Cloud Services Business launch and customer base
Company: Applied Digital
The claim, verbatim
Officially launched Cloud Services Business in May 2023; currently serves 2 customers and represented 17% of revenue in fiscal 2024
Source (primary)
Applied Digital 10-K filed 2024-08-30 (SEC EDGAR, sec_filing)
View cached copy (2026-08-31)Live source ↗
Quote: “We officially launched our Cloud Services Business in May 2023. The Cloud Services Business currently serves two customers and accounted for approximately 17% of our revenue in fiscal year 2024.”
How we checked this
Checked on September 18, 2026. The cited source supports every part of this claim.
The 10-K states the May 2023 launch, and in a separate passage the two customers and roughly 17% revenue share.
Confirmed in the source:
- Applied Digital officially launched its Cloud Services Business in May 2023
- The Cloud Services Business currently serves two customers
- The Cloud Services Business accounted for approximately 17% of revenue in fiscal 2024
What we did: Read our cached copy of SEC EDGAR (https://www.sec.gov/Archives/edgar/data/1144879/000114487924000216/apld-20240531.htm) in full (481,620 characters, retrieved August 31, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Applied Digital 10-K filed 2024-08-30
Quote: “We officially launched our Cloud Services Business in May 2023. The Cloud Services Business currently serves two customers and accounted for approximately 17% of our revenue in fiscal year 2024.”