Applied Digital Corp (NASDAQ:APLD) amended and restructured its data center lease agreements with CoreWeave, Inc (NASDAQ:CRWV) while adding new credit support mechanisms tied to the arrangements.

ELN-02 Lease Amendment and New Agreement

The company previously reported that its subsidiary, Applied Digital ELN-02 LLC, entered into a data center lease with CoreWeave on May 28, 2025. On March 30, 2026, the company and CoreWeave amended that lease to suspend the term for two of the four data halls.

At the same time, the company entered into a new data center lease with CoreWeave Compute Acquisition Co. VIII, LLC, a wholly owned subsidiary of CoreWeave Parent, covering those two data halls on substantially the same terms. The new lease runs concurrently with the original lease term. Once it expires or terminates, the suspended portion of the original lease will resume, and all four data halls will again be subject to the original agreement.

Guaranty and Letter Of Credit Support

On March 30, 2026, CoreWeave provided an unconditional springing guaranty to Applied Digital ELN-02 LLC to support obligations under the new lease. It also agreed to deliver a $50 million letter of credit within 30 days to secure obligations under the original ELN-02 lease.

ELN-03 Lease Assignment and Credit Backing

The company also previously reported that its subsidiary, Applied Digital ELN-03 LLC, entered into a data center lease with CoreWeave on May 28, 2025. On March 30, 2026, CoreWeave assigned all rights and obligations under that lease to CoreWeave Compute Acquisition Co. VIII, LLC through an assignment, assumption and consent agreement, releasing itself from the lease.

CoreWeave also provided an unconditional springing guaranty to support obligations under the ELN-03 lease, similar to the ELN-02 guaranty.

The company said it views these transactions as favorable for holders of its 9.250% notes due 2030, citing improved credit ratings of CoreWeave's refinanced debt and the additional credit support.

Technical Analysis

Applied Digital is trading 7.1% below its 20-day SMA and 16.6% below its 100-day SMA, showing the stock is still working through a medium-term reset even as it holds its longer-term floor. Shares are up 289.82% over the past 12 months, and the stock is closer to its 52-week highs than its lows, despite being well off its $42.27 peak.

The RSI is at 41.03, which sits in neutral territory but leans toward "cooling" momentum rather than strong accumulation. MACD is at -1.7341, below its signal line at -1.4547, keeping bearish pressure in place as the histogram remains negative at -0.2794.

The combination of RSI in the 30–50 range (41.03) and bearish MACD suggests mixed momentum.

  • Key Resistance: $29.50
  • Key Support: $24

Earnings & Analyst Outlook

The countdown is on: Applied Digital is set to report earnings on April 8 (confirmed).

  • EPS Estimate: Loss of 17 cents (Down from Loss of 8 cents year-over-year)
  • Revenue Estimate: $77.11 million (Up from $52.92 million YoY)
  • Valuation: P/E ratio not provided (profitability/earnings base may be a limiting factor for traditional P/E framing)

Analyst Consensus & Recent Actions: The stock carries a Buy Rating with an average price target of $30.80. Recent analyst moves include:

  • B. Riley Securities: Buy (Raises Target to $53 on Jan. 9)
  • Roth Capital: Buy (Raises Target to $58 on Jan. 8)
  • Needham: Buy (Maintains Target to $41 on Jan. 8)

Top ETF Exposure

  • Global X Data Center & Digital Infrastructure ETF (NASDAQ:DTCR): 3.95% Weight
  • Bitwise Crypto Industry Innovators ETF (NYSE:BITQ): 5.90% Weight
  • VanEck Digital Transformation ETF (NASDAQ:DAPP): 4.71% Weight

Significance: Because Applied Digital carries significant weight in these funds, any significant inflows or outflows will likely trigger automatic buying or selling of the stock.

Price Action

APLD Stock Price Activity: Applied Digital shares were up 5.86% at $25.13 at publication on Wednesday, according to Benzinga Pro data.

Image via Shutterstock