secwatch.observer — SEC 8-K summary
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Issuer:     Applied Digital Corp. (APLD)
CIK:        0001144879
Form:       8-K
Filed at:   2025-10-22T23:59:59+00:00
Accession:  0001144879-25-000076
Event type: other_material
Sentiment:  positive
Materiality: 0.85
Item codes: 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1144879/000114487925000076/0001144879-25-000076-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1144879/000114487925000076/apld-20251022.htm
  HTML page:      https://secwatch.observer/filing/0001144879-25-000076

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer