AI infrastructure surveillance · analysis completed 2026-10-20 18:49:10 UTC
Applied Digital
CIK 0001144879 · status review needed · overall tier elevated. Composite 3.5 of 5 at or above 3.5.
Business risk
Engine tier: elevated · engine tier elevated
Key factors
- top-tenant share 0.56 >= 0.5 scoring_rules.md 5.4
Financial risk
Engine tier: elevated · engine tier elevated
Key factors
- ffo_to_debt_pct 3.7% sits at band index 5 (position only, synthetic inputs) Corporate Methodology Table 17
Liquidity gate
Engine tier: high · engine tier high
Key factors
- gate state fail: post-event A/B 0.46x vs 1.2x fail / 1.32x pass; stressed A-B -2,718,201,170 scoring_rules.md 4.3
Governance evidence
Engine tier: not scored · no evidence flags
Key factors
- no governance evidence flags identified in the reviewed filings scoring_rules.md 4.5
Full report
No memo in this snapshot.
S&P stated conditions
S&P's own published conditions, excerpts verified on the live public page. Distances name their basis.
| Side | Condition | Stated level | Engine value | Distance | Source |
|---|---|---|---|---|---|
| no S&P stated trigger found | |||||
Distances compare as-reported proxies with S&P's adjusted levels unless the basis says otherwise; for CoreWeave and Applied Digital the proxy understates leverage (S&P adjustments for leases and guarantees are not applied). Business rules: internal calibration v0, not validated (scoring_rules.md 5). Open analyst inputs: contracted_acquisitions, contracted_asset_sales, contracted_backlog_usd, debt_maturities_12m, debt_to_ebitda_x, expected_capex, expected_shareholder_distributions, ffo_to_debt_pct, impediment, undrawn_committed_facilities_maturing_beyond_12m, working_capital_change_12m.