Today’s option tape revealed a large call sweep on APLD for the $25 strike, expiring November 28, 2025 — giving the trade under a month until expiration. The trade size is 10,012 contracts, and total daily volume for the contract is 10,054 (at the time of the trade). Compared to an open interest of just 176 contracts, this creates an extremely elevated V/OI ratio of ~57x. This indicates overwhelmingly new positioning rather than closing activity.
The buyer paid $1.25 per contract, resulting in a sizable $1.3 million total premium. The order came through as a buy-side sweep, signaling urgency and an aggressive attempt to secure fills across multiple exchanges. With spot at $22.52, the call is slightly out-of-the-money but within close reach, making this a strong bet on short-term movement for APLD.
Volume and Open Interest Data
The chart and historical table for the APLD $25C 11/28/2025 contract show a dramatic surge in trading activity on 11/14/25. Volume exploded to 48,718 contracts, dwarfing all prior days and pushing the V/OI ratio above 275x. Relative to the updated open interest of 176 contracts, this explosion in volume is truly unprecedented. This spike represents overwhelmingly new positioning, highlighted further by the +106 OI increase from the previous trading day.
Prior sessions showed minimal activity—volumes of 22 and 149 with very small OI changes—making the sudden jump on 11/14 particularly notable. The contract’s price also ticked up to $2.20 after the sweep activity. The move was accompanied by an elevated implied volatility rising to 113%, suggesting traders are aggressively pricing in significant volatility. Overall, this options chain reflects a massive influx of interest, heavily concentrated in a single session and likely driven by institutional flow.
Trade Side Distribution
The trade-side distribution for the APLD 25C 11/28/2025 contract shows a clear dominance of aggressive buy-side activity. More than half of the volume—$1.4 million (52%)—was executed above the midpoint, which strongly signals buyers lifting offers and chasing fills. An additional 17% ($453K) hit the ask, further confirming that buyers were willing to pay up.
In contrast, only 15% ($406K) traded on the bid, and 0% occurred below the bid, showing almost no seller-driven pressure. The remaining 16% ($419.7K) executed at the midpoint, adding balanced flow but not enough to offset the clear upward bias. Overall, the distribution reflects decisive and urgent call buying, consistent with institutional or high-conviction sentiment driving the earlier surge in volume.
What’s Happening with APLD
Applied Digital Corporation (APLD) has experienced a busy period of major developments in November 2025. The company announced the pricing of a $2.35 billion offering of senior secured notes. The issuance was aimed at funding the construction of two large AI-focused data centers at its Polaris Forge campus in North Dakota, as well as repaying existing credit facilities and ensuring future expansion in artificial intelligence infrastructure. This financing is part of Applied Digital’s ambitious pivot from blockchain operations to AI.
The move is further supported by a landmark, long-term lease agreement worth $5 billion with a leading AI hyperscaler. Despite concerns about rising debt, share dilution, and recent share price volatility, analyst sentiment remains focused on the company’s rapid revenue growth and its strengthening position in the high-demand data center market. These strategic moves have made Applied Digital a notable force in tech expansion for AI workloads, cloud, and networking, with investors closely watching its progress and ability to fulfill its large-scale projects.
About APLD
Applied Digital (APLD) is a digital infrastructure company that builds and operates high-performance computing (HPC) data centers designed for power-intensive workloads. The company focuses on providing scalable, energy-efficient infrastructure for applications such as artificial intelligence, machine learning, and cryptocurrency mining.
APLD’s facilities are engineered to deliver high power capacity, low operating costs, and rapid deployment, making them attractive to enterprise customers and large-scale compute users. By combining modular data-center design with access to low-cost energy markets, Applied Digital positions itself as a key enabler in the growing demand for advanced compute and AI-driven technologies.
Analyst Ratings
| Analyst Source | Rating | Notes / Update Date |
|---|---|---|
| CFRA | ★ (1-star) | Updated 11/08/2025 |
| Market Edge | LONG | Updated 05/23/2025 |
| LSEG | OUTPERFORM | Updated 11/13/2025 |
| Schwab Equity Ratings | F (Very Bearish) | Updated 11/14/2025 |
Analyst ratings for APLD show a mixed and somewhat polarized outlook across research providers. Market Edge and LSEG signal optimism, issuing LONG and OUTPERFORM ratings, respectively. Meanwhile, Schwab Equity Ratings assigns an F, indicating a strongly negative view.
CFRA provides lower-tier star ratings, suggesting caution rather than conviction. Taken together, the sentiment is divided, with a blend of bullish and bearish perspectives reflecting uncertainty around valuation, growth expectations, or risk profile for Applied Digital.
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Disclaimer: Options trading involves significant risk and is not suitable for all investors. You may lose the entire investment, and certain strategies may result in losses exceeding the initial amount invested. Past performance does not guarantee future results. This content is for informational purposes only and should not be considered investment advice. Always consult a financial or tax advisor before making investment decisions.
