Applied Digital vs Core Scientific vs IREN
Compared on what each company has disclosed: named sites, capacity, capital, GPU prices and listing, with a source beside every figure in the profiles.
Side by side
| Measure | Applied Digital | Core Scientific | IREN |
|---|---|---|---|
| Index category | NeoCloud | NeoCloud | NeoCloud |
| Listing | NASDAQ:APLD | NASDAQ:CORZ | NASDAQ:IREN |
| Named sites (Capital Atlas) | 5 | 6 | 2 |
| Disclosed capacity, all sites | 1,540 MW | 982 MW | 2,750 MW |
| Operating or building | 600 MW | 982 MW | 2,750 MW |
| Disclosed site capital | $22.8B | $1.2B | not stated |
| States with named sites | AL, LA, ND | AL, GA, OK, TX | TX |
| GPU prices tracked | none published | none published | none published |
| Accelerators priced | |||
| Lowest H100 list price, per GPU-hour | not published | not published | not published |
| Lowest B200 list price, per GPU-hour | not published | not published | not published |
| Sources cited in the Index | 2 | 2 | 2 |
Applied Digital
Applied Digital's FY2026 Form 10-K reports 1,410MW of contracted critical IT load across five Polaris Forge and Delta Forge campuses, representing approximately $36.2 billion of take-or-pay, non-cancellable revenue, anchored by CoreWeave leases totaling about $11 billion at Ellendale, ND and hyperscaler leases of $5 billion and $7.5 billion. Financing combines a $5.0 billion Macquarie perpetual preferred facility, senior secured notes of $2.35 billion, $2.15 billion and $1.59 billion, and a $160 million private placement that included Nvidia. Nvidia later sold its entire APLD position, worth roughly $182 million.
Full profile: Applied Digital →Core Scientific
Core Scientific emerged from Chapter 11 on January 23, 2024, converting roughly $400 million of debt into equity and relisting on Nasdaq with 724MW of capacity across five states. Its pivot to HPC hosting is anchored by a CoreWeave contract ladder that grew to approximately $10.2 billion over 12 years across roughly 590MW at six sites, and in Q1 2026 it priced $3.3 billion of 7.750% senior secured notes due 2031 to fund an approximately 3GW expansion pipeline. A $9.0 billion all-stock acquisition by CoreWeave was announced in July 2025 but terminated on October 30, 2025 after shareholders voted it down.
Full profile: Core Scientific →IREN
IREN signed an approximately $9.7 billion, five-year AI cloud agreement with Microsoft on November 3, 2025 with a 20% prepayment, expected to generate roughly $1.94 billion of annualized run-rate revenue once fully commissioned. It is deploying Nvidia GB300 systems in four Horizon 1-4 phases totaling 200MW of critical IT load at its 750MW campus in Childress, Texas, backed by a 3GW secured North American power portfolio and approximately $5.8 billion of GPU and equipment purchases from Dell. In its FY26 results of 27 August 2026 IREN reported $4 billion of contracted annualized run-rate revenue for 2026 capacity against $1 billion of operating ARR, a new multi-year AI Cloud contract with an unnamed leading frontier AI lab, and $2.8 billion of new GPU financings for non-investment-grade customer deployments alongside a $3.6 billion investment-grade GPU financing for the Microsoft contract. Total FY26 revenue was $707.0 million, of which AI Cloud Services contributed $128.8 million, against a net loss of $702.6 million driven by $638.8 million of non-cash impairments on decommissioned Bitcoin mining hardware.
Full profile: IREN →Which is larger, Applied Digital or Core Scientific or IREN?
By capacity disclosed at named sites, IREN, with 2,750 MW across 2 sites. Applied Digital has 1,540 MW at 5 sites. Core Scientific has 982 MW at 6 sites.
Which publishes the lowest H100 price?
None of them has an H100 list price confirmed by the tracker.
Where do these figures come from?
Sites, capacity and capital come from the SAVRN Capital Atlas, which keeps a source link beside every figure. Prices come from the SAVRN price tracker, which reads each provider's own page or feed. The company profiles linked above carry every source.
Seven references, one system
Capital, delay, policy, water, grid, permits and scarcity are one system seen from seven sides. Each reference is primary-sourced, refreshed on a schedule, and links into the others, so a project can be followed from the money committed to the docket that stopped it.