---
schema_version: "secwatch.filing_event.v1"
accession: "0001144879-25-000076"
form_type: "8-K"
ticker: "APLD"
cik: "0001144879"
company_name: "Applied Digital Corp."
filed_at: "2025-10-22T23:59:59+00:00"
generated_at: "2026-05-17T02:41:32.206341+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001144879-25-000076
- form_type: 8-K
- ticker: APLD
- cik: 0001144879
- company_name: Applied Digital Corp.
- filed_at: 2025-10-22T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1144879/000114487925000076/0001144879-25-000076-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1144879/000114487925000076/apld-20251022.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001144879-25-000076
- JSON: https://secwatch.observer/filing/0001144879-25-000076.json
- Plain text: https://secwatch.observer/filing/0001144879-25-000076.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.