NewsMV

Applied Digital's $258.7 million quarter puts AI infrastructure in focus as IREN navigates a crypto-to-cloud shift

9/8/2026

The revenue trajectories for Applied Digital (NASDAQ: APLD) and IREN (NASDAQ: IREN) are moving in opposite directions, and the spread between them is defining the setup for both names.

APLD's quarter ended May 31, 2026, printed $258.7 million, capping an acceleration from a $38.0 million trough in the quarter ended May 31, 2025.

IREN, over the same window, peaked at $240.3 million in the quarter ended September 30, 2025, and has since contracted sequentially to $137.2 million for the quarter ended June 30, 2026.

The numbers, broken down Applied Digital operates centralized digital infrastructure campuses across North America, positioning itself as a landlord to AI companies rather than an AI operator.