on APLD’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Information Technology Services
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| CACI | CACI International, Inc. | 2 | 0 | 2 | 4 |
| APLD● | Applied Digital Corporation | 1 | 2 | 0 | 3 |
| BBAI | BigBear.ai, Inc. | 1 | 1 | 0 | 2 |
| ACN | Accenture plc | 0 | 0 | 0 | 0 |
| BR | Broadridge Financial Solutions, | 0 | 0 | 0 | 0 |
| CDW | CDW Corporation | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.