Applied Digital signs $5B AI factory lease with investment-grade hyperscaler for 200MW at Polaris Forge 2

Applied Digital Corp.

Lease agreement with U.S. based investment-grade hyperscaler for 200MW of critical IT load at Polaris Forge 2 Campus near Harwood, ND.
Total contracted revenue of approximately $5 billion over estimated 15-year term; hyperscaler has first right of refusal for additional 800MW.
Total leased capacity across Polaris Forge 1 and 2 in North Dakota reaches 600MW with two of the world's largest hyperscalers.
Initial 200MW phase expected to come online in 2026 and reach full capacity in 2027; campus designed for 1GW expansion.
Follows recent milestones: additional 150MW CoreWeave lease and $5B AI infrastructure partnership with Macquarie Asset Management.

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