Tiger Global Management disclosed a new position in Applied Digital (APLD) in its fourth-quarter 13F filing, marking a $15.8 million entry into the AI data center operator. Chase Coleman's firm purchased 428,000 shares at an average cost near $37, a bet on physical infrastructure demand beneath the generative AI stack.
Applied Digital operates high-performance computing facilities serving AI training and inference workloads. The company reported $103 million in revenue for fiscal 2024, a 54% year-over-year increase, driven by hyperscale cloud providers pre-leasing capacity for multi-year terms. Tiger's entry coincides with Applied's construction of a 180-megawatt Ellendale facility in North Dakota, scheduled for partial deployment in Q2 2025. The position represents 0.7% of Tiger's disclosed US equity portfolio, a modest allocation consistent with early-stage infrastructure thesis validation.
The timing matters for three reasons. First, AI compute demand is migrating from leased cloud instances to owned data center footprints as foundation model companies seek cost predictability. Second, Applied Digital's power purchase agreements lock in electricity at $0.025 per kilowatt-hour, meaningfully below the $0.045 average for US colocation facilities. Third, Tiger's entry occurred during a period when APLD traded at 3.2x forward revenue, a discount to publicly traded peers CoreWeave (private, last valued at 5.1x) and Digital Realty Trust (4.7x).
Tiger Global ran $35 billion in assets as of September 2024, down from a $65 billion peak in late 2021. The firm has recalibrated toward concentrated positions in software and infrastructure beneficiaries of AI adoption, exiting consumer internet exposure that defined its 2010-2020 performance. Applied Digital fits that revised mandate: a capital-intensive play on workload density rather than application-layer volatility.
Operators should watch three follow-on signals through Q2 2025. First, whether Tiger increases the position above 1% of portfolio weight in the next 13F cycle, indicating conviction beyond exploratory sizing. Second, Applied Digital's contracted capacity utilization rates in the March earnings report, expected late April. Third, any additional strategic investors entering alongside Tiger, particularly crossover growth funds that historically pattern-match Coleman's infrastructure bets. The Ellendale facility's Phase 1 completion is scheduled for June 2025, which will determine whether Applied can execute at projected margins.
Coleman's firm opened the position in a quarter when hyperscale capital expenditure guidance rose 18% year-over-year across Amazon, Microsoft, and Google. Applied Digital's backlog stands at $460 million, enough to fill 2.1 years of revenue at current run-rate. The 13F filing contains no options overlay, suggesting Tiger views this as a hold rather than a trade. Power-constrained data center capacity is now the binding constraint in AI infrastructure buildout, not silicon supply.
The takeaway
Tiger Global's $15.8M Applied Digital stake bets on AI data center scarcity at a 3.2x revenue entry, with 180MW North Dakota facility completing June 2025.
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