Second AI customer - $460M contract over 36 months
Company: Applied Digital
What the later record shows
Not a promise: a reported event · happened June 23, 2023
The claim reports a contract already announced on June 23, 2023. Later filings show revenue recognition began under the second cloud contract by February 2024.
“deployed a total of 3,072 GPUs and began recognizing revenue from our first and second cloud services contract.”
2024-07-08 · Applied Digital 424B5 filed 2024-07-09 View cached copy (2026-08-31)Live source ↗
Checked October 9, 2026 against filings, releases and reporting published after the claim was made. Quotes are verbatim from the linked documents.
The claim, verbatim
Signed second customer in AI cloud hosting business with agreement worth up to $460 million over 36 months
Source (primary)
Applied Digital 10-K filed 2023-08-02 (SEC EDGAR, sec_filing)
View cached copy (2026-09-13)Live source ↗
Quote: “On June 23, 2023, we announced that we had signed our second customer in our AI cloud hosting business. This agreement has a value worth up to $460 million over 36 months.”
How we checked this
Checked on October 11, 2026. The cited source supports every part of this claim.
The 10-K states that on June 23, 2023 the company signed its second AI cloud hosting customer with an agreement worth up to $460 million over 36 months.
Confirmed in the source:
- Applied Digital signed a second customer in its AI cloud hosting business
- The agreement is worth up to $460 million
- The agreement runs over 36 months
What we did: Read our cached copy of SEC EDGAR (https://www.sec.gov/Archives/edgar/data/1144879/000114487923000176/apld-20230531.htm) in full (291,995 characters, retrieved September 13, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Applied Digital 10-K filed 2023-08-02
Quote: “On June 23, 2023, we announced that we had signed our second customer in our AI cloud hosting business. This agreement has a value worth up to $460 million over 36 months.”