Major customer concentration in backlog
Company: Applied Digital
The claim, verbatim
Approximately $20 billion of the $36 billion contracted backlog comes from three leases signed with a single high investment-grade hyperscaler
Source (primary)
Applied Digital (NASDAQ: APLD) Stock Has Fallen 44% In Three Months, But A $36 Billion Backlog Tells A Different Story - foreignpolicyjournal.com (-, news_article)
View cached copy (2026-09-05)Live source ↗Archive.org ↗
Quote: “Roughly $20 billion of the $36 billion backlog came from those three leases, all signed with the same high investment-grade hyperscaler”
How we checked this
Checked on September 19, 2026. The cited source supports every part of this claim.
The document confirms both the $20B/$36B figure and the single hyperscaler counterparty.
Confirmed in the source:
- Roughly $20 billion of the $36 billion backlog came from three leases
- All three leases were signed with the same high investment-grade hyperscaler
What we did: Read our cached copy of the publisher (https://www.foreignpolicyjournal.com/2026/09/04/applied-digital-nasdaq-apld-stock-has-fallen-44-in-three-months-but-a-36-billion-backlog-tells-a-different-story/) in full (4,165 characters, retrieved September 5, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Applied Digital (NASDAQ: APLD) Stock Has Fallen 44% In Three Months, But A $36 Billion Backlog Tells A Different Story - foreignpolicyjournal.com
Quote: “Roughly $20 billion of the $36 billion backlog came from those three leases, all signed with the same high investment-grade hyperscaler”